Emergence of Socks as Fashion Accessory Among Millennials
Socks are no longer considered an essential wardrobe accessory. Currently, they are being considered as a style statement among youths, which can be seen in social media websites such as Instagram, Facebook, Twitter, and other social media pages. Celebrities, athletes, and reputed politicians wear colorful patterned socks, which is one of the factors expected to drive the socks market growth during the forecast period.
Additionally, socks are being considered as a fashion accessory among millennials, following the introduction of colorful patterned socks that are being used as a style statement, especially by men. This has resulted in the emergence of several startups that offer colorful patterned socks for men, women, and children. BOMBAS LLC, a New York-based company manufactures, designs, and markets socks for men, women, and kids, and offers colorful patterned, athletic, and dress socks.
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- Adidas Group
- ASICS Corporation
- Gildan Activewear Inc.
- Hanesbrands Inc.
- Industria de Diseño Textil, S.A
- Nike, Inc.
- Salomon/ Amer Sports
- Under Armour, Inc.
- Delta Galil
- Drymax Technologies Inc.
- Darn Tough
- Global Brands Group & Planet Sox (PS Brands)
- New Balance
- Renfro India/Infiiloom
- Renfro Corporation
- VF Group
- Wolverine Group /Saucony
Consumers’ Inclination Towards Natural Fabrics
With the increasing penetration of the Internet and smartphones, consumers are engaged in the peer review of products before making a purchase. This has resulted in increasing awareness about allergies associated with synthetic fibers. Owing to this, consumers are preferring natural fibers over synthetic fibers. They are also engaged in comparing prices.
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Increasing Role of Modern Trade and Online Retail Formats
Increasing footfalls at hypermarkets/supermarkets as well as increasing usage of online retail services are fueling the sales of socks and related products in APAC, especially in China and India. China is estimated to be the largest consumer of socks, followed by India.
Moreover, these formats are enabling convenience in terms of making purchases as well as choosing from a wide variety of socks. Consumers, especially the working class, prefer online retail over offline retail, owing to their busy schedules. This trend is expected to continue during the forecast period.
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A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
Asia Pacific to Remain Prominent in Socks Market
In the global socks market, Asia Pacific accounted for maximum share of around 44.5%, in terms of value, in 2018, owing to availability of medium and low range socks, and is expected to register a CAGR of 7.2% during the forecast period. Over the past few years, consumers’ buying behavior has altered rapidly.
They are becoming more influenced by social media and the Internet. Consumers are likely to post products’ review over the Internet or on a social media platform, which is likely to significantly impact companies’ brand image and business. Therefore, companies are observing the buying behavior of consumers by monitoring websites, and meeting them face-to-face.
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Key Players Endorsing Brands by Famous Athletes, Sponsoring Football Clubs Emerging as a Profitable Trend
Key players are signing sponsorship agreements with major associations of sports events and athletes across the world to increase visibility and brand awareness among consumers. This has resulted in 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 the sports and athletic socks segment.
In addition, brands such as Nike, Puma, and Adidas are strategizing on boosting awareness through the promotion and advertisement of their products via sponsorship agreements with various football clubs and well-known athletes.
For instance, Adidas sponsors Manchester United and Real Madrid C.F., whereas Nike sponsors Barcelona and A.S. Roma, and Puma sponsors Arsenal Football Club.
Top Suppliers and Manufacturers to Herald Socks Market Growth
The socks market is anticipated to be highly consolidated. With large number of top market players covering the global socks market, there are many regional and local market players. The global market players are expected to bring advanced features to develop innovative socks.
Companies are also prominently investing in research and development activities to have a competitive edge among their competitors. Market players have continued to dominate the changing landscape of the socks market with their expertise in offering high quality product portfolio with diverse ranges. Strategic partnerships and mergers and acquisitions are key factors that enhance product offerings and market expansion in the global socks market.
Growing fashion trends worldwide have encouraged prominent players in the market to introduce socks in various lengths such as anklets, liner socks, and no-show.
Global Socks Market: Segmentation
PMR’s research study on the global socks market offers a detailed market taxonomy, wherein key segments have been discussed in detail. The segmentation of the socks has been offered on the basis of product type, end user, use case, material type, and sales channel.
Every segments have been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.
By Product Type
By End User
By Use Case
By Material Type
By Sales Channel
A unique and promising research methodology forms the base of the socks market during the forecast period. The report has been prepared after a comprehensive analysis of market happenings, and riveting insights have been compiled meticulously. The research methodology for the socks market is a two-step process comprising of primary and secondary research.
Key stakeholders, including socks suppliers, and manufacturers, and experts of several designations, including executive vice presidents, directors, service engineers, technical advisor, GM marketing professionals, and sales professionals have been interviewed.
The socks market research report includes a competitive landscape that provides a dashboard view of key competitors operating in the market. Some market players profiled in this section include The Adidas Group, ASICS Corporation, Gildan Activewear Inc., Hanesbrands Inc., Industria de Diseño Textil, S.A, Jockey, Mizuno, Nike, Inc., Puma, Rawlings, Salomon/ Amer Sports, Under Armour, Inc., Bridgedale, Delta Galil, Drymax Technologies Inc., Darn Tough, and others.
Socks Market: Key Questions Answered
Key insights offered in the socks market answer some salient questions that assist stakeholders in gauging all emerging possibilities.
- How rapidly changing consumers’ perspective acts as major growth engines for the socks market?
- How does e-Commerce boost the socks market growth?
- What are key trends that are constantly shaping the socks market growth?
- Which are prominent regions offering plentiful opportunities for the market?
- What are differential strategies adopted by key players to command a significant chunk of the global market share?