Socks Market Is Poised to Reach US $15.41 Bn by the End of the Forecast Period, 2024
The global socks market has an exceedingly competitive landscape, including an extensive number of regional and international players.
Albany, NY -- (SBWire) -- 10/13/2017 --According to a report published by Transparency Market Research (TMR), developing economies are expected to witness a merchant scene that is unorganized, and highlights a few enterprises providing products at lower costs. Some of the leading names of this industry include Puma SE, ASIC Corporation, Nike Inc, Thai Socks Corporation and Adidas Group. The rising demand for luxurious apparels could be a significant factor responsible for the rise of the market.
TMR has forecasted the socks market worldwide to exhibit a steady 8.5% CAGR. In terms of revenue, the market was at a valuation of US$8.92 bn in 2015 and is predicted to reach US$15.41 bn by the end of the forecast period, 2024. According to this evaluation, the market is projected to exhibit a CAGR of 6.3% over the forecast period.
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While the worldwide socks market is classified by the materials used and by the type of product, most segments are expected to witness an upswing, notwithstanding the cotton and wool socks. Diverse sorts of fibers are utilized to make socks. Use of engineered fibers to fabricate socks is predicted to be higher amid the estimated time period due to the ease and low moisture holding limit of these materials. Nylon and polyester socks represent a more better and cost effective option in the socks market. Interest for regular fibers, for instance, cotton and wool is foretold to drop, particularly in the developing economies. Interest for synthetic socks has surpassed it regular fiber partners. Nonetheless, demand of natural fiber weaved socks is significantly high in advanced economies, such as Germany, the U.S., France and the UK. About two-thirds of the male population worldwide wear socks every day. The extensive utilization of socks by men and improving fashion statements, the men's segment is prognosticated to witness healthy growth.
Geographically, the socks market is expect to be dominated by Asia Pacific, on account of its large population and demand of luxury apparel. The rise in retail outlets along with rising disposable is also considered to be a contributing factor.
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Consumers are progressively turning more mindful about the advantage of socks inferable from growing selection of web-based social networking stages and rising TV promotions. Buyers are utilizing online networking to share surveys and write ups, or transfer pictures of socks in the most recent in vogue run. Online networking stages fill in as a sharing center for passing on individual encounters of the item. This is foreseen to keep on influencing purchase decisions among buyers of different sorts of socks.
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Because of steady product development, many key players are producing socks that offer anti-contagious and anti-bacterial properties. Additionally, some smaller enterprises are now offering socks produced using Kevlar that are greatly solid, lightweight, and degradation and heat resistant. For example Hanebrand, Inc., which is a U.S.- based organization, propelled the FreshIQ technology in its brand i.e. Hanes in November 2016, which offers anti-odor products and executed it in men's clothing, socks, T-shirts, and wool items. Additionally, clothing and socks are integrating innovation that offers antimicrobial protection.
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