Socks have become largely a commercialized commodity item, with the expansion of retail stores and department stores selling a wide range of socks, including specialty ones. The rapid pace of urbanization is one of the key drivers of the evolution of the socks market. The rise in sales of athletic footwear has also spurred the demand for socks with special characteristics. Novelty socks have also caught on momentum from the growing penetration of these in general apparel stores, apart from fashion stores. Increasing awareness about fashion among men is another key trend favoring new demand in the socks market. Women the world over have also become conscious of evaluating their purchases of socks based on fashion rather than just value.
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Specialized Socks Emerge as Segment with Incredible Avenues in Socks Market
Growing consumers’ demand for new colors and patterns is a key trend in the socks market. A wide range of needs has spurred the demand for specialized socks, thereby opening new avenues in the socks market. A case in point is the rise in demand for socks that are apt for outdoor activities and gymming. A growing number of such consumers are willing to pay for the specialized apparel, thereby boosting the demand in the socks market.
In 2018 the global socks market was pegged at US$ 42.5 bn. During the forecast period of 2019 – 2027, the opportunity in the market is expected to rise at a CAGR of 6.5%.
The growing focus on foot care is a key trend in the diabetic population. Specialty socks manufacturers are keen on tapping into revenue streams from this consumer segment. Physician-endorsed socks are another related category that is expected to do a substantial business. A great deal of this rests on two factors: the rise in awareness about the availability of common distribution channels and the medical benefits they can bring to the end-user. Celebrity endorsement has in recent years has been instrumental in raising awareness among the common masses through social media and traditional electronic media.
Strides being made by e-commerce channels have endowed an incredible opportunity for several socks brands to promote their products, attracting prospective customers globally.
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Asia Pacific Witnessing Substantial Demand for Range of Socks
On the regional front, North America has been seeing a steady demand for various types of socks. Further, South America and GCC countries are expected to be increasingly lucrative markets over the next few years.
A remarkably emerging market in the Asia Pacific. It held the majority of shares in the global socks market. A large chunk of the demands come from India and China. The rise in demand for specialized socks in Singapore is another key factor propelling revenue generation in the regional market. Of all the key product varieties, the specialty has come second in the global market’s share in 2018. Specialty socks are considered an untapped segment by many brands in the socks market. This is mainly because customers with specialized needs are growing, such as individuals looking for socks to help them regain mobility after surgery. Diabetic care socks are another fast emerging product category with vast opportunities.
Incorporation of Novel Composite Materials Boost Prospects
Nylon is by far the most popular material used by socks manufacturers. In recent years, new hybrid materials are seeing prospects in the market. Breathable socks made for hybrid material are a case in point. Manufacturers are aiming at adopting materials that have strong anti-bacterial and anti-fungal characteristics. Among various new hybrid materials being pursued by manufacturers, Kevlar merits a mention.
Some of the key players in the socks market are Puma S.E., Nike Inc., Adidas A.G., Armour, Inc., Hanesbrands Inc., Drymax Technologies Inc., Balega, Thorlo Inc., Asics Corporation, and Renfro Corporation.
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This information is included in the report titled, “Socks Market (Type – Athletic Socks, Specialty Socks, Trouser Socks, Casual Socks, and Multiple Toe Socks; Material – Nylon, Cotton, Polyester, Wool, Waterproof Breathable Membrane, and Others; Gender – Men, Women, and Kids; Distribution Channel – Wholesale and Retail (Online, Supermarkets, and Hypermarkets); Age – 0-14, 15-24, 25-34, and Above 35; Sports – Running, Cycling, Ball Games, and Pressurized Socks) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 – 2027”
The socks market is segmented as below:
By Type:
- Athletic Socks
- Specialty Socks
- Trouser Socks
- Casual Socks
- Multiple Toe Socks
By Material:
- Nylon
- Cotton
- Polyester
- Wool
- Waterproof Breathable Membrane
- Others
By Gender:
- Men
- Women
- Kids
By Distribution Channel:
- Wholesale
- Retail
- Online
- Supermarkets
- Hypermarkets
By Age:
- 0-14
- 15-24
- 25-34
- Above 35
By Sports:
- Running
- Cycling
- Ball Games
- Pressurized Socks
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