Socks are a clothing item worn on the feet, covering the ankle and some part of the calf as well. Feet produce a large amount of sweat and socks help in absorbing it and drawing the sweat to areas where the perspiration can evaporate. Around 70% of men wear socks every day, thanks to which the global socks market holds significant potential to grow in the next few years.
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On the basis of product type, the global socks market can be segmented into:
In 2014, the global socks market was worth US$5.6 bn and is expected to reach a value of US$11.6 bn by the end of 2023. The increasing demand for luxurious and high-end socks is projected to drive the global socks market in the next few years. Thus, the market is estimated to register a significant 8.50% CAGR between 2015 and 2021.
Nylon and Polyester segment to Witness Rapid Growth in Developing Nation owing to Low Pricing of Socks
The global socks market can be classified on the basis of material used into nylon, waterproof breathable membrane, wool, polyester, cotton, and others. Synthetic fibers used to manufacture socks across the globe are projected to witness rapid growth in the near future thanks to their low moisture-holding capacity and low cost. As a result, polyester and nylon socks hold a significant share in the overall socks market.
On the other hand, the demand for natural fibers, including wool and cotton, is estimated to decline in developing countries in the next few years. Nevertheless, the demand for natural fiber socks is substantially high in developed countries such as Germany, the U.S., the U.K., and France.
Asia Pacific to Dominate Global Socks Market due to Increasing Population
Among the major geographical segments of the global market, in 2015, Asia Pacific dominated the global socks market and is anticipated to remain in the leading position in the next few years. The tremendously increasing demand from this region can be attributed to its growing population. In addition, the increasing number of retail outlets in countries such as Singapore, India, Malaysia, and China is estimated to boost the demand for socks in the coming years.
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On the other hand, Europe is anticipated to experience a drop in its share in the overall market owing to the declining industrial growth and disposable income in the region. The slow economic growth of the region is expected to affect the overall apparel market heavily in the near future. Furthermore, the North America socks market is estimated to grow at a steady pace in the coming years.
The global socks market is highly fragmented due to the presence of small as well as large players competing in the market. The prominent players operating in the global socks market include RY International, Adidas Group, Puma SE, V.K. Knitting Industries, Cole and Parker Co., Renfro Corporation, Nike, Inc., Thai Socks Co., Ltd., Gainup Industries India Pvt. Ltd., and ASICS Corp. These players are taking efforts to introduce innovative designs so as to attract consumers and boost their sales figures.