Athletic socks segment is projected to exhibit relatively high value and volume CAGR over the forecast period
In the product type segment, the casual socks segment accounts for the largest value share of more than 40% throughout the forecast period and is expected to remain the dominant product type segment. Revenue generated by the casual socks segment is estimated to be about US$ 9,400 Mn in 2017 and is expected to expand significantly at a value CAGR of 5.8% from 2017 to 2025. However, the athletic socks segment is expected to grow with the highest volume CAGR of 7.5% and value CAGR of 8.0% over the forecast period owing to the rapid increase in the number of people associating with some form of sports activity. The specialty socks segment is expected to witness significant value CAGR over the forecast period. The specialty socks segment is estimated to be valued at more than US$ 1,600 Mn by 2017 end and is expected to increase at a CAGR of 6.6% over the forecast period. On the other hand, the formal socks segment is expected to witness relatively low growth in terms of revenue as compared to the other product type segments.
Brand endorsement by famous athletes and availability of special feature socks are the latest trends in the global socks market
Due to constant product innovation, many key players are manufacturing socks that offer anti-bacterial and anti-fungal properties. Moreover, some smaller companies are even offering socks made from Kevlar that are extremely strong, lightweight, and corrosion and heat resistant. For instance Hanebrand, Inc., which is a U.S.-based company, launched FreshIQ Technology in its flagship brand i.e. Hanes in November 2016, which offers odor protection and implemented it in men’s underwear, socks, T-shirts, and fleece products. Moreover, products such as underwear and socks are incorporating technology that offers antimicrobial protection.
Consumers are increasingly becoming more aware about the benefit of socks owing to increasing adoption of social media platforms and increasing TV advertisements. Consumers are using social media to share reviews and blogs, or upload images of socks in the latest fashionable range. Social media platforms serve as a sharing hub for passing on personal experiences of the product. This is anticipated to continue to influence purchase decisions among buyers of various types of socks.
Key players are strategizing on sponsorship agreements with major associations of sports events and athletes across the world to increase the visibility and brand awareness among consumers. Moreover, young consumers relate to individual athletes more than the entire team irrespective of where he/she originates from. This has resulted in the brand endorsement of popular athletic brands such as Adidas to advertise their products by famous American basketball players and football players, which is expected to drive revenue growth of the athletic socks segment, while the trend is expected to continue over the forecast period.
Global Socks Market Analysis & Forecast
The global socks market is estimated to be valued at more than 20 Bn by 2017 end, and is expected to increase at a CAGR of 6.2% over the forecast period. The market is anticipated to be valued at close to US$ 35 Bn by the end of 2025, representing absolute $ opportunity of more than US$ 1000 Mn in 2017 over 2016 and incremental opportunity of more than US$ 10 Bn between 2017 and 2025. In terms of value and volume, the Asia Pacific region is expected to remain dominant over the forecast period, registering a value CAGR of 7.8% and volume CAGR of 7.1% over the forecast period owing to increasing disposable income, rising brand awareness and growing size of younger population especially in China and India.
The global socks market is revolving around fashion trends across the globe that has encouraged market players to launch various lengths of socks such as no show, liner socks and anklets. Consumers now-a-days are more aware of allergies associated with synthetic fabrics because of which they prefer socks with less synthetic components and more natural components. Keeping this in view the key players in global market are now focusing on offering natural and eco- and skin-friendly socks. This new publication titled “Socks Market: Global Industry Analysis (2012-2016) & Forecast (2017-2025),” provides exclusive insights to readers on the development of new products in the global socks market. We have observed that companies are focusing on manufacturing products that offer special features such as antibacterial, antifungal properties and are more breathable. An influence of technology has helped manufacturers to use material such as Kevlar, which offers comfort and mobility yet offering protection and durability just like shoes.
Our analysts have noted that companies are also expanding their geographic presence by opening their stores in the developing market and are also launching various segments of socks in order to enhance their customer base. After inspecting the market in detail, we have come to a conclusion that three segments such as athletic socks, specialty socks, and casual socks are expected to register high growth rate over the projected period. We have also studied the regional outlook and our research indicates that China represents huge potential, followed by India and other ASEAN countries. Among all the geographies, APAC and Europe will represent more than half of the overall socks market value share in 2017.
We have covered 20 key players across the globe to get a clear picture of the current scenario of mergers and acquisitions in the global socks market. While studying these top vendors in the market we have put these companies under the scanners of recent development, various financial strategies, SWOT analysis, key ratios and an overview of their performance in the last few years. Regulatory scenario, standards and levels of barrier protection and the classifications by level are considered while inspecting the global socks market. Year-on-Year growth and absolute $ opportunity has been evaluated for every segment along with market attractiveness analysis. In another section, we have covered the dynamics of the global socks market for the period of eight years. These dynamics include supply and demand side drivers, macro-economic drivers, restraints, opportunities and trends.
By Product Type
By End User
By Base Material
By Sales Channel
Market structure and relative share by different groups of companies
The global socks market is primarily characterized by fragmentation, wherein large multinational players, local, as well as regional players operate in the worldwide market. Multinational players channelize the market through their established distribution channels and are targeting the market of Asia Pacific region owing to increasing brand awareness coupled with rising disposable income of the middle class in the region. Retail apparel chains, online retail and supermarket/hypermarket are the key distribution channels that manufacturers are using for offering their products. The market is characterized as highly unorganized in developing and emerging economies. Local players are entering into mergers and collaborations with other multinational companies in order to expand their brand presence.
Persistence Market Research is committed to offering a comprehensive report to our clients backed by in-depth secondary research to ascertain the overall market size, top industry players and products. Our report delivers industry insights and information in an easy-to-understand format. Our expert team of analysts has conducted interviews with industry players, experts, retailers and distributors to make sure that the final product will fulfill the expectations of our clients. We have considered market indicators such as R&D expenditure and research funding from government and non-profit organizations to arrive at the indicated market numbers. Further, historical consumption trend has been analyzed to track data. The bottom-up approach has been used to assess market numbers for each product category, while top-down approach has been used to counter-validate the reached numbers.