Sport Socks Market Overview
Any commodity like socks is purchased only when required and not desired. It is exceedingly difficult to market these products and try to sell them. Marketers know that there are only two ways to do so - either increase the overall demand or make the product desirable by adding some attributes giving it a kind of unique selling proposition. That is why there are multiple different varieties of socks available like speciality socks, trouser socks, athletic socks, luxury socks, casual socks, women’s socks and so on. Athletic socks are a part of the overall sports socks market. While socks were traditionally a negligible part of the overall apparel industry, the advent of application-specific and luxury socks has transformed socks from a commodity to a fashion statement. Thus, the overall global socks market has outpaced the apparel industry growth by several times.
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Sport Socks Market Drivers
It is advised not to wear training shoes or boots barefooted while exercising as this can potentially cause serious harm to your feet. It can not only get you get infected by unwanted bacteria but can also be very inconvenient. That is why the sports socks market is directly linked to the athletic wear or sports shoe market. Any rise in sales of the latter will definitely impact the former. Sports socks or athletic socks currently account for the largest market share in the global socks market and this is anticipated to remain during the forecast period since they can also be used for a number of other applications.
The second driver of the sports socks market is the affordable price of sports socks. While some luxury socks made of high-quality fabrics like rare animal wool can sell from $400 to $800 a pair, sports socks can be easily purchased for less than $50. This makes them far more likely to be used for a variety of reasons not related to sports. While their main purpose is for sports, rigorous activities or working out at the gym, sports socks can be matched with informal footwear in a casual setting. Nearly 70% of men wear socks every day and the growth of the men’s apparel industry should also provide a fillip to the overall socks and thereby sports socks market.
Another driver is the emergence of newer man-made materials like nylon and polyester. While the vast majority of sports socks are made of cotton, innovations in other materials should lead to tougher competition and can be reasonably expected to grow the size of the entire sports socks market. Rising retail outlets in China, India, Brazil, Singapore and Malaysia, the proliferation of 4G LTE connectivity and e-commerce portals will help in no small part.
Sport Socks Market Key Regions
The largest sports socks market for the year 2016 is the Asia Pacific region and it is expected to remain dominant for the entire forecast period. The main reason is a large population (nearly 1/3rd of the world live in China and India alone) and booming economic growth leading to a larger disposable income. Europe long considered the fashion capital of the world, is anticipated to lose a major portion of its share. North America is predicted to show reasonable growth owing to the presence of multinational sporting companies there emphasising a fitter lifestyle while Saudi Arabia and Brazil are the countries to target in the rest of the world (RoW).
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Sport Socks Market Key Players
Some of the key sports socks market players are Nike, Adidas, PUMA, ASICS, Thai Socks Corporation, Converse, Under Armour, Saucony, Dickies, and Darn Tough.
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