Global Socks Market: Snapshot

The global socks market was valued at US$42.07 bn in 2016 and it is

expected to expand at a CAGR of 6.7% from 2017 to 2025. Although an integral
part of the apparel industry, the socks market holds a negligible part in the market
dynamics of the apparel industry. The lower share of the socks market in the
backdrop of the apparel industry can be attributed to low volume and large
percentage of the market being unorganized. However, taking the market growth
rate into consideration, the socks market is projected to experience robust growth
during the forecast period in contrast to the apparel industry in general. The rising
demand for socks is primarily driven by improving fashion trends and the growing
retail sector.

Developing Countries of Asia Pacific to Remain Dominant in Global Socks

Market

In 2016, Asia Pacific led the socks market and the region is expected to
maintain its dominance throughout the forecast period. High demand for socks in
this region is attributed to the large population and increasing population growth.
Moreover, rising number of retail outlets in the region especially in economies
such as China, India, Malaysia, and Singapore are expected to further boost the
sales of socks. However, Europe, the fashion power house of the world is
expected to lose considerable market share. Declining industrial growth and
disposable income fueled by slow economic growth is projected to affect the
overall apparel industry. Socks market in North America is expected to witness
steady growth, whereas developing economies especially Brazil in South America
and GCC countries across MEA are expected to drive demand for socks, and
hence driving the global socks market.
The global socks market by product type is categorized into specialty socks,
athletic socks, trouser socks, women's socks, casual socks, and multiple toe
socks. Casual socks dominated the socks market in 2016, accounting for more
than one third of the market share. Specialty socks are also expected to hold the
second largest market share in 2016 and expected to show significant CAGR
growth during the forecast period owing to the diversified applications of specialty
socks.

Natural Fibers to be Extensively Used for Socks Production

The global socks market has also been segmented by the materials used
for production. The socks market is thus categorized into nylon, cotton, polyester,
wool, waterproof breathable membrane, and others. The demand for natural fibers
such as cotton is considerable high for socks manufacturing. The demand for
natural fiber material for manufacturing of socks is relatively high in developed
economies owing to sustainability of natural fibers. However, natural fibers are
expected to lose considerable market share to synthetic fibers such as nylon and
polyester. The demand for socks manufactured from synthetic or manmade fibers
are relatively high in developing economies owing to their low price. Waterproof
breathable membrane are hybrid materials and used for manufacturing waterproof
socks for industrial application or for casual use during the rainy season.
Key players in socks market with most significant product portfolio include Adidas
A.G., Nike Inc., Puma S.E., Renfro Corporation, Asics Corporation, THORLO, Inc.,
Balega, Drymax Technologies Inc., Hanesbrands Inc. and Under Armour, Inc. The
socks market is highly competitive with the presence of both global and regional
manufacturers. The threat of new entrants is also relatively high owing to low
manufacturing cost.