Albany, NY -- (SBWIRE) -- 11/08/2017 -- Transparency Market Research states that the competitive landscape in the global Socks Market is quite fragmented. The global market has a strong presence of both small and large players. The local players also make a significant contribution to the overall market. Leading players such as Adidas A.G., Under Armour, Inc., Puma S.E., Nike Inc., Asics Corporation, and Hanesbrands Inc. are expected to emphasize on new product launches in the coming years. Goal-oriented research and development, mergers with local players, and reducing manufacturing costs are expected to be some of the key strategies of these companies in the coming years.
According to the research report, the global socks market was worth US$42.07 bn in 2016 and is expected to reach US$75.10 bn by the end of 2025. During the forecast years of 2015 and 2025, the global market is expected register a CAGR of 6.7%. The global socks market caters to men, women, and kids. Out of these, the men's segment is estimated to account for 71% of the share in the overall market. Regionally, Asia Pacific is expected to lead the overall market. This regional market held a share of 36% in the global market in 2016.
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Changing Fashion Trends Create Positive Impact on Global Socks Market
Socks are an integral part of one's apparel. Most people wear socks on daily basis. Thus, as important consumer goods the global socks market is estimated to carve a niche for itself in the world economy in the coming years. Today, the socks industry has transformed its perspective of making socks only for daily wear to making socks for athletes and for the medically impaired. The exponential growth of the global socks market is thus attributable to the development and commercialization of specialty socks and high-end socks. Entry of small and local players in the socks market has also had a positive impact on the overall market. Growing number of men, women, and kids wearing shoes for comfort and safety have led to a higher demand for socks. The research report also shows that demand for socks has remained high due to changing fashion trends.
Improving per capita income and growing awareness about the benefits of socks has also triggered a positive effect on the overall market. Consistent product innovation through usage of various materials, the global socks market has been successful in influencing buyers. Furthermore, the advent and penetration of online retailing, which simplifies a shopping experience has also added to the soaring socks sales across the world. Sponsorship to majoring sporting events and higher brand values of big players are also identified as the key growth drivers that are likely to affect the trajectory of the global market during the forecast period.
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Duplicity Poses Significant Challenge for Big Corporations
Despite the strong market drivers, the global socks market is likely to face some tough challenges. The growing trend of wearing open footwear is expected to hamper socks sales in the near future. Furthermore, lack of awareness about wearing socks, especially in the rural parts of several developing countries is also likely to adversely impact the overall market. Rapid entry of local players in the global socks market has also created a threat of duplicity of well-known brands, which is likely to eat into profits of the bigger corporations.
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This review is based on Transparency Market Research's report, titled "Socks Market (Type – Athletic Socks, Specialty Socks, Trouser Socks, Casual Socks, and Multiple Toe Socks; Material – Nylon, Cotton, Polyester, Wool, Waterproof Breathable Membrane, and Others; Gender – Men, Women, and Kids; Distribution Channel – Wholesale and Retail (Online, Supermarkets and Hypermarkets); Age – 0-14, 15-24, 25-34, and Above 35; Sports – Running, Cycling, Ball Games, and Pressurized Socks)- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2025."