NEW YORK, June 23, 2021 /PRNewswire/ -- Global sales of socks are estimated to reach US$ 56 Bn by the end of 2031, increasing at a CAGR of 6% from 2021 to 2031, mostly driven by high demand for cotton socks, which hold more than 40% market share.
Evolving fashion trends across the globe have encouraged market players to launch various lengths of socks such as no-show, liner socks, anklets, etc. Moreover, nowadays, consumers are more aware about allergies associated with synthetic fabrics, because of which, they prefer socks that have less synthetic components and material that is natural. Companies should focus on offering more natural, eco-friendly, and skin-friendly socks.
Manufacturers are expanding their geographic presence by opening physical stores and e-Commerce websites in developing markets, as well as launching various varieties to enhance their customer base.
The COVID-19 pandemic led to worldwide lockdowns, affecting manufacturing plants and supply chains, and industry development took a hit in 2020. In the midst of the developing push for decoupling and economic distancing, the changing connection with China and other countries of the world will affect competition and openings in the women and men hosiery market.
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Key Takeaways from Market Study
- The market is considerably fragmented, resulting in moderate bargaining power for customers. Key players are marking their presence through collaboration with celebrities and influencers.
- Persistence Market Research identifies East Asia and Europe as the largest markets for socks, with both regions together holding more than 45% market share, in terms of volume.
- Casual socks are projected to hold the highest market share by 2031, at around 42%.
- Mass brands account for a larger share in the market.
- Cotton socks are the most-liked material, with a market share of around 44%.
- Sales of socks across China are expected to surge at a CAGR of close to 9% from 2021 to 2031.
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"Leading players are aggressive promoting socks in a wide variety, such as sports and medical socks," says an analyst at Persistence Market Research.
Key Market Players
The report underlines groundbreaking insights into the competitive scenario of the socks market, along with the highlights of differential strategies used by manufacturers.
Some of the key players identified across the value chain include Adidas Group, Nike, Inc., Puma SE, Skechers USA, Inc., Hanesbrands, Inc., Jockey International Inc., VF Corporation, Darn Tough, Recreational Equipment, Inc., Drymax Technologies, Inc., CEP Compression, Icebreaker, Farm to Feet, Stance, Patagonia, Inc., Implus LLC, Wrightsock, Elicit Brands, LLC, Fits Socks, Injinji, Inc., ToeSox, Inc., Tavi Noir, and Bombas, amongst others.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the socks market, covering global industry analysis of 2016-2020 and forecasts for 2021 to 2031. This research report provides compelling insights on the basis of product, end user, use case, material, and sales channel, across all major regions of the world.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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