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Socks Market - Focus on Niche Market for Athletes and Medically Impaired is Benefitting Demand
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While some of the prominent participants in the socks market, namely Puma S.E., Adidas A.G., Hanesbrands Inc., Armour, Inc., Under Nike Inc., and Asics Corporation, command larger share on account of their solid brand recall, the smaller players too enjoy a solid foothold in the regional pockets. Going forward, the market heavyweights are expected to focus on product development and launches. They are also predicted to acquire or merge with local players in order to tap into new markets.
A market study by Transparency Market Research forecasts the global market for socks to rise at a 6.7% CAGR from 2017 to 2025 to become worth US$75.10 bn by 2025-end from US$42.07 bn in 2016.
The various types of socks sold in the market are athletic socks, specialty socks, trouser socks, casual socks, women's socks, and multiple toe socks. Casual socks, of them, held a leading one third share in the market in 2016. Specialty socks trailed them in terms of market share and is expected to make impressive strides in the near future as well because of their myriad applications.
Geographically, North America, South America, Asia Pacific, Europe, and the Middle East and Africa are some of the main segments of the market for socks that have been studied in the TMR report. Asia Pacific, of them, at present, dominates the market owing to its large population, which is particularly concentrated in emerging economies of China and India.
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Despite their market being an unorganized one, socks have seen a steady uptick in their demand. This is because they form an integral part of one’s daily wear. Besides, players are also focusing on socks for niche markets meant for athletes or medically impaired, to further increase their sales. In fact, most of the growth in the market is the result of the development and commercialization of high-end socks and specialty socks.
Yet another factor proving beneficial for the global market for socks is the foray of many new small, local manufacturers. Apart from that, focus on producing more fashionable products with superior materials is also helping the market, along with increased income of people and booming e-tailing platforms all over the world. “Sponsorship of major sporting events to build brand recall is a key growth driver of the market as well,” adds the lead analyst of the report.
Popularity of Open Footwear Posing Challenge to Market
There are a few bottlenecks, on the flipside, which the market needs to overcome to further improve its growth rate. One of them is the rising trend of wearing open footwear which do not usually require socks. Another major hindrance is the lack of knowledge about socks in rural areas. Besides, duplicate products in the market is also denting shares of leading players.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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