According to a new market report published
by Transparency Market Research “Socks
Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast
2015 - 2023,” the global socks market was valued at US$5.6 bn in 2014, at a CAGR
of 8.5% from 2015 to 2021 to account for US$11.6 bn by 2023.
Browse the full Socks
Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast
2015 - 2023 report
at http://www.transparencymarketresearch.com/socks-market.html
Socks
account for a small, but significant part of the apparel market and one’s
dresser. Socks are consumer products. However, the global socks market is
expected to experience exponential growth due to rising demand for high-end and
luxurious socks.
The
robust boom in the socks market has led to the entry of large and small scale
companies. The socks market has recorded higher growth rate as compared to the
overall apparel market in the past few years, driven by the changing fashion
trends and rising per capita expenditure on socks.
Based
on product type, the global socks market has been segmented into specialty
socks, athletic socks, trouser socks, women’s socks, knee-high knitted socks,
and others. Demand for various socks types is driven by demand for different
footwear. For instance, high demand for athletic shoes is expected to boost
demand for athletic socks. Specialty socks were the largest product segment, driven
by their diversified use.
The
socks market is booming as compared to the apparel market. Although a commodity
item, socks have upgraded into fashion pieces owing to product development
& diversification and commercialization. The socks market in developing
regions is majorly driven by local players. However, the retail market is
growing rapidly in the developing regions especially in Asia Pacific and Latin
America which is expected to augment sales of socks during the forecast period.
Moreover, introduction of novelty socks and improving retail network is likely
to drive demand for high-end socks.
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Different
types of fibers are used to manufacture socks. Usage of synthetic fibers to
manufacture socks is expected to be high during the forecast period due to low
cost and low moisture-holding capacity. Nylon and polyester socks account for
considerable share of the global socks market. Demand for natural fibers such
as cotton and wool is expected to decline, especially in the developing
economies. Demand for synthetic socks has outpaced their natural fiber
counterparts. However, demand for natural fiber knitted socks is considerably
high in developed economies such as the U.S., Germany, the U.K., and France.
The
men’s segment dominated the global socks market in 2014. Around 71% men wear
socks every day. Driven by extensive usage of socks by men and improving
fashion statements, the men’s segment is projected to witness steady growth at
a substantial rate.
The
socks market is fragmented, with presence of both large and small players owing
to low entry barriers. However, high degree of coexistence and partnerships has
been witnessed in the global socks market. For instance, Thai Socks Co. Ltd., a
major supplier of socks in Thailand and Asia, has supply agreements with key
players in the market such as Nike, Inc., Converse, and Paul Smith. Major
players in the global socks market include Adidas Group, Nike, Inc., Puma SE,
Cole and Parker Co., and RY International.
About Us
Transparency
Market Research (TMR) is a global market intelligence company, providing global
business information reports and services. Our exclusive blend of quantitative
forecasting and trends analysis provides forward-looking insight for thousands
of decision makers. TMR’s experienced team of Analysts, Researchers, and
Consultants, use proprietary data sources and various tools and techniques to
gather and analyze information.
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