Press release
Socks Market set to hit US$11.6 bn by 2023 | TMR
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Socks, one of the common consumer goods, are available in the global market in many materials and varieties. In recent years, due to the introduction of luxury socks, they have been considered more as fashion products than common consumer goods. Even though socks account for a smaller share in the global apparel market, their demand is expected to increase considerably in the years to come. The rising boom in the global socks market has allowed new companies to introduce their products. The increasing per capita income in various countries has enabled the global socks market to become the fastest growing market in the global apparel market.
The report divides the global socks market on the basis of region, gender, product, and material used. On the basis of product, the global socks market is classified into specialty socks, athletic socks, trouser socks, casual socks, women’s socks, and others. The demand for athletic socks is expected to be the highest in the global market due to the increasing demand for athletic shoes. Going forward, the increasing pool of consumers participating in sports is expected to boost the athletic socks segment.
Advancements in product development and commercialization have moved socks into one of the most trending fashion product categories. The introduction of luxury socks by local companies is expected to drive the socks market in the developing nations. By region, the global socks market is divided into Asia Pacific, Europe, North America, and Rest of the World. An improving retail network and the introduction of novelty socks will drive the Asia Pacific socks market in the years to come.
The use of various new types of fibers to manufacture socks is a rising trend in the global market. Cost pressures are driving many manufacturers to manufacture synthetic fiber socks. Nylon, cotton, wool, waterproof breathable membrane, and polyester are some of the other materials used to manufacture socks. The demand for cotton and wool socks will continue to grow in the coming few years. Based on gender, the global socks market is classified into men, women, and kids. In 2014, the global socks market was led by the men’s segment, propelled by extensive use and changing lifestyles of male consumers.
The global socks market is highly fragmented with many small companies and large players operating in different regions. Puma SE, Adidas Group, Cole and Parker Co., and Nike, Inc. are some of the leading companies operating in the global socks market. The market is expected to witness mergers and partnerships between leading players and new entrants in the near future.
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