Socks Market Outlook
According to a new report by Expert Market Research titled, “Socks Market Size, Share, Analysis, Report and Forecast 2024-2032″, the global socks market reached a value of USD 52.79 billion in 2023. Aided by rising demand for specialised socks and growing prevalence of foot disorders among diabetic patients, the market is projected to further grow at a CAGR of 5.8% between 2024 and 2032 to reach a value of USD 87.93 billion by 2032.
Socks, an essential clothing accessory, have transcended their primary function of foot protection to become a significant fashion statement. Available in myriad styles, designs, and materials, socks cater to both functional needs like warmth and sweat absorption, and aesthetic desires, ranging from professional to quirky. Advanced fabric technology has also made possible innovations like moisture-wicking socks, thermal socks, and even socks with health benefits, such as those with compression technology.
The shifting consumer fashion sensibilities are a primary driver for the socks market growth. As people increasingly view socks as more than just a utilitarian product, there is a burgeoning demand for socks in vibrant colours, eccentric patterns, and various lengths. This change has been particularly noticeable among millennials and Gen Z consumers, who often seek socks to express individuality or to complement their broader fashion narrative.
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Another pivotal factor contributing to the socks market demand is the escalating global interest in fitness and sports activities. With activities such as running, hiking, and gym workouts becoming a part of daily routine of the population, the need for appropriate athletic socks has soared. These socks, specifically engineered for optimal performance, support, and comfort, are favoured among both amateur fitness enthusiasts and professional athletes.
The socks market size is likely to expand as a result of rapidly growing category of health and wellness socks. This category includes socks that cater to diabetics, offering non-binding tops and seamless toes, and compression socks that benefit those with circulatory issues. The rise in global health concerns, coupled with an ageing population in several regions, has favoured the segment growth.
The rise of eco-friendly brands and the adoption of sustainable practices by established entities hint at a shifting paradigm in the market. Organic materials, ethical production methods, and initiatives to reduce carbon footprints are major socks market trends. The market exhibits immense promise and potential, driven by evolving consumer preferences and emerging market segments, with sustainability being the key market trend.
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Socks Market Segmentation
The market can be divided based on product, material, demographics, distribution channel, and region.
Market Breakup by Product
• Casual Socks
• Formal Socks
• Athletic Socks
• Speciality Socks
• Others
Market Breakup by Material
• Nylon
• Cotton
• Polyester
• Wool
• Waterproof Breathable Membrane
• Others
Market Breakup by Demographics
• Men
• Women
• Kids
Market Breakup by Distribution Channel
• Hypermarkets and Supermarkets
• Convenience Stores
• Online
• Retail Stores
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global socks market. Some of the major players explored in the report by Expert Market Research are as follows:
• The Sock Factory
• Nester Hosiery
• Golden Lady Company SpA
• Nike Inc
• Hanesbrands Inc.
• Under Armour®, Inc.
• PUMA SE
• Strumpfwerk Lindner GmbH
• Exceptio Ltd
• HJ Hall Socks
• Others
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