The global Socks Market size is expected to reach USD 63.5 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.0% over the forecast period. Growing demand for various footwear products, particularly athletic shoes, as a result of increasing spending among working class adults on gym training and outdoor sports activity is expected to have a positive impact on the market growth. Additionally, rising concerns over adverse effects associated with foot ulcers among diabetic patients at a global level is projected to promote the utility of advanced sock variants as a foot protective medium in the near future.
Casual variants dominated the socks market for the year 2018. Growing inclination among adults towards casual socks in new color designs as a result of new product launches by socks manufacturing companies in e-commerce portals is expected to have a positive impact on the segment growth. Furthermore, increasing awareness among the youth population of developed economies including U.K. and Germany regarding wearing socks during night in order to prevent hot flashes and improve cracked heals is expected to remain a key trend.
Asia Pacific accounted for the largest share of global revenue in 2018. Expansion of middle class income groups in emerging economies including China and India is expected to remain a key driving factor for the market. Furthermore, positive outlook towards the sports industry in countries including China, India, and Australia as a result of increasing number of sports events including Indian Premier League (IPL) and Big Bash League is expected to open new avenues over the next few years.
Key manufacturers in the industry include Nike Inc.; Puma S.E.; Adidas A.G.; Asics Corporation; Renfro Corporation; THORLO, Inc.; Hanesbrands Inc.; Balega; Drymax Technologies Inc.; and Under Armour, Inc. Companies are pursuing efforts on designing new products to increase their market share.
For instance, in 2018, Kickstarter, PBC launched 10 abstract designed socks under the brand, Say Possible. Furthermore, Black Socks SA launched premium socks collection in 2017. The company also provides subscription option where they will deliver these products at customer’s door step after a particular period.
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Further key findings from the study suggest:
- Formal products accounted for more than 30.0% share of the global socks market revenue in 2018
- Athletic variants are projected to ascend at a CAGR of 6.7% from 2019 to 2025
- The women segment is expected to expand at the fastest CAGR of 6.7% from 2019 to 2025
- Asia Pacific is expected to exhibit the fastest CAGR of 7.2% from 2019 to 2025.