Published On : Apr 20, 2016
Socks are commodity products that have, with the introduction of luxury socks and application-specific socks, experienced a transformation into being fashion products. Due to this transformation, the development of the global socks market has outpaced the total development of the apparel industry. The increasing demand for socks is owing to the development of the retail sector and the evolving fashion trends globally. The socks market is also stimulated by the rising population and the increasing disposable incomes of consumers in a number of developing economies. In addition, the increasing manufacturing and development of offbeat socks such as high-end casual socks, luxury socks, and fun socks have also augmented the growth of the global socks market.
Demand for Wool and Cotton is on Rise in Developed Countries
On the basis of material used, the market is segmented into cotton, nylon, waterproof breathable membrane, polyester, wool, and others. Amongst these, the segments of wool and cotton led the market in 2015 and are being widely used for the manufacturing of socks. The demand for cotton and wool socks is comparatively higher in developed countries than in developing countries due to the sustainability of natural fibers in developed countries. On the other hand, the demand for synthetic socks is relatively high within emerging economies owing to their economical prices.
Athletic Socks to Lead Global Socks Market till End of 2023
On the basis of product, the socks market is segmented into athletic socks, specialty socks, women’s socks, trouser socks, casual socks, and others. Amongst these, the segment of athletic socks led the market in 2014 and represented over one-third of the market. This segment is also predicted to maintain its superiority throughout the forecast horizon due to the numerous application areas of athletic socks, backed by their reasonable prices. In terms of gender, the market for socks has been segmented into women’s socks, men’s socks, and kids’ socks. Amongst these, the segment of men’s socks led the market with approximately 50% share in the market in 2015. The reason for the superiority of this segment is the rising sales of men’s footwear and apparel.
Asia Pacific Socks Market Held Largest Share in 2015
In terms of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, the region of Asia Pacific held the largest share in the market in 2015 and is predicted to maintain its superiority throughout the forecast horizon. The increasing demand for socks in this region is owing to the region’s large population base. In addition, the increasing count of retail outlets within this region, particularly in countries such as Malaysia, China, Singapore, and India, will further augment the growth of the socks market within Asia Pacific. On the other hand, the North America market is predicted to experience steady growth, while Saudi Arabia and Brazil are expected to lead the RoW socks market in the coming years.
The prominent players dominant in the global socks market are Adidas Group, Puma SE, Nike, Inc., ASICS Corporation, and Thai Socks Corporation, among others.