The global socks market size will experience substantial growth because of the multifunctional nature of legwear items, states Fortune Business Insights™ in its report, titled "Socks Market, 2023-2030."
Because of the rising per-capita income, the demand for socks and other such hosiery from athletes and people leading an active lifestyle is expected to boost the market. In addition, medical professionals prescribe the use of diabetic socks to patients suffering from diseases such as foot ulcers and other infections that occur because of diabetes. Furthermore, they are useful for people with hydrophobia as they soak excess sweat and enable patients to function better. Further, socks also find use in yoga and meditation activities that are growing in popularity in urban areas. In addition, the use of socks in the fitness and health industry by athletes, bodybuilders, and individuals to pursue a healthy lifestyle is also expected to influence market growth.
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Fortune Business Insights™ lists out all the socks market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
Puma S.E.
Adidas A.G.
Asics Corporation
Renfro Corporation
THORLO Inc.
Nike Inc.
Hanesbrand Inc.
Balega
Drymax Technologies Inc.
Under Armour Inc.
United Legwear & Apparel Co.
Highlights of the Report
The report conducts a detailed analysis of the latest market trends, leading segments, and other factors influencing market growth. It comprehensively discusses the regional developments of the market. Additionally, it examines the impacts of COVID-19 on this market and studies the strategies devised by the key players of the market.
Drivers and Restraints
Emerging Socks Brands with Increasing Retail Stores to Positively Affect Market Growth
Numerous brands, such as Champion, Tippitoes, Hanes, Blue Q, and others, are supplying socks to various retailers and shops globally to increase their sales volume. In addition, social media platforms are being extensively utilized to promote brands worldwide and boost demand. Furthermore, socks are available in several colors, varieties, and sizes, designed by new companies. Therefore, the availability of socks in several shops and their widening varieties are expected to drive the growth of this market.
The soaring popularity of slippers, sandals, and flip-flops instead of shoes, which necessitate the use of socks, is expected to hamper the market growth. Additionally, socks made from cheap quality materials cause skin rashes, irritation, and redness, which may also restrain the market’s growth.
Report Aim & Scope:
An overview of the market based on geographical scope, segmentation, and financial performance of key players is presented in the report.
The report presents the estimated market size by the end of the forecast period. Additionally, the historical and current market size is also examined in the report.
Based on various indicators, the Year on Year Growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
The report presents current trends in the industry and the future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.
The various parameters accelerating the growth of the market are incorporated in the research report.
The report analyzes the growth rate, market size, and valuation of the market during the forecast period.
Regional Insights
Presence of Numerous Sock Brands to Aid Asia Pacific to Lead the Market
The Asia Pacific region is anticipated to dominate the socks market share due to the presence of several brands in the region, such as Tosside, Asics Corporation, Jockey, and others. In addition, countries such as India and China are the leading producers of footwear in the region and are thus well-poised to drive the market’s growth.
Owing to North America's substantial import of footwear products from the Asia Pacific region, the market is anticipated to grow. The amount of imports from countries in Asia Pacific is expected to significantly escalate in the coming years, attracting growth in the region.
Segments
Based on product type, the market is segmented into casual socks, formal socks, and athletic socks. As per raw material, it is segregated into nylon socks, cotton socks, polyester socks, and others. On the basis of end-user, it is divided into males, females, and kids. It is categorized by distributional channels into hypermarkets/supermarkets, convenience stores, and online. Geographically, it is distributed into North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
Detailed Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Latest Technological Advancement
Regulatory Landscape
Industry SWOT Analysis
Porters Five Forces Analysis
Qualitative Analysis – Impact of COVID-19
Steps Taken by the Government to Overcome the Impact
Key Developments by Industry Players in Response to COVID-19
Potential Opportunities and Challenges due to COVID-19 Outbreak
Competitive Landscape
Launch of Socks Targeted for Gaming Audience to Expand Puma’s Market Presence
In an attempt to expand its activities, Puma launched socks in three different segments targeted at the gaming audience in December 2019. Furthermore, to stay relevant, companies have introduced socks targeting people with excessive sweating and athletes by incorporating a new technology that provides durable and soaking features, garnering huge attention from enthusiasts. Additionally, partnerships between key players with other companies have encouraged the production of innovative socks.
Socks Market Size Highlights of the Report:
Market Penetration: Comprehensive information on the product portfolios of the top players in the Socks market.
Product Development/Innovation: Detailed insights on the upcoming technologies, RandD activities, and product launches in the market
Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Socks market
Industry Development
January 2020: Happy Socks and Linda Ramone partnered with each other to launch a brand new and lively set of socks as a memory to her late husband Johnny Ramone. The theme of the collection is their love for each other, with the items in the set featuring motifs derived from their unique style and eclectic home décor.
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