- The global socks market size will experience substantial growth because of the multifunctional nature of legwear items, states Fortune Business Insights™ in its report, titled “Socks Market, 2021-2028.”
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Impact of COVID-19
Consumer awareness about the benefits associated with exercise and body fitness has led to the rising demand for socks. During the pandemic, the number of consumers aiming at leading a healthy lifestyle has surged. In addition, the increasing spending ability of people has complemented the sales of sports and gym socks. However, the current state of the socks market growth is quite unpredictable due to the new strain of the COVID-19 virus.
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Segments
Based on product type, the market is segmented into casual socks, formal socks, and athletic socks. As per raw material, it is segregated into nylon socks, cotton socks, polyester socks, and others. On the basis of end-user, it is divided into males, females, and kids. It is categorized by distributional channels into hypermarkets/supermarkets, convenience stores, and online. Geographically, it is distributed into North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
Highlights of the Report
The report conducts a detailed analysis of the latest market trends, leading segments, and other factors influencing market growth. It comprehensively discusses the regional developments of the market. Additionally, it examines the impacts of COVID-19 on this market and studies the strategies devised by the key players of the market.
Drivers and Restraints
Emerging Socks Brands with Increasing Retail Stores to Positively Affect Market Growth
Numerous brands, such as Champion, Tippitoes, Hanes, Blue Q, and others, are supplying socks to various retailers and shops globally to increase their sales volume. In addition, social media platforms are being extensively utilized to promote brands worldwide and boost demand. Furthermore, socks are available in several colors, varieties, and sizes, designed by new companies. Therefore, the availability of socks in several shops and their widening varieties are expected to drive the growth of this market.
The soaring popularity of slippers, sandals, and flip-flops instead of shoes, which necessitate the use of socks, is expected to hamper the market growth. Additionally, socks made from cheap quality materials cause skin rashes, irritation, and redness, which may also restrain the market’s growth.
Regional Insights
Presence of Numerous Sock Brands to Aid Asia Pacific to Lead the Market
The Asia Pacific region is anticipated to dominate the socks market share due to the presence of several brands in the region, such as Tosside, Asics Corporation, Jockey, and others. In addition, countries such as India and China are the leading producers of footwear in the region and are thus well-poised to drive the market’s growth.
Owing to North America’s substantial import of footwear products from the Asia Pacific region, the market is anticipated to grow. The amount of imports from countries in Asia Pacific is expected to significantly escalate in the coming years, attracting growth in the region.
Competitive Landscape
Launch of Socks Targeted for Gaming Audience to Expand Puma’s Market Presence
In an attempt to expand its activities, Puma launched socks in three different segments targeted at the gaming audience in December 2019. Furthermore, to stay relevant, companies have introduced socks targeting people with excessive sweating and athletes by incorporating a new technology that provides durable and soaking features, garnering huge attention from enthusiasts. Additionally, partnerships between key players with other companies have encouraged the production of innovative socks.
Industry Development
January 2020: Happy Socks and Linda Ramone partnered with each other to launch a brand new and lively set of socks as a memory to her late husband Johnny Ramone. The theme of the collection is their love for each other, with the items in the set featuring motifs derived from their unique style and eclectic home décor.
List of Key Players in the Socks Market Report
- Puma S.E.
- Adidas A.G.
- Asics Corporation
- Renfro Corporation
- THORLO Inc.
- Nike Inc.
- Hanesbrand Inc.
- Balega
- Drymax Technologies Inc.
- Under Armour Inc.
- United Legwear & Apparel Co.
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