The global socks market size was valued at USD 42.2 billion in 2018. Rising importance of maintaining formal attire among white-collar professionals on a global level is expected to play a crucial role in expanding the utility of socks. This, in turn, is expected to boost the market growth in the coming years.
Furthermore, increasing spending on health and fitness among adults is projected to prompt the demand for various shoe accessories such as sports socks and ankle socks during the workouts in gymnasiums and health clubs. Over the past few years, various health care professionals have increased their spending on publishing various research papers on maintaining healthy foot in light of increasing occurrences of foot disorders associated with diabetic patients.
As a result, some of the companies including Dr. Oxyn and Podolite have launched customized diabetic socks in order to reduce the risk of foot ulcers, which act as a root cause to infections, or possible amputation. Increasing penetration of corporate offices in emerging economies including China, Bangladesh, India, and Mexico as a result of supportive policies to promote investments at a domestic level is expected to remain a favorable factor for the industry.
Furthermore, increasing penetration of smartphone users in these countries has forced the socks manufacturers to launch their product variants in discounted prices, along with various value-added services including cash-on-delivery services. This is further expected to drive the global socks market in the forecast period.
Casual products accounted for a share of 54.3% in 2018. High ease of incorporation of these products as they can be used with any apparels is expected to remain a favorable factor for the industry. Furthermore, a large number of consumers use casual socks that are made up of polyester and nylon due to their comfortability and easy availability from offline as well as online channels. Key casual socks manufacturers include Mustang Socks & Accessories, Goodfellow & Co, Sock Talk, and Kane Socks Company.
Athletic product is anticipated to expand at the fastest CAGR of 6.7% from 2019 to 2025. These products are preferred among athletes and gym professionals as they are capable to protect blisters and prevent feet from sliding around shoes. New product launches by companies including Nike and Adidas in athletic socks at a global level are expected to remain a key driving force in the next few years.
Men accounted for the largest share of 63.2% in 2018. The products such as patchy and studded products are gradually gaining acceptance among the men's category. This segment is expected to witness growth as a result of the acceptance of the products as accessories to casual and business attire by men. Furthermore, increasing number of social videos on YouTube and Google+, which provide advice for maintaining excellent grooming appearance, is expected to promote spending on good quality shoe accessories such as socks.
The women segment is expected to expand at the fastest CAGR of 6.7% from 2019 to 2025. As per the report of World Bank, in 2018, around 40.83% of women are working and the number is increasing at a significant pace. Growing number of women working class women at a global level is expected to have a positive impact on the segment growth.
Hypermarket and supermarket contributed to 59.0% share of the global revenue in 2018. Consumers prefer to purchase from hypermarkets and supermarkets due to the stocks availability of different types of products from various suppliers in a single-buying window. Furthermore, these channels allow consumers to sell the products on high discounts, which attract customers to choose hypermarkets and supermarkets over others.
The online segment is projected to expand at the fastest CAGR of 6.9% from 2019 to 2025 on account of easy product selection and doorstep product delivery services. The penetration rate is quite high in emerging economies such as China and India due to growing adoption of smartphones.
Asia Pacific is expected to expand at the fastest CAGR of 7.2% from 2019 to 2025. Population growth, rising disposable income, and urbanization in developing counties including China, Bangladesh, Pakistan, and India are expected to have a positive impact on the market growth. Additionally, increasing number of professional sports cricket leagues including Indian Premier League (IPL) and Big Bash League in India and Australia is projected to open new avenues for the domestic players to increase their expenditure on purchasing premium sports accessories including shoes and socks.
The market in North America accounted for 19.8% share of the global revenue in 2018. Strong foothold of key industry participants such as Adidas A.G., Nike Inc., and Puma S.E. in the retail and wholesale networks of U.S. and Canada is expected to ensure the continuous product access to buyers. Furthermore, some of the companies are manufacturing customized socks to meet the requirement of sports professionals.
Key industry participants include Nike Inc.; Puma S.E.; Adidas A.G.; Asics Corporation; Renfro Corporation; THORLO, Inc.; Hanesbrands Inc.; Balega; Drymax Technologies Inc.; and Under Armour, Inc. Large number of celebrity endorsements by popular brands has contributed significantly to the growth of the market. For instance, Nike endorses many sports professionals to promote its shoe and socks products.
Product innovation is expected to remain a critical success factor in the near future. In 2018, Kickstarter, PBC has launched 10 abstract designed socks under the brand, Say Possible. In addition, in May 2018, United Legwear & Apparel Co., LLC, has launched 150 styles of men and women socks in their online portals.
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Attribute |
Details |
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Base year for estimation |
2018 |
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Actual estimates/Historical data |
2015 - 2017 |
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Forecast period |
2019 - 2025 |
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Market representation |
Revenue in USD Billion & CAGR from 2019 to 2025 |
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Regional scope |
North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors and trends |
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Country scope |
U.S., Germany, U.K., China, India, Brazil, and South Africa |
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15% free customization scope (equivalent to 5 analyst working days) |
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global socks market report on the basis of product, application, distribution channel and region:
Product Outlook (Revenue, USD Billion, 2015 - 2025)
Casual
Formal
Athletic
Application Outlook (Revenue, USD Billion, 2015 - 2025)
Men
Women
Children
Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
Hypermarket & Supermarket
Convenience Store
Online
Regional Outlook (Revenue, USD Billion, 2015 - 2025)
North America
U.S.
Europe
Germany
U.K.
Asia Pacific
China
India
Central & South America
Brazil
Middle East & Africa
South Africa
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