Socks Market Analysis Report By Product, By Application, By Distribution Channel, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global socks market size was worth USD 42.2 billion in the year 2018. Socks are popular among working professionals as they look to maintain their formal attire. This factor, in turn, is projected to attribute to the market growth over the forecast period. Emerging countries such as India and China are witnessing a significant rise in the number of working professionals, which, in turn, is estimated to augment the market growth.

Further, owing to the growing health-conscious population, the demand for shoe accessories has increased significantly, as they require ankle socks and sports socks during exercise. Health care professionals are emphasizing proper maintenance of feet amid rising foot disorders among diabetic patients. This has led to rising in spending by healthcare professionals on research and development in past few years.

Owing to this, key players such as Podolite, Dr. Oxyn, and others have introduced custom-made diabetic socks. Such socks help in reducing the occurrence of foot ulcers that cause infection or even potential amputation. Thus, increasing focus on the development of diabetic socks is expected to bode well for market growth. Further, emerging countries such as India, Brazil, China, and Mexico are witnessing rapid development in corporate offices, which offers a lucrative opportunity for manufacturers to focus on domestic investment in these regions

Further, the growing e-commerce industry, largely driven by rising smartphone and internet penetration, has positively influenced market growth. Manufacturers offer different value-added services through online channels as they aim to strengthen their market presence. Thus, the growth in the online distribution channel is bolstering the product demand, especially among millennials.

Product Insights

Among different products, casual socks were the leading shareholder in 2018 with over 54% of the market share. Features such as easy to use and their suitability with different apparel is attributing to the segment growth. Casual socks made up of nylon and polyester are popular among consumers owing to their easy availability and comfortability. Leading manufacturers of casual shoes are Kane Socks Company, Goodfellow & Co., and others.

On the other hand, the athletic product is expected to grow at the fastest rate with a CAGR of 6.7% over the forecast period. These socks are popular among gym-goers and athletes as they offer protection against blisters while exercising. Considering the growing popularity of this segment, key players such as Adidas and Nike have introduced new products, which, in turn, is expected to proliferate the demand for this product in the near future.

Application Insights

Men held the largest market share of over 62% in 2018. Studded and patchy products are gaining traction among men. Further, the growing number of the professional male population and the increasing popularity of business attire among them are bolstering the segment growth. Further, men’s spending on personal grooming accessories has increased significantly in the recent past, which is expected to positively influence the growth of the socks market.

The women segment, on the other hand, is anticipated to witness the fastest growth with a CAGR of 6.7 % during the forecast period. Overall, 40.83% of women are employed in one form or the other, as reported by the World Bank in 2018 and this number is growing considerably. Thus, the growing number of women professionals is driving the growth for this segment.

Distribution channel Insights

Among distribution channels, the hypermarket & supermarket segment held 59% of the market share in 2018. Availability of a wide range of products and consumer preferences to check the product physically before making purchasing decisions are attributing to the growth of this segment. Further, the rise in the number of hypermarkets & supermarkets and discounts offered by them attract a large number of consumers.

On the other hand, the online segment is likely to grow at the fastest pace with a CAGR of 6.9% over the forecast period. Growing multi-channel retailing, easy doorstep delivery and rise in the number of e-retailing platforms are supplementing the market growth for this segment. Emerging countries such as India and China are expected to register significant growth from 2019 to 2025 owing to the growing penetration of smartphones and the increasing millennials population.

Regional Insights

Among different regions, Asia Pacific is anticipated to register the highest CAGR of 7.2% over the forecast period. The increasing working-class population in countries such as China and India, and the growing need to maintain professional attire are key factors attributing to the growth of this region. Further, growing sports culture and increasing popularity of sports leagues such as Indian Premium Leagues and Big Bash League in Asian Pacific countries are projected to open a new window of opportunity for the manufacturers to introduced innovative products.

North America held close to 20% of the market share in global revenue in 2018. The presence of key players such as Puma S.E, Nike Inc., and Adidas A.G is attributing the regional growth. Further, the growing demand for custom-made socks from sports fraternities in the United States, Mexico, and Canada is also proliferating the market growth in the region.

Socks Market Share Insights

Leading players operating in the market include Adidas A.G, Renfro Corporation, Hanesbrands Inc., Under Armour, Inc., Hanesbrands Inc., THORLO, Inc., Puma S.E and Asics Corporation among others. Increasing promotion of socks by a celebrity is positively affecting the market growth. For example, brands such as Adidas and Nike promote their products through sports professionals that has largely influenced millennials purchasing decisions.

The introduction of new products is projected to be a key factor in the growth of the market. For instance, Kickstarter, PBC introduced a different line of socks products, in 2018, under its brand Say Possible. In addition, United Legwear & Apparel Co., LLC introduced 150 new socks products for both men and women through their online portal.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global socks market report on the basis of product, application, distribution channel, and region:

• Product Outlook (Revenue, USD Billion, 2015 - 2025)
    • Casual
    • Formal
    • Athletic

• Application Outlook (Revenue, USD Billion, 2015 - 2025)
    • Men
    • Women
    • Children

• Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
    • Hypermarkets & Supermarkets
    • Convenience Store
    • Online

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K
    • the Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa
        • South Africa