The term “hosiery” specially refers to knitted coverings for the feet and legs. But it may generically be applied to all types of knitted goods and fabric. Most hosiery articles are knitted with integral tubular legs and feet on small diameter circular machines. The welt and top are usually knitted first, then the welt and top are usually knitted first, then the foot and toe are knitted. Closing the toe also produces a secure finish. It is widely used as undergarment.
Technavio’s market research analyst predicts the global hosiery market to grow at a CAGR of around 4% during the forecast period. Consumers look for the quality, durability, fit, style, and glamor while purchasing hosiery products. The increasing concern about personal grooming and appearance is one of the major drivers of the market. Not only is the market for women hosiery rising, but the demand for such goods is also rising from the men’s segment because these days, even men follow the new trends in fashion and apparels.
The rise in sales from the e-commerce sector is another major driver propelling the growth of the hosiery market. The online retails saves the consumer’s time, gives product availability at door steps, and offer products at discounted prices, hence they are the fastest growing channel of sales. In terms of region, the e-commerce market in North America is the fastest growing market with nations like the US and Canada dominating the share for the same as of 2014.
In terms of revenue, the socks segment dominated the global hosiery market in 2015 with a share of more than 69% in 2015. The growth of the socks segment is mainly driven by the increasing demand for socks from the following two consumer segments, 0-14 years age group and 15-64 years age group consumers. Also, the increased demand for socks emerging from developing regions such as APAC and Latin America has also triggered the growth of this segment.
The presence of multiple vendors including well-established and regional vendors makes the market considerably fragmented and competitive. They compete on the basis of product differentiation, portfolio, and pricing. The prevailing competition among the vendors presents a possibility of increased number of mergers, with smaller entities being acquired by or merged with major players.