NEW YORK, March 2, 2021 /PRNewswire/ -- Growing awareness of sustainability has encouraged players in the market to switch to sustainable solutions, as more and more consumers, especially the younger millennials, prefer opting for sustainable solutions. This is applicable not only to products but also product packaging. For instance, Darn Tough Vermont is one such brand that has prioritized sustainability goals. The brand recently announced the shift of its material base to 100% RWS (Responsible Wool Standard) Certified wool. The company also provides its products in recycled FSC certified paper printed with vegetable-based ink and other water-soluble glues.
Apart from this, few manufacturers have adopted organically grown fibres for the manufacturing of hiker socks and yoga socks. Some hiking socks in the market are manufactured using polyester yarn that comes from recycled water bottles. Such initiatives on the part of manufacturers are expected to attract increasing attention of environment-conscious consumers.
As per Persistence Market Research analysis, the global hiker socks and yoga socks market is projected to expand at an impressive CAGR of more than 6% over the next ten years (2020 to 2030), where the sales of unisex socks will top the pecking order.
Key Takeaways from Hiker Socks and Yoga Socks Market Study
- The hiker socks and yoga socks market is projected to witness significant revenue growth during the forecast period, as participation in outdoor recreation and sports activities is expected to increase across regions over the coming years.
- The outbreak of novel coronavirus has further highlighted the importance of ethical living, which has helped attract consumer attention toward local and regional businesses.
- In terms of material, wool holds a notable one-third share in the market, as it is a highly preferred material due its temperature regulation, cushioning, and anti-microbial properties.
- In case of product, crew socks that are a little higher than the ankles hold around half of the market share, as these are considered to provide more protection.
- In terms of sales channel, despite store-based retailing being a prominent channel, online retail is expected to reflect notable growth through 2030.
- According to the regional analysis, North America and Europe together hold a notable share of more than one-third in the market. However, other regions such as East Asia and South Asia are expected to reflect high growth. Growing participation in outdoor recreation and other health and fitness activities such as yoga is likely to facilitate regional market growth.
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"Manufacturers are constantly promoting hiker socks and yoga socks as cushion socks, anti-slip socks, grip socks, EcoMade socks, etc. Use of such claims is helping players attract increased user attention," says a Persistence Market Research analyst.
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Rise of Private Retail Brands Likely to Impact Current Market Scenario
Today, well-established retailers such as Amazon, Walmart, etc., are aggressively expanding their business presence through private labels. For instance, Amazon provides hiker socks and yoga socks under its Amazon Essentials retail brand. Thus, rapid emergence of such brands in the market is expected to impact the existing competition level.
From a consumption perspective, consumers perceive such offerings as cheaper versions of the original product. Few consumers also perceive these products as best alternatives to well-established brands. Prevalence of such consumer perceptions are further expected to positively impact the growth of private labels in this space.
The report underlines groundbreaking insights into the competitive scenario of the hiker socks and yoga socks market, along with the highlights of differential strategies used by manufacturers. Few of the prominent manufacturers operating in the market include ADIDAS Group, Nike, Inc., Puma SE, VF Corporation, Darn Tough, Farm to Feet, Patagonia, Inc., Iceabreaker, Wrightsock, Elicit Brands, LLC., Implus, LLC., Injinji, Inc.,ToeSox, Inc., Feetures, etc.
More Valuable Insights
Persistence Market Research released a new market research on the hiker socks and yoga socks market, covering global industry analysis of 2015-2019 and forecasts for 2020–2030. The market study reveals compelling insights on the basis of product (no-show socks, ankle socks, crew socks, and knee-high socks), material (cotton, polyester, wool, nylon, spandex, and others), size (small, medium, and large), consumer orientation (men, women, kids, and unisex), cushion level (ultralight, light/medium, and heavy), and sales channel (supermarket/hypermarkets, convenience stores, specialty stores, online retailers, wholesalers/distributors, and other sales channels), across seven major regions of the world.
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