The global socks market continues to be significantly influenced by changing trends across the globe. These trends have encouraged manufacturing companies to launch different lengths of socks, for example liner socks, no show and anklets. These days consumers are more conscious of allergies related to synthetic fabrics owing to which they favor socks with fewer synthetic components as well as more natural components. The manufactures are now focusing on offering natural and skin-friendly socks.
The global socks market is projected to reach nearly US$ 35 Bn by the end of 2025 from nearly US$ 21.5 Bn in 2017, registering a CAGR of 6.2% during the forecast period. The factors significantly boosting the growth of the global socks market are rising health awareness among consumers, expansion of socks as a fashion accessory among millennials and improved penetration of organized players in the global market. The overall socks market is segmented according to product type, end user, base material, length, sales channels and region.
Based on region, the global socks market is segmented into North America, Europe, APAC, Latin America, and the MEA. APAC is likely to be the leading regional market, and is expected to hold nearly 45% revenue share of the market. Collectively, APAC and Europe account for nearly two-thirds revenue share of the market.
By product type, the key market segments include athletic socks, casual socks, formal socks and specialty socks, Athletic socks will remain dominant and are expected to grow at 8% CAGR on the basis of revenue during the forecast period. The athletic and casual socks segment collectively added over 50% of the total revenue in 2016. Amongst end users, the men segment is anticipated to witness robust expansion with a significant value of CAGR during the forecast period. The kid’s sector is estimated to show noteworthy CAGR because of a growing worldwide expenditure on apparel and accessories.
The base material utilized to manufacture the socks commonly includes cotton, polyester, nylon, spandex, wool, acrylic and others. Further, the length includes no show, liner, quarter/anklets, mid-calf/crew and knee high. The cotton segment is likely to hold comparatively great value share all through the forecast period and register the maximum value and volume CAGR. In terms of length, the quarter/anklets division is anticipated to register the highest value and CAGR over the forecast period.
The socks are traded by the sales channels including independent retail outlets, retail apparel chains (mono-brand outlets & multi-brand outlets), supermarket/hypermarket, online retailers and other channels. Multi-brand outlets are likely to remain dominant on the basis of making revenue as compared to other channels over the forecast period. The online retailer’s division is expected to see the highest divisional CAGR of 8.8% in terms of volume and 9.2% in terms of value during 2017-2025
The major players in the global socks market comprise of The Phillips-Van Heusen Corporation, Renfro Corporation, Hennes & Mauritz AB, Gildan Activewear Inc, Kering Group, Adidas AG, Nike, Inc, ASICS Corporation, Gap, Inc., Industria de Diseño Textil SA, Ralph Lauren Corporation, Hanesbrands, Inc., Carter’s, Inc, Stance, Inc., VF Corporation, Under Armour, Inc., BLACKSOCKS SA, Delta Galil Industries Ltd., FALKE KGaA and Jockey International, Inc.
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