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The Global Socks Market size is estimated to grow by USD 15,051.43 million between 2022 and 2027 accelerating at a CAGR of 5.62%.
The demand for professional socks, footcare socks, and an increase in the sales of sports shoes are notably driving the market growth. Additionally, the demand for the socks market is growing because the socks industry entering the healthcare industry. Socks help in the relaxation of muscles, eliminate odor-causing bacteria, improve comfort and reduce swelling, and keep feet warm to improve blood circulation. Socks are used by diabetic patients to prevent injury and reduce sensitivity and irritation.
For instance, Silipos Arthritis/Diabetic gel socks, launched by Silipos, one of the major vendors operating in the gel socks segment, protect the feet from callus formation and ulcerations. The socks are made of natural rubber latex, 80% acrylic, 19% nylon, and 1% spandex and it costs only USD 21.75.
This socks market research report extensively covers market segmentation by Distribution Channel (offline and online), Product (plain-knitted, rib-knitted, and terry-knitted), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Countries such as China, Bangladesh, Pakistan, and India have a huge demand for the socks market and these regions will drive the market growth during the forecast period.
The offline segment was valued at USD 30,043.26 million in 2017 and continued to grow until 2021. The revenue of the offline distribution channel primarily stems from the sales of products through hypermarkets, supermarkets, and franchised stores. To increase sales through offline channels, players are expanding their product portfolios in the global, regional, and local markets.
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The online distribution channel was the major contributor to the revenue of the global socks market in 2022 and is expected to remain a preferred channel during the forecast period. The segment is expected to witness a growth rate of 5.38% in 2023 and register a CAGR of 5.50% during the forecast period. Vendors are expected to resort to an online-to-offline (O2O) business strategy to enhance sales from the online distribution channel and promote the digital experience
In 2022, the plain-knitted product segment dominated the global market and accounted for the highest revenue share of more than 56.24%. The segment is anticipated to continue growing at the fastest rate, holding onto its top spot for the duration of the forecast. Many knitted fabrics that consumers wear today are made using plain knitting or a combination of plain and a purl stitch, which is a very popular knitting technique. As they are very elastic, stretchable, and comfortable to wear, these kinds of socks are widely produced globally. Additionally, the plain-knitted socks are expected to have a growth rate of 5.37% in 2022 and the fastest growth at a CAGR of 5.94% between 2022 and 2027. These factors are expected to drive the market growth of the global socks market during the forecast period.
The rib-knitted product segment is anticipated to have the second-highest revenue share, with forecasted growth of 6.27% CAGR. The edges of rib-knit products easily curl when pulled, they are lightweight, and they are not stretchy. The production of childrens clothing utilizes rib knits extensively. Around 2.01 billion children aged 0 to 14 lived on earth in 2021, according to the World Bank. Additionally, the rib-knitted segment is expected to witness a growth rate of 4.47% in 2023. Hence, owing to these factors, the rib-knitted product segment is expected to register steady growth during the forecast period.
A secondary loop is knitted into the sock area in the terry manufacturing style to add additional cushioning. Terry style comes in two variations: full terry, which covers the entire foot, and half terry, which concentrates on the sole. Due to the additional cushioning, terry-knitted socks keep the foot warm while also increasing comfort for the foot. Terry-knitted product type is expected to be the fastest-growing segment between 2022 and 2027.
APAC is estimated to contribute 32% to the growth of the global socks market share during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The APAC market is expected to grow due to rising disposable incomes, a growing retail industry, a shift toward sports and athletic activities, and the importance of formal attire in corporate offices. The region's professional cricket leagues, including the Indian Premier League and Big Bash League, will create new opportunities for athletes to spend on premium sports accessories, driving the market growth.
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Lockdown restrictions due to COVID-19 had a negative impact on the regional market, but online sales increased due to the growing popularity of e-commerce and digital transformation. Online purchases provided ease and flexibility, which positively affected sock sales and the socks market is expected to grow during the forecast period due to the different benefits provided by socks.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the socks market industry.
Nike Inc. - The company offers socks such as training ankle socks and training crew socks. The footwear segment offers footwear for football, basketball, running, swimming, tennis, driving, cricket, and other sports.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Factors such as growing consumer interest in sports and athletics, rising disposable income, and expanding retail sectors are driving market expansion. Emerging countries, with a rising number of corporate offices, are expected to experience stronger market growth for the formal socks industry during the forecast period. The demand for socks is also expected to increase regionally due to the requirement for formal attire in schools, conveying maturity, sharpness, and discipline. As the student population and corporate culture grow, the market is anticipated to experience growth during the forecast period.
Millennial parents are adopting smart baby technology, turning nurseries into networked data centers. With a greater focus on work, many parents struggle with work-life balance, making it challenging for those with small children. Millennials, being accustomed to tracking their daily routines through apps and wearable devices, are now using connected technology to monitor every activity of their children. Smart technology for babies provides a network of connected products to track vital parameters, feeding, pacifiers, cribs, prams, and clothes, alleviating stress among new parents and automating some parenting tasks. For instance, in August 2021, Owlet, a US-based company, recently launched Smart Sock Plus, monitoring a child's vital parameters up to age 5, including heart rate, blood oxygen levels, and sleep trends.
Changing trade policies and tariffs due to shifting ruling and political parties in major markets are negatively impacting apparel vendors, including those in the sock market. Established vendors headquartered in China are particularly vulnerable to changes in trade regulations and policies, which can negatively affect their financial conditions and operational results. With most international vendors having production plants in developing countries such as China, any changes in import tariffs, particularly in the US, may lead to alterations in business operations and increased production costs. Such factors are expected to hinder the growth of the sock market during the forecast period.
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The socks market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Socks Market Customer Landscape
The socks market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Socks Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.62% |
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Market growth 2023-2027 |
USD 15,051.43 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.23 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 32% |
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Key countries |
US, Turkey, China, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
adidas AG, ASICS Corp., Drew Brady and Co Ltd., Drymax Technologies Inc., FALKE KGaA, Glen Clyde Co., Ltd., Hanesbrands Inc., Implus Footcare LLC, Jockey International Inc., John Smedley Ltd., Nike Inc., OEJBRO ENGROS AB, Pantherella International Group Ltd., Patagonia Inc., PUMA SE, Ralph Lauren Corp., Skechers USA Inc., Swedish Socks AB, Thorlos, and Under Armour Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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