Socks Market

According to Stratistics MRC, the Global Socks Market is accounted for $50.11 billion in 2023 and is expected to reach $89.98 billion by 2030 growing at a CAGR of 8.72% during the forecast period. Socks are clothing items made to cover the feet and frequently reach the calf or higher. They are primarily made of materials like spandex, nylon, cotton, and wool. They contribute to style, allow for seasonal adjustments, increase mobility in sports, reduce foot odor, prevent fungal infections, promote blood circulation, extend the life of footwear, and provide targeted compression.

According to the World Bank report, approximately 40.83 percent of women work and the figure is growing considerably in 2018. The increasing number of working-class women worldwide is anticipated to have a positive impact on growth in the segment.

Market Dynamics:

Driver:

Increasing fashion awareness

Consumers' increasing fashion awareness is a significant factor in the growth of the socks market. Socks are regarded as necessary accessories that complete a person's overall look and sense of fashion. Additionally, with the development of social media and online platforms, style bloggers and fashion influencers are showcasing socks in a wide variety of patterns, hues, and textures, showcasing their adaptability as fashion statements. Additionally, the market is being supported by the new seasonal trends that are influencing not only sock fashions but also clothing trends, causing cyclical increases in demand for specific designs or patterns like cheery summer prints or cozy winter patterns.

Restraint:

High cost of setup

Specialized knitting machines and other tools must be purchased in order to set up a sock manufacturing facility. The price of this equipment varies depending on factors like production capacity and technological advancement. A suitable manufacturing space with the required infrastructure, such as power supply and ventilation, can be expensive to rent or buy up front. Additionally, purchasing quality control measures, such as testing tools and personnel, is necessary to guarantee product quality. Market growth is negatively impacted by such expensive measures.

Opportunity:

Growing number of athletes and outdoor enthusiasts

The growing popularity of athletic endeavors, outdoor activities, and physical fitness is a major factor driving the socks market. People are participating in a variety of sports activities, such as cycling, skiing, hiking, and running, which is boosting demand for socks that are made to meet particular performance standards. Additionally, technological innovations like moisture-wicking materials, added padding in high-impact areas, and ventilated zones for improved breathability are frequently found in athletic socks. Additionally, professional sports teams and athletes frequently work with brands to create and promote performance socks, adding legitimacy and drawing consumer interest.

Threat:

Environmental and governmental issues

The socks industry is under scrutiny for its environmental impact, just like any other textile industry. Concerns about the long-term viability of raw materials and manufacturing techniques may affect consumer preferences and force businesses to adopt more environmentally friendly procedures. Regulations governing product safety, labeling, and quality requirements are also applicable to the sector. It can be expensive and time-consuming to ensure compliance with these regulations.

Covid-19 Impact

The global socks market has been significantly impacted by the COVID-19 pandemic as a result of the decline in demand for the product. Sock sales have been significantly impacted because movement has been substantially stopped. Top companies in the sector, however, are upbeat because many are reinventing their product lines and because the majority of them used the lockdown to innovate their production and retail strategies. Over the course of the forecast, this is anticipated to drive the global market.

The casual socks segment is expected to be the largest during the forecast period

The casual socks segment accounted for the largest market share and was predicted to maintain its dominance. Casual socks can be worn in a variety of settings and are comfortable and functional. They typically come in a variety of colors and patterns and are made from a mixture of cotton, wool, or synthetic fibers. Additionally, casual socks are adaptable to different clothing styles because they go with a variety of outfits, like jeans, shorts, and sneakers.

The online segment is expected to have the highest CAGR during the forecast period

The online segment is anticipated to experience the highest CAGR growth during the forecast period. Sales of socks and related products are increasing worldwide, including in China and Japan, due to the expanding use of online retail services. Due to their busy schedules, consumers, especially those in the working class, favor online retail over offline retail. Moreover, due to convenient product selection and door-to-door delivery, the online market is growing.

Region with largest share:

Global sock sales were dominated by North America in the predicted timeframe. A thriving textile industry and a large, affluent consumer base are present in the area. It is anticipated that major industry players like Adidas A.G., Nike Inc., and Puma S.E. will keep a solid footing in the retail and wholesale networks of the United States and Canada, ensuring ongoing product availability to customers. Additionally, some businesses are making custom socks to meet the demands of athletes, which is helping the local socks market expand.

Region with highest CAGR:

Over the course of the forecast period, Asia Pacific is anticipated to experience the highest growth in the global socks market. A large population and a developing middle class in the area contribute to the increased demand for reasonably priced, stylish clothing, including socks. Furthermore, the expansion of the retail industry and the rise of online shopping portals have also contributed to the region's expanding market for socks.

Key players in the market

Some of the key players profiled in the Socks Market include Adidas A.G, Asics Corporation, Balega, Drymax Technologies Inc, Hanesbrands Inc., Implus Footcare LLC, Jockey International Inc., Nike Inc, Puma S.E, Renfro Corporation, Skechers USA, Inc., Thorlo Inc., Under Armour, Inc, VF Corporation and VoxxLife.

Key Developments:

In September 2023, Balenciaga has launched the latest iteration of its viral Sock Shoe.Called the 3XL Sock Shoe, the silhouette offers an exaggerated take on the original 2016 model that helped cement Balenciaga creative director Demna’s name in fashion. According to the French luxury fashion house, the new sneaker combines two signature Balenciaga styles – the stretch knit upper of the Speed line and the expansive rubber sole of the 3XL.

In March 2023, Swiftwick launched their MAXUS sock, featuring a high-performance footbed made from REPREVE, a recycled polyester material.

In March 2023, Balenzia Socks, a leading premium sock brand, opened their third store of the year at VR Mall in Surat, India.

Product Types Covered:
• Casual Socks
• Formal Socks
• Specialist Socks
• Sports Socks
• Thermal Socks
• Other Product Types

Socks Types Covered:
• Ankle socks
• Calf-length socks
• Crew length socks
• Knee-high socks
• Over-the-knee socks
• Other Socks Types

Raw Materials Covered:
• Bamboo
• Cotton
• Nylon
• Polyester
• Waterproof Breathable Membrane
• Wool
• Other Raw Materials

Distribution Channels Covered:
• Hypermarkets and supermarkets
• Convenience Stores
• Online
• Other Distribution Channels

End Users Covered:
• Men
• Women
• Kids

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances