Urban consumers’ demand for a variety of footwear continues to increase, which is becoming a positive factor in the socks market. In addition, the growth trend of sports shoes coupled with the recognition of sports celebrities by major brands is driving market growth. It has been observed that consumers are buying high-quality socks to use them in physical exercise and outdoor sports. In addition, on a global scale, people are paying more and more attention to the adverse reactions associated with foot ulcers in diabetic patients in order to promote the application of high-grade socks variants as foot protection media in the near future.
The global socks market is expected to experience strong growth during the forecast period. The increase in demand for socks is mainly driven by the improvement of fashion trends on a global scale. The global socks market was valued at US$42.5 billion in 2018 and is expected to grow at a compound annual growth rate of 6.5% from 2019 to 2027.
The Asia-Pacific region has the highest share of the global socks market, and the region is expected to maintain its dominant position during the forecast period. The key factor driving the development of the Asia-Pacific market is its large and growing population in developing economies including China and India. In addition, the increase in the number of retail stores in the region, especially in economies such as China, India, Malaysia and Singapore, is expected to further boost socks sales.
It is expected that the European socks market will slow down in the next few years. Due to slow economic growth, declining industrial growth and disposable income are expected to affect the entire apparel industry. The socks market in North America is expected to maintain steady growth, while developing economies, especially Brazil in South America and the GCC countries of the MEA as a whole, are expected to drive the demand for socks, thereby driving the global socks market.
In terms of product types, the global socks market is divided into special socks, sports socks, trousers, women’s socks, casual socks, children’s socks and multi-toed socks. Casual socks are considered the largest market segment, with a market share of over 34% in 2018. The specialty socks segment accounted for the second largest market share in 2018.
The market has been segmented by materials used for production. Other sub-categories are nylon, cotton, polyester, wool, waterproof and breathable membranes, etc. The nylon segment is the largest market and is expected to maintain its dominant position in the next few years. Waterproof and breathable membrane is a mixed material used to make waterproof socks, which can be used for industrial applications or leisure use in the rainy season.
Key players continue to provide new and advanced products, such as the antibacterial and antifungal properties of socks, and these initiatives are increasing. Some of these companies are committed to providing socks made of Kevlar, which are very strong, heat-resistant, tough and lightweight. In the past few years, people have become more aware of the benefits of wearing these socks, which indicates that the popularity of the product is rising.
Post time: Apr-20-2021