Global Socks Market: Casual Socks Segment Anticipated to Exhibit Relatively High Value Share till 2025
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In the product type segment, the casual socks segment accounts for the largest value share of more than 40% throughout the forecast period and is expected to remain the dominant product type segment. Revenue generated by the casual socks segment is estimated to be about US$ 9,400 Mn in 2017 and is expected to expand significantly at a value CAGR of 5.8% from 2017 to 2025. However, the athletic socks segment is expected to grow with the highest volume CAGR of 7.5% and value CAGR of 8.0% over the forecast period owing to the rapid increase in the number of people associating with some form of sports activity. The specialty socks segment is expected to witness significant value CAGR over the forecast period. The specialty socks segment is estimated to be valued at more than US$ 1,600 Mn by 2017 end and is expected to increase at a CAGR of 6.6% over the forecast period. On the other hand, the formal socks segment is expected to witness relatively low growth in terms of revenue as compared to the other product type segments.
Brand endorsement by famous athletes and availability of special feature socks are the latest trends in the global socks market
Due to constant product innovation, many key players are manufacturing socks that offer anti-bacterial and anti-fungal properties. Moreover, some smaller companies are even offering socks made from Kevlar that are extremely strong, lightweight, and corrosion and heat resistant. For instance Hanebrand, Inc., which is a U.S.-based company, launched FreshIQ Technology in its flagship brand i.e. Hanes in November 2016, which offers odor protection and implemented it in men’s underwear, socks, T-shirts, and fleece products. Moreover, products such as underwear and socks are incorporating technology that offers antimicrobial protection.
Consumers are increasingly becoming more aware about the benefit of socks owing to increasing adoption of social media platforms and increasing TV advertisements. Consumers are using social media to share reviews and blogs, or upload images of socks in the latest fashionable range. Social media platforms serve as a sharing hub for passing on personal experiences of the product. This is anticipated to continue to influence purchase decisions among buyers of various types of socks.
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Key players are strategizing on sponsorship agreements with major associations of sports events and athletes across the world to increase the visibility and brand awareness among consumers. Moreover, young consumers relate to individual athletes more than the entire team irrespective of where he/she originates from. This has resulted in the brand endorsement of popular athletic brands such as Adidas to advertise their products by famous American basketball players and football players, which is expected to drive revenue growth of the athletic socks segment, while the trend is expected to continue over the forecast period.
Global Socks Market Analysis & Forecast
The global socks market is estimated to be valued at more than 20 Bn by 2017 end, and is expected to increase at a CAGR of 6.2% over the forecast period. The market is anticipated to be valued at close to US$ 35 Bn by the end of 2025, representing absolute $ opportunity of more than US$ 1000 Mn in 2017 over 2016 and incremental opportunity of more than US$ 10 Bn between 2017 and 2025. In terms of value and volume, the Asia Pacific region is expected to remain dominant over the forecast period, registering a value CAGR of 7.8% and volume CAGR of 7.1% over the forecast period owing to increasing disposable income, rising brand awareness and growing size of younger population especially in China and India.
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