USD 44.8 billion
Socks Market Size, Share, Growth Analysis, By Type(Dress Socks and Athletic Socks), By Distribution Channel(Offline and Online), By Material(Cotton, wool, nylon, polyester), By Style(Knee-high, Ankle-length, Low-cut), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30L2088 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
116
|Figures:
82
Socks Market Insights
Global Socks Market size was valued at USD 44.8 billion in 2022 and is poised to grow from USD 47.62 billion in 2023 to USD 77.64 billion by 2031, growing at a CAGR of 6.30% during the forecast period (2024-2031).
Growing popularity of formal attire among white-collar workers would significantly increase product demand. Also, rising spending on fitness and wellness is predicted to increase demand for various footwear accessories, such as sports socks and ankle socks. Given the rise in foot diseases associated with diabetes patients over the past couple of years, several healthcare professionals have boosted their expenditure by releasing several study papers on maintaining healthy feet. Because of this, some businesses, including Dr. Oxyn and Podolite, have introduced specially designed diabetic socks to lower the risk of foot ulcers, which can lead to infections or even amputation. As a result of supportive regulations to encourage local investments, corporate offices in rising economies like China, Bangladesh, India, and Mexico are projected to continue to be beneficial factors for market growth. The rising demand for shoes such as sandals and slippers are hampering the development of the market. During the projection period, the market will have prospects for growth due to rising demand for specialty socks and rising fitness and health awareness in various areas. Because corporate offices are becoming more prevalent in emerging nations, there is more potential for the market to grow and industries are anticipated to develop there more quickly.
US Socks Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Dress Socks
Fastest Growth
Dress Socks
Growth Rate
6.30% CAGR
Global Socks Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Socks Market Segmental Analysis
Global Socks Market is segmented by type, distribution channel, style, material, and region. Based on type, the market can be segmented into Dress Socks and Athletic Socks. Based on distribution channel, the Socks Market is segmented into Offline and Online. By Material, the market is segmented into cotton, wool, nylon, polyester, spandex, and others. By style, the Socks Market is segmented into Knee-high, Ankle-length, Low-cut. Based on region, the Socks Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Socks Market Analysis by Type
By type, the market can be segmented into dress socks and athletic socks. Dress socks are designed to be worn with formal or dressy attire. They are typically made of fine materials such as silk, wool, or cotton and come in various colors and patterns. The market is dominated by North America and Europe, where formal dress codes are more prevalent. However, with the growing trend of business casual attire in workplaces around the world, the demand for dress socks is also increasing in Asia-Pacific and other regions. The fastest-growing segment within dress socks is patterned and colored dress socks, as consumers seek to add a touch of personality to their formal wear.
Athletic socks are designed to be worn during physical activity and provide comfort, support, and moisture-wicking properties. They come in various styles, including ankle, crew, and knee-high socks, and are made from polyester, nylon, and spandex. The market for athletic socks is dominated by North America, where sports culture is strong, followed by Europe and Asia-Pacific. The fastest-growing segment within athletic socks is compression socks, designed to improve blood flow and reduce muscle soreness during exercise. Consumers' growing interest in health and fitness drives the demand for athletic socks worldwide.
Socks Market Analysis by Distribution Channel
By distribution channel, the market can be segmented into offline and online. The offline segment for socks is dominant segment which includes department stores, specialty stores, and other physical retail outlets. The market through offline retail is dominated by North America and Europe, which have a strong presence of physical retail stores. In Asia-Pacific, the market for offline retail is also significant due to the large population and the popularity of traditional shopping experiences. However, the offline retail segment is expected to have a slower growth rate than the online retail segment due to the increasing popularity of e-commerce.
The online segment for socks is a fastest-growing segment which includes e-commerce platforms, brand websites, and other online marketplaces. The online retail segment is expected to be the fastest-growing segment within the socks market due to the increasing penetration of the internet and smartphones, rising consumer preference for online shopping, and the convenience and flexibility of online shopping.
Global Socks Market Size By Type, 2022 (%)
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Socks Market Regional Insights
North America dominated the global socks market. The region has a well-established textile industry and a strong consumer base with high disposable incomes. Additionally, the presence of major market players and the growing trend of e-commerce has contributed to the growth of the regional socks market.
APAC is the fastest-growing region in the global socks market. The region is characterized by a large population and a growing middle class, which has increased demand for affordable and fashionable clothing, including socks. The growing number of online shopping platforms and the expansion of the retail sector have further fuelled the growth of the socks market in the region
Global Socks Market By Geography, 2022-2030
- Largest
- Fastest
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Socks Market Dynamics
Socks Market Drivers
Increasing disposable income of consumers
- One major driver of the global socks market is the increasing disposable income of consumers worldwide. With rising income levels, consumers are willing to spend more on fashion, clothing, and socks. This has led to a surge in demand for premium and luxury socks, driving the growth of the market. Additionally, the growing popularity of online shopping platforms and the ease of access to a wide range of socks has further boosted the market's growth.
Socks Market Restraints
Availability of cheaper alternatives
- One significant restraint faced by the global socks market is the availability of cheaper alternatives. Consumers often opt for cheaper socks made from synthetic materials or low-quality cotton rather than premium socks made from high-quality materials. This trend is particularly prevalent in emerging economies, where consumers prioritize affordability over quality. Additionally, the increasing awareness of environmental sustainability has led to a shift towards eco-friendly and sustainable products, which may pose a challenge for the synthetic socks market. These factors may restrict the growth of the global socks market.
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Socks Market Competitive Landscape
The global socks market is a highly competitive industry with a large number of regional and international players. Market players are adopting various strategies such as product innovation, collaborations, and acquisitions to gain a competitive edge. The industry is characterized by intense competition, with companies competing based on product quality, price, and brand image. Additionally, the growing trend of e-commerce has enabled market players to expand their reach and increase their market share. The competition is expected to intensify further in the coming years, driven by the increasing demand for high-quality and fashionable socks.
Socks Market Top Player’s Company Profiles
- Nike Inc. (US)
- Adidas AG (Germany)
- Puma SE (Germany)
- Hanesbrands Inc. (US)
- Under Armour Inc. (US)
- ASICS Corporation (Japan)
- Renfro Corporation (US)
- Gold Toe-Moretz LLC (US)
- Balega International LLC (US)
- Renfro Corporation (US)
- Wigwam Mills Inc. (US)
- Jockey International Inc. (US)
- Gildan Activewear Inc. (Canada)
- Lululemon Athletica Inc. (Canada)
- Icebreaker Holdings Limited (New Zealand)
- Smartwool Corporation (US)
- The North Face (US)
- Stance Inc. (US)
- Bombas LLC (US)
- Champion (US)
Socks Market Recent Developments
- In March 2023, Nike unveiled a new line of smart socks that use sensors to track and analyze foot movement during exercise.
- In January 2023, Puma announced the release of a new line of socks made from sustainable and recycled materials.
- In September 2022, Hanes announced the launch of a new line of moisture-wicking socks for men and women.
- In June 2022, Bombas announced a new partnership with Target to sell their socks in select stores and online.
- In April 2022, Under Armour launched a new line of compression socks designed for athletes.
Socks Key Market Trends
- One key market trend in the global socks market is the increasing demand for sustainable and eco-friendly socks. With the growing awareness of environmental sustainability, consumers prioritize products made from sustainable materials and produced using eco-friendly processes. This trend has led to the development of sustainable sock materials such as organic cotton, recycled polyester, and bamboo. Major market players increasingly offer sustainable stock options to cater to changing consumer preferences. The trend is expected to continue in the coming years, driven by the increasing demand for environmentally responsible products.
Socks Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global socks market analysis, the market growth is driven by changing fashion trends, rising disposable incomes, and increasing demand for e-commerce. The market offers a range of products including athletic, dress, and casual socks, and is segmented into several regions. Major market players are adopting various strategies such as product innovation, collaborations, and acquisitions to gain a competitive edge. One key trend in the market is the increasing demand for sustainable and eco-friendly socks. However, the availability of cheaper alternatives and the growing trend toward environmental sustainability may pose challenges for the industry.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 44.8 billion |
| Market size value in 2031 | USD 77.64 billion |
| Growth Rate | 6.30% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Socks Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Socks Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Socks Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Socks Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Socks Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Socks Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Socks Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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