Socks Market - Robust growth in the men’s Apparel Industry

The global socks market was valued at USD 5.6 billion in 2014, expected to increase at a CAGR of 8.5% from 2015 to 2023. Although an integral part of the apparel industry, the socks market holds a negligible part in the market dynamics of the apparel industry.

The lower share of the socks market in the backdrop of the apparel industry can be attributed to low volume and large percentage of the market being unorganized. However, taking the market growth rate into consideration, the socks market is projected to experience robust growth during the forecast period in contrast to the apparel industry in general. The rising demand for socks is primarily driven by improving fashion trends and the growing retail sector.

The global socks market is segmented by region into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). The growth of the socks market is attributed to the penetrating organized sector and thriving e-commerce sales in emerging economies such as India, China, and Brazil. Furthermore, increased development and manufacturing of offbeat socks such as fun socks, high end casual socks, and luxury socks are anticipated to augment the demand for socks.

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In 2015, Asia Pacific led the socks market and the region is expected to maintain its dominance throughout the forecast period. High demand for socks in this region is attributed to the large population and increasing population growth.

Moreover, rising number of retail outlets in the region especially in economies such as China, India, Malaysia, and Singapore are expected to further boost the sales of socks. However, Europe, the fashion power house of the world is expected to lose considerable market share. Declining industrial growth and disposable income fueled by slow economic growth is projected to affect the overall apparel industry. Socks market in North America is expected to witness steady growth, whereas developing economies especially Brazil and Saudi Arabia are expected to drive demand in Rest of the World (RoW).

The global socks market by product type is categorized into specialty socks, athletic socks, trouser socks, women's socks, casual socks, and others. Athletic socks dominated the socks market in 2014, accounting for more than one third of the market share. Athletic socks are also expected to hold the largest market share during the forecast period owing to the diversified applications of athletic socks supported by their economical price.
The global socks market has also been segmented by the materials used for production. The socks market is thus categorized into nylon, cotton, polyester, wool, waterproof breathable membrane, and others.

The demand for natural fibers such as cotton and wool is high while manufacturing socks. The demand for natural fiber material for manufacturing socks is relatively high in developed economies owing to sustainability of natural fibers. However, natural fibers are expected to lose considerable market share to synthetic fibers such as nylon and polyester. The demand for socks manufactured from synthetic or manmade fibers are relatively high in developing economies owing to their low price. Waterproof breathable membrane are hybrid materials and used for manufacturing waterproof socks for industrial application or for casual use during the rainy season.

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The global socks market has also been segmented based on gender into men’s socks, women’s socks, and kids’ socks. Men’s socks account for the largest share at almost half of the market. Growth of the men’s socks segment is anticipated to be driven by the booming sales of men’s apparel and footwear.

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