Global Socks Market: Overview
Socks come under the category commodity products. Nonetheless, nowadays, they have become a fashion commodity due to the introduction of luxury socks and other types of socks used for the particular application. Approximately 70% of the men have socks in their “everyday use” list. Similar is the case with working women. Working women also use socks on daily basis.
Global Socks Market: Growth Factors
Though socks are one of the key segments in the apparel industry, the global socks market contributes a small share in terms of overall revenue and thus plays a minor role in the overall apparel industry development. This small share in the apparel industry of the socks market is mainly owing to factors such as their longevity, the low products cost, and the unorganized nature of a large percentage of the market. Conversely, few factors boosting the global socks market growth include enhanced fashion sense in the population and the growing abundance of e-commerce sector. Therefore, the global market is anticipated to boost in the coming years.
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Global Socks Market: Segmentation
The global socks market is bifurcated on the basis of product type and material used. Based on the product type, the global market is segmented as specialty socks, athletic socks, casual socks, trouser socks, and women’s socks. The athletic socks segment dominated the global market mainly due to the economic behavior and their numerous applications. This trend is anticipated to be followed in the near future. Based on the material used for the manufacturing of socks, the global market is categorized as wool, waterproof breathable membrane, cotton, nylon, and polyester. The cotton and wool socks are experiencing high demand.
Global Socks Market: Regional Analysis
Asia Pacific is expected to dominate the global socks market and is anticipated to continue this trend in the coming years. This growth is majorly attributed to factors such as increasing population and growing spending by them on luxury apparel goods. Rapidly growing retail outlets, specifically in countries including India, China, Singapore, and Malaysia, are further propelling the growth of the global socks market.
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Moreover, Europe is also anticipated to witness considerable growth in terms of revenue, since it is well known as fashion power house worldwide. Few factors hindering the global socks market growth in Europe include reducing disposable incomes and slow growth of economies. On the other hand, North America is expected to witness considerable growth, whereas developing countries in Latin America and the Middle East are anticipated to witness significant demand in the RoW region.
Global Socks Market: Competitive Players
Some of the major players dominating the global socks market are Nike, Inc., Renfro Corporation, Puma SE, Adidas Group, ASICS Corp., and Thai Socks Co. Ltd.
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Global Socks Market: Overview