The formal socks segment is expected to witness relatively low growth in terms of revenue as compared to the other product type segments.
The global socks market is anticipated to witness significant growth in the near future owing to increasing urbanization and a steady rise in the working population across the globe. In a new report titled “Socks Market: Global Industry Analysis (2012-2016) & Forecast (2017-2025),” Persistence Market Research presents an in-depth analysis and forecast of the global socks market over an eight year forecast period.
The report highlights the key factors impacting the market from a revenue and sales standpoint and also studies the performance of the global socks market across major geographies and regional markets.
The global socks market is projected to reach a market valuation of US$ 34,902.1 Mn by 2025 end from an estimated US$ 21,517.9 Mn in 2017, exhibiting a CAGR of 6.2% in terms of revenue over the forecast period.
The emergence of socks as a fashion accessory among millennials is significantly contributing to the growth in revenue of the global socks market. Besides, a rising health awareness among consumers is also fueling the global market for different types of socks.
Furthermore, an increasing penetration of organized players in the global market is furthering the development of the market and supporting growth in revenue.
The global socks market is challenged by the availability of a widespread range of counterfeit products that threaten the sales of authentic branded socks. Besides, a low product differentiation among end consumers coupled with the presence of a highly unorganized market in developing economies are other factors that are likely to negatively impact revenue growth of the global socks market during the forecast period.
The global socks market is segmented on the basis of Product Type into Athletic Socks, Casual Socks, Formal Socks, and Specialty Socks; on the basis of End User into Men, Women, and Kids; on the basis of Base Material into Cotton, Polyester, Nylon, Spandex, Wool, Acrylic, and Others; on the basis of Length into No Show, Liner, Quarter/Anklets, Mid Calf/Crew, and Knee High; on the basis of Sales Channel into Independent Retail Outlets, Retail Apparel Chains (Monobrand Outlets, Multibrand Outlets), Supermarket/Hypermarket, Online Retailers, and Other Channels; and on the basis of Region into North America, Latin America, Europe, APAC, and MEA.
APAC is slated to be the dominant regional market and is estimated to hold about 45% market share by the end of the forecast period. The APAC and Europe regional markets collectively accounted for approximately 2/3rd of the total revenue generated in 2016.
Athletic socks is the leading segment by product type and is projected to grow at 8.0% CAGR in terms of revenue during the forecast period. The athletic socks and casual socks segment collectively contributed more than 50% of the total revenue in 2016.
Among end users of socks, the men segment is projected to register the highest value and volume CAGR during the forecast period. Owing to an increasing global expenditure on apparel and accessories, the kids segment is expected to exhibit significant CAGR.
By base material, the cotton segment is expected to hold relatively high value share throughout the forecast period and also register the highest value and volume CAGR.
In terms of length, the quarter/anklets segment is anticipated to witness robust expansion with a significant value CAGR over the forecast period. The liner segment is expected to increase 1.7X in terms of revenue from 2017 to 2025, owing to an increasing fashion trend among individuals.
Among the various sales channels, multi brand outlets are expected to remain dominant in terms of generating revenue over the forecast period. The online retailers segment is anticipated to witness the highest segmental CAGR of 8.8% in terms of volume and 9.2% in terms of value during 2017 – 2025.
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The report features the key players in the global socks market including Renfro Corporation, The Phillips-Van Heusen Corporation, Gildan Activewear Inc, Kering Group, Adidas AG, Nike, Inc, ASICS Corporation, Gap, Inc., Hennes & Mauritz AB, Industria de Diseño Textil SA, Hanesbrands, Inc., Delta Galil Industries Ltd., Carter's, Inc, Stance, Inc., VF Corporation, Under Armour, Inc., Ralph Lauren Corporation, BLACKSOCKS SA, FALKE KGaA, and Jockey International, Inc.
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