Socks Market is predicted to reach USD 20,498.82 million at a CAGR of 6.06% during the forecast period 2023-2030

Market Research Future (MRFR) has published on the “Global Socks Market”.

Global Socks Market

The global socks market is projected to witness significant growth during the review period, exhibiting a CAGR of 6.06%. The market was estimated to be USD 12,800.27 million in 2022 and is expected to reach a value of USD 20,498.82 million by the end of the forecast period (2023-2030).

Socks are often wearing while participating in extreme outdoor activities like cycling, swimming, and hiking. The increased use of socks to shield the foot from heat or cold and during the rainy season is also anticipated to boost the global sock industry. Different socks businesses sell their products all around the world, and the socks come in a variety of lengths, sizes, colors, and uses. Additionally, many people wear socks when practicing yoga and meditation, which is contributing to the growth of the market. Several global sock companies, including Champion, TipiToe, Hanes, BlueQ, and many others, employ push marketing techniques to sell big quantities of socks and provide them to different retail outlets and other businesses throughout the world. People are anticipated to use social media and networking sites more frequently, which will increase demand for shoe accessories like socks. Rising innovation in sock technology, soaking capabilities, and socks' durability encourage customers to wear them, which propels the socks market. The growth of the shoe industry is anticipated to be hampered by rising demand for footwear alternatives to shoes, such as slippers, sandals, and other wearables. Additionally, using the socks' fabric improperly causes skin irritation, redness, and rashes. This could affect the demand for socks made of unsuitable materials.

Market Synopsis

According to the MRFR analysis, the global Socks market size is projected to reach USD 20,498.82 million by 2030 at a CAGR of 6.06%.

Since the beginning of the seventh century, when they were first used in society, socks have played a significant role in clothing.  Today, socks are a staple in many peoples' wardrobes and are produced in large quantities all over the world.  There are currently many different sorts of socks that are dedicated to each person's event, from athletic to dress to casual, and a diversity of designs and colors exist within these categories.  Socks have demonstrated a variety of functions throughout the world, whether as a vital component of an ensemble, a fashionable accent, or just to keep feet warm or cool.

COVID-19 Impact on Socks Market

While it is impossible to predict the exact economic impact of the global COVID-19 coronavirus pandemic, analysts believe that it will have significant negative consequences for the global economy. Most major economies are expected to lose at least 2.9 percent of their GDP by 2020 if the virus becomes a global pandemic, according to early projections. This prediction has already been revised to a 3.4 percent drop in GDP. To put this figure in context, global GDP is expected to reach about 84.54 trillion dollars in 2020, implying that a 4.5 percent decline in economic growth would result in nearly 2.96 trillion dollars in lost economic output. The economic impact of the COVID-19 pandemic is mostly due to a drop in demand, which means that fewer people are ready to buy the commodities and services that are available in the global economy. This dynamic was readily visible in businesses that were highly impacted, such as travel and tourism. Countries have imposed travel restrictions to slow the spread of the virus, and many people have been unable to book flights for vacations or business trips.

The Covid-19 pandemic has had a significant impact on the global socks market, with both positive and negative effects. On the one hand, the pandemic has led to an increase in demand for comfortable and cozy socks as people spend more time at home. With many people working remotely, there has been a shift in the demand for more casual and comfortable clothing, including socks. This has led to an increase in online sales of socks as people prefer to shop from the safety of their homes. On the other hand, the pandemic has disrupted global supply chains and led to a decrease in manufacturing and distribution of socks. Many countries implemented lockdowns and restrictions on international trade, which has led to delays in the production and delivery of socks. Additionally, the pandemic has had a negative impact on the fashion industry, including the socks market. With fewer people going out and socializing, there has been a decrease in demand for dress socks and more fashionable styles.

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Competitive Landscape

The global socks market is projected to witness significant growth during the forecast period, exhibiting a CAGR of 6.06%. Everyone who is involved is vying for market share in a highly fragmented market. Key obstacles to market expansion include fierce rivalry, quick technological advancements, frequent changes in governmental rules, and environmental restrictions. On the basis of price, product quality, dependability, and service, the vendors compete. In order to thrive and prosper in a very competitive market climate, sellers must offer reasonably priced, high-quality socks.

There are many small and medium-sized firms in the market, which has a highly fragmented structure. The majority of businesses have substantial domestic market presence. Due to limited product diversification, there is fierce competition among the competitors; yet they fight on the cost of the goods and services they provide. To gain market share, a number of businesses have concentrated on technological developments such research and development and sustainable materials.

Segmentation

By Product Type

• Athletic Socks: Athletic socks are designed for physical activity and are often made with materials that wick moisture and provide additional cushioning and support for the feet. This category of socks is popular among athletes, fitness enthusiasts, and people who engage in regular physical activity.


• Specialty Socks: Specialty socks refer to socks designed for specific activities, such as running, hiking, cycling, and skiing, as well as socks designed for medical or therapeutic purposes, such as compression socks for varicose veins and diabetic socks for foot health. The market for specialty socks is expected to continue to grow, with a focus on innovation and sustainability.


• Trouser Socks: The trouser socks market refers to the industry that produces and sells socks designed to be worn with dress pants or other formal attire. These socks are typically made of lightweight materials such as nylon, spandex, or silk, and come in a variety of styles and colors.


• Casual Socks: Casual socks are a popular segment in the socks market, catering to everyday wear for a variety of occasions. They are available in a range of styles, colors, and materials to suit different preferences and fashion trends.


• Multiple Toe Socks: Multiple toe socks, also known as toe socks or five-toe socks, are a type of sock that separates the toes individually like gloves for the feet. They have become increasingly popular in recent years, with a growing market for these unique socks.


• Other Socks: There are various other types of socks, including ankle socks, knee-high socks, woolen socks, and more. These socks can come in different materials, thicknesses, colors, and designs to suit different preferences and needs.

By Material

• Polyester: Polyester socks are a popular type of sock that is made from synthetic polyester fibers. They are known for their durability, moisture-wicking properties, and quick-drying abilities, making them a popular choice for athletes and outdoor enthusiasts. The market for polyester socks is quite broad, as they are commonly used in various settings, from sports to casual wear.


• Cotton: Cotton is a natural fiber free from chemical additives, which makes it biodegradable as well as safe for the environment, thus it has a high demand in the global industry. Cotton socks are soft for the feet and provide extra comfort than other types of materials.


• Wool: Wool socks are a type of clothing made from wool yarn or wool-blend yarn. They are often worn for warmth and comfort, especially during the colder months of the year. Wool socks are available in a variety of styles, including ankle-length, crew-length, and knee-high.


• Nylon: Nylon is a tough, versatile, and long-lasting material. Nylon socks can be light and smooth or thick and highly elastic. Nylon is frequently blended with other fibers to enhance stretch or improve durability.

By End User

• Men: Patchy and studded products are gradually gaining popularity among men's clothing. Men's acceptance of the products as accessories to casual and business wear is expected to drive growth in this market. Furthermore, an increase in the quantity of social videos on YouTube and Google+ that offer grooming tips is likely to encourage consumers to spend money on high-quality shoe accessories like socks.


• Women: The women's socks market is a thriving industry that caters to a diverse range of customers. Women's socks are available in various styles, colors, and materials, making them an essential fashion accessory. The market includes a wide range of socks, from basic cotton socks to luxurious cashmere and silk socks.


• Children: The children/kids sock market is a significant segment of the overall socks market. It includes socks designed specifically for children and teenagers, with different sizes, colors, and patterns to appeal to their age group.

By Distribution Channel

• Supermarkets & Hypermarkets: Hypermarkets and supermarkets are driven by large variety of socks are available in a single store. Supermarkets and hypermarkets are significant distribution channels for the socks market, including both children's and men's socks.


• Weight Management: Weight management is a continuous process that requires the adoption of long-term modification in the lifestyle to maintain a healthy body weight in accordance with age, sex, and height. To maintain weight a proper healthy diet and exercise activity level are balanced.


• Convenience Stores: Convenience stores typically sell a variety of products, including snacks, beverages, toiletries, and other everyday essentials. Some convenience stores may also sell clothing items such as socks, although this varies depending on the store and its location.


• Specialty Stores: The specialty stores socks market refers to the segment of the retail industry that specializes in selling socks. Specialty stores that sell socks offer a wide range of socks in various styles, designs, colors, materials, and sizes to cater to different customer needs and preferences.


• Online: The online channel is expected to be the fastest growing during the forecast period. With an increasing number of internet users across the globe. By increasing internet users, it is easier and cheaper to target to the end customers.

By Region

• North America: North America is projected to grow at a faster rate for the global socks market owing to the larger footwears imports from the Asia Pacific region. The North American sock market is also highly competitive, with a large number of local and international players vying for market share.


• Europe: The market in Europe accounted for the largest share of the overall revenue in 2021 and is estimated to remain dominant, in terms of revenue share, throughout the forecast period. Rapid industrial growth along with rising disposable income levels fueled by economic growth is projected to boost the market growth in the Europe region.


• Asia-Pacific: Asia Pacific region is expected to hold the major share of the global socks market owing to a large number of socks brands such as in various countries such as Tosside, Asics Corporation, Jockey, and many others. Also, developing countries such as China and India hold a large amount of footwear production.


• Latin America: The socks market in Latin America is a growing industry, driven by a combination of factors such as increasing population, rising disposable income, and changing fashion trends. The demand for socks in the region is driven by both functional and fashion-related reasons. While socks are primarily worn to protect the feet and provide comfort, they are also increasingly being seen as a fashion accessory, particularly among younger consumers.


• Middle East & Africa: The GCC countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) have a growing demand for socks due to their high population and strong economy.