Global Market Study on Socks: Mass Brands to Account for Larger Market Share across the World
Socks Market Segmented By Athletic Socks, Casual Socks, Formal Socks, Specialty Socks Product Type in Cotton, Wool, Polyester, Nylon, Spandex, Acrylic Product Material
The socks market is witnessing steady growth in 2021 with worldwide revenue up by 5.3% year-on-year. Revenue from the sales of socks across the world will nearly double from 2021 to 2031, reaching nearly US$ 56 Bn in 2031. East Asia will be a lucrative market for manufacturers, rising at over 7% CAGR and capturing more than 28% share of the global market.
Find Out More about the Report Coverage
- Adidas Group
- Nike, Inc.
- Puma SE
- Skechers USA, Inc.
- Hanesbrands, Inc.
- Jockey International Inc.
- VF Corporation
- Darn Tough
- Recreational Equipment, Inc.
- Drymax Technologies, Inc.
Key Points Addressed in Market Study on Socks:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Socks and How to Navigate
- Recommendation on Key Winning Strategies
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Market Developments from 2016 to 2020 and Future Projections for 2021 to 2031
From 2016 to 2020, sales of socks increased at 4.5% CAGR across the world. Demand is expected to increase faster over the assessment period of 2021 to 2031 at around 6% CAGR, owing to rising demand for specialised socks and growing awareness regarding health and fitness across regions.
Interest in natural fibers, for example, cotton, is extensively high for socks manufacturing. Notwithstanding, natural fibers are projected to lose considerable share to synthetic fibers such as polyester and nylon. Demand for synthetic or manmade fibers are comparatively higher in developing countries due to their low prices.
Rising number of e-Commerce players will help market development. Customers like to look at items on different e-commerce portals prior to finalizing their purchase decisions.
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How are Evolving Technologies in France Driving Sales of Socks?
The market in France is expected to progress at a CAGR of over 5% CAGR during the forecast years, because modern sock technology is evolving rapidly. Consumers are demanding other types of yarn along with cotton and woollen material, which enhances the durability of socks.
Some legal norms in the European region are applied by governments, such as the Textile Regulation (EU) No 1007/2011, to ensure that customers are fully aware about the fiber composition of textile products. This has also helped eradicate potential barriers to the smooth functioning of the market in the country.
Why Do Manufactures of Socks Eye the North American Market?
North America holds significant market share of 18.4% of the global market, due to shifting of consumers toward thinner socks with some element of cushion that still offers a lot of warmth, and rising awareness about the importance of socks.
The U.S. holds 87.3% of the market share in North America, and is expected to observe high investments in custom socks and eco-friendly socks over the coming years.
How is Consumer Awareness in Germany Propelling Demand for Socks?
During the study, the market share for Germany was evaluated at around 18% of Europe. The COVID-19 pandemic served to reinforce demand for clothing accessories across the country. High consumer awareness about socks makes Germany a lucrative market in the region. Germans typically own around 24 pairs of socks, which is much higher compared to other countries.
Why are Manufacturers of Socks Placing their Bets on India?
The Indian market for socks is expected to rise at an impressive rate of over 10% CAGR, owing to increasing brand-consciousness, and low penetration of socks at present. This is the reason why the market here is expected to grow faster than previous years.
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What Makes Casual Socks So Popular across Regions?
Casual socks hold around 42% of total market share globally, and are in the maturity stage of the product lifecycle. In this stage, features are enhanced so that the product can be differentiated from others in the market.
Pricing of the product in this stage declines owing to increasing competition in the market. The distribution channel becomes more intensive. In this stage, promotional activities of the product are mainly focused on product differentiation.
Which End User Holds Major Share in the Global Market for Socks?
Socks for men hold the largest market share, and the segment is expected to expand at a significant CAGR of more than 6% during the forecast period 2021-31.
On studying the market, it was found that men spend more for a pair of socks than women. Females buy socks dependent on value instead of their fashion proclamation. Athletic socks driven by overall development were the hot spot for ladies, yet, for men, consideration was split between both, casual and athletic socks.
Why are Cotton Socks Widely Popular across the World?
By material, cotton socks are estimated to account for the largest volume share of 45% in 2021, and are expected to remain dominant over the forecast period as well owing to their ability to absorb moisture and give more comfort.
Players operating in the market are finding new ways to introduce their products across regions. These measures and efforts are being undertaken due to rising competition. Well-established firms are taking a hard look at their marketing strategy and executing them in collaboration with sports clubs, celebrities, and other influencers.
Forging new strategic relations with essential players or suppliers to achieve major market presence will be an ongoing trend in this space.
Historical Data Available for
US$ Mn for Value & Mn Pairs for Volume
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Customization & Pricing
Available upon Request
Main Market Segments Covered
- Socks for Men
- Socks for Women
- Socks for Kids
- Running Socks
- Soccer Socks
- Snow Sports Socks
- Basketball Socks
- Cycling Socks
- Fitness Socks
- Tennis Socks
- Baseball Socks
- Outdoor, Trekking & Hiking Socks
- Other Sports Socks
- Other Use Cases
- Cotton Socks
- Wool Socks
- Polyester Socks
- Nylon Socks
- Spandex Socks
- Acrylic Socks
- Other Materials
- Socks Sold at Independent Retail Outlets
- Socks Sold at Retail Apparel Chains
- Socks Sold at Supermarkets/Hypermarkets
- Socks sold through Online Retailers
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