As modern sock technology is evolving rapidly, consumers are demanding other types of yarn with the cotton and woolen material, which enhances the durability of socks. On the back of these features, the global socks market was valued at US$ 26 Bn in 2018 and will exhibit a healthy CAGR during the forecast period, 2019 – 2026.
With more consumers demanding high-quality socks with maximum comfort and unique features, innovations such as socks made with fabrics that possess the antibacterial and antifungal properties are entering retail markets. Moreover, extra padding in the sock design, zone-specific compression, and advanced natural and synthetic wicking fibers that account for the coolness and dryness of feet would be among the prominent factors driving market for socks in the near future.
Key Takeaways - Socks Market
- Asia Pacific is expected to remain prominent in the global socks market owing to availability of large variety of socks at affordable prices and presence of various multi-national and domestic players in the region.
- Consumers in developing countries are becoming more health conscious and are indulging in physical activities, thereby fueling the demand for sports and athletic socks in the market.
- Moreover, technological advancements play a vital role in the growth of the sports & athletic socks market as these lead to innovation of new products such as smart socks.
Companies are keen on investing in Asia Pacific through expansion of distribution channels. Significant R&D investments and new product launches will further help them have a stronghold on the market. E-commerce expansion and the subsequent rise observed in online sales of accessories continue to compel brands to focus on their online sales strategies. The share of online retailers in market is witnessing an average 6.5% yearly growth.
Emerging Players to Account for Prominent Share in Socks Market
Leading players in the global socks market are expanding their geographic footprint by opening stores and e-Commerce websites in developing markets, and launching various fashionable products to enhance their customer base. Companies are also adopting mergers and acquisition strategies to seize a significant market share in the global socks market.
- In 2018, Amer Sports announced the acquisition of Peak Performance from IC Group. Peak Performance specializes in the production of apparels and other sportswear.
- In 2017, Nike Inc. opened a retail store under their brand Jordan in Toronto, Canada. The store offers a unique experience to customers such as ‘Centre 23,’ a training hub that offers workouts and a barbershop.
Some prominent players in the global socks market include Renfro Corporation, Industria de Diseño Textil, S.A, Gildan Activewear Inc., Mizuno, Under Armour, Inc., Delta Galil, Adidas Group, ASICS Corporation, Gildan Activewear Inc., Jockey, Falke KGaA, Asia Socks Inc., Hanesbrands, Inc., and others.
Know More About Socks Market Study
Persistence Market Research (PMR) released a new market research on the socks market covering the global industry analysis 2014-2018 and forecast 2019–2026. The socks study reveals compelling insights on the basis of product type (specialty socks, sports & athletic socks, trouser socks, trouser socks, ankle length socks, and casual socks), end user (men, women, and kids), use case (running socks, soccer socks, snow sports socks, basketball socks, cycling socks, fitness socks, tennis socks, baseball socks, outdoor, trekking, & hiking, other sports socks, and other socks), material type (cotton, wool, polyester, nylon, spandex, acrylic, and others), and sales channel (independent retail outlets, retail apparel chains, supermarkets/hypermarkets, online retailers, and others), across five major regions.
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