Dublin, Feb. 02, 2024 (GLOBE NEWSWIRE) -- The "Socks Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The global socks market is on an upward trajectory is expected to demonstrate significant growth throughout the forecast period 2024-2031. By the end of 2031, the market is expected to reach a substantial valuation of US$ 55 billion, surpassing its current size of US$ 36 billion.
The future outlook for the socks market is promising, with an expected CAGR of approximately 6.0%. This growth is driven by shifting consumer preferences towards comfort, hygiene, and functionality. As concerns about climate change and pollution persist, there is a growing demand for socks produced through sustainable and ethical sourcing practices. Consumers are increasingly conscious of environmental and social issues, leading to a preference for socks made from eco-friendly materials and utilizing sustainable manufacturing processes.
Product innovation and technological advancements in the socks market are paving the way for greater comfort and customization to meet individual preferences and requirements. Manufacturers and brands are investing in research and development to introduce new materials, advanced manufacturing techniques, and features that enhance the performance, comfort, and durability of socks. By embracing product and technological innovation, manufacturers are offering more comprehensive packages tailored to individual preferences, potentially yielding higher profits per engagement.
Driving Forces Behind the Socks Market Growth
Rising Participation in Active Lifestyles and Sports Culture
The increasing prevalence of active lifestyles and sports culture has not only heightened the demand for athletic socks but has also influenced the broader socks market by expanding fashion choices and fostering opportunities for collaboration and brand partnerships. As more individuals prioritize fitness and incorporate sports into their daily routines, the socks market is expected to benefit from this trend.
The growing interest in outdoor activities such as hiking, camping, and trail running has gained popularity in recent years. These activities often necessitate specialized socks with features like moisture management, cushioning, and durability, contributing to the rising demand for outdoor-specific socks. Additionally, the surge in sports participation and physical activity has driven the increased demand for socks in the market.
Challenges Facing the Socks Market
Counterfeit Products Restrain Market Growth
In the wake of the post-pandemic surge in the socks industry, businesses operating in this sector must strive to enhance quality standards, competitive pricing, and materials. Counterfeit products pose a significant restraint to the growth of the socks market, negatively impacting brand reputation and resulting in revenue loss.
Counterfeit socks are often manufactured using substandard materials and production processes, posing risks to consumer safety. Inferior materials can lead to discomfort, skin irritations, and even allergic reactions. Counterfeit products may not meet safety regulations or undergo proper quality control checks, potentially endangering consumers.
Country-wise Insights
- U.S. Market's Sizeable Opportunity The U.S. socks market exhibits steady growth potential driven by evolving consumer preferences, material advancements, and growing sustainability concerns. The opportunity for socks companies in the United States is substantial, with increasing demand for comfort, functionality, eco-friendly materials, and enhanced durability.
- The presence of well-established sock brands in the United States, coupled with the country's growing participation in outdoor and sports activities, contributes to the market's antiquated growth. On average, an individual in the U.S. owns around 10 pairs of socks, reflecting the nation's embrace of outdoor and sports activities.
- China's socks market is poised for rapid growth, during the forecast period 2024-2031. The country has experienced swift urbanization, leading to increased disposable income and consumption patterns as people move to cities. Consequently, the demand for socks, a basic clothing item, naturally rises.
- The rise of e-commerce platforms and online shopping in China has made it easier for consumers to access a wide variety of socks from both domestic and international brands. Online shopping offers convenience, a broader range of options, and price comparison capabilities, contributing to increased sock sales in China.
- Italy's Fashion Influence Italy's long-standing reputation in the fashion and design industry extends to the socks market. Italian manufacturers and designers are known for creating stylish and high-quality socks that cater to diverse consumer preferences. Italy's strong presence in the global fashion and textile industry further bolsters the attention and growth of the socks market.
- Additionally, the international demand for Italian-made socks reflects the country's reputation for quality and style, contributing to Italy's substantial market share in Europe.
Key Companies Profiled
- Adidas Group
- Nike Inc.
- Puma SE
- Skechers Inc.
- Hanesbrands Inc.
- Jockey International Inc.
- VF Corporation
- Darn Tough
- Recreational Equipment Inc.
- Drymax Technologies Inc.
- CEP Compression
- Icebreaker
- Farm to Feet
- Stance, Patagonia Inc.
- Implus LLC
- Wrightsock
- Elicit Brands LLC
- Fits Socks
- Injinji Inc.
- ToeSox Inc.
- Tavi Noir
- Bombas
- Others (As per Request)
Key Segments Covered in Socks Industry Research
Socks Market by Product Type
- Speciality Socks
- Sports and Athletic Socks
- Casual Socks
- Formal Socks
- Others
Socks Market by Material:
- Cotton
- Wool
- Polyester
- Nylon
- Spandex
- Acrylic
- Others
Socks Market by Length:
- Ankle Socks
- Crew Socks
- Calf Socks
- No-Show Socks
- Others
Socks Market by End User:
- Men
- Women
- Kids
Socks Market by Sales Channel:
- Hypermarket/Supermarket
- Retail Appraisal Chain
- Independent Retail Outlet
- Online Retailer
- Multi-brand Store
- Other Sales Channel
For more information about this report visit https://www.researchandmarkets.com/r/8xlup
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