The global socks market was valued at $5.6 billion in 2014, expected to increase at a CAGR of 8.5 per cent from 2015 to 2023. Although an integral part of the apparel industry, the socks market holds a negligible part in the market dynamics of the apparel industry. Although an integral part of the apparel industry, the global socks market plays a small part in the dynamics of the former. However, in recent times, owing to the transformation from being a traditional item into a luxury product, expansion of retail network and promotional activities, the demand for socks has been steadily increasing.
According to estimates of market intelligence firm, Transparency Market Research (TMR), the global socks market would value S$11.6 bn by 2023 rising at a significant CAGR of 8.5 per cent. The study states that almost 70 per cent of men use socks every day. Socks are quickly growing beyond being a useful item to an apparel of fashion due to product developments, diversifications, and commercialization. Application specific customized socks are also opening new opportunities in the market.
Going on the geographical regions that have the most significant demand for socks, developing countries like China, Brazil and India have witnessed rapid expansion of their retail network. Increasing population and disposable income in these regions is fueling the retail sector. Regions like Asia Pacific and Rest of the World are expected to have better growth potential in the socks market due to the rise in population, a steadily increasing GDP and favorable government policies.
Advanced socks are now being developed to address poor blood circulation in the veins, bacteria resistant socks that control foot odour, socks that help protect fragile skin that is at greater risk of tears and ulcers, as well as socks with seamless and cushioned toes to reduce friction, blistering, and pressure. Researchers have also developed socks for diabetic patients, which come with a specially designed top that keeps the sock up without restricting circulation.