SAN FRANCISCO, May 3, 2023 /PRNewswire/ — The global socks market is expected to reach USD 73.6 billion by 2030, registering a CAGR of 6.4% over the forecast period, according to a new report by Grand View Research, Inc. The increasing trend of formal clothing among white-collar professionals is anticipated to play a vital role in boosting product demand. This, in turn, is estimated to increase market growth over the forecast period. Furthermore, growing spending on health, as well as fitness, is anticipated to fuel the demand for different footwear accessories that include sports socks and ankle socks. Over the last couple of years, different healthcare professionals have increased their spending on publishing several research papers on keeping the feet healthy on account of the growing occurrences of foot disorders related to diabetes.
Key Industry Insights & Findings from the report:
- Casual socks are the leading product segment and held a share of almost 54% of the global revenue in 2022. Many brands are using sustainable and eco-friendly materials, while others are incorporating compression or moisture-wicking technologies into their socks.
- The athletic socks segment is projected to accelerate at a CAGR of 6.9% during the forecast period. This growth can be attributed to several factors, such as the increasing popularity of athleisure wear, rising awareness about the importance of comfortable & supportive socks for athletic performance, and the growth of e-commerce platforms that make it easier for consumers to purchase athletic socks.
- Men’s socks held a revenue share of 62.8% in 2022. The segment is likely to continue its growth in the coming years as consumers have become more aware of the importance of high-quality socks for both comfort and style. The women’s socks market is progressing rapidly and is expected to improve by 1.6x by 2030. One of the reasons for the growth in the women’s socks market is the changing fashion trends. Socks are no longer seen as just a functional item but also as a fashion accessory. As a result, women are now looking for socks that not only provide comfort but also look stylish.
- Hypermarkets and supermarkets are the leading distribution channel for socks and held a share of 56.7% of the global revenue in 2022. However, customers are levitating towards online retail channels and thus, the online segment is expected to register a CAGR of 7.1% during the forecast period.
Read full market research report for more latest insights, “Socks Market Size, Share & Trends Analysis Report By Product (Athletic, Casual), By End-use (Men, Women, Children), By Distribution Channel (Supermarket & Hypermarket, Online), By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
Socks Market Growth & Trends
As a result, some of the companies including Dr. Oxyn and Podolite have launched customized diabetic socks to reduce the risk of foot ulcers, which function as a root cause of infections, or amputation. The presence of corporate offices in emerging economies including China, Bangladesh, India, and Mexico, due to supportive policies to promote investments at a domestic level, is expected to remain a favorable factor for industry growth. However, increasing demand for footwear, such as sandals and slippers, is hindering the growth of this market. Rising demand for specialized socks along with the increasing awareness about fitness & health in various regions will create development opportunities for the industry over the forecast period.
Industry development is likely to be higher in emerging regions due to the increasing penetration of corporate offices, which creates ample growth opportunities for the market. The COVID-19 pandemic has impacted the industry, as the product demand was decreased globally. With the lockdown and movement restrictions, socks sales were drastically impacted. However, top players reinvented their product lines and most of them utilized the lockdown period to innovate their production and retail approach. The demand for socks is significantly influenced by changing fashion and style trends. As people seek to stay up-to-date with the latest trends and styles, they often purchase new socks that match their fashion preferences. Socks with colourful patterns or bold designs may be popular in one season, while plain and classic styles may be preferred in another.
This trend-driven demand creates opportunities for companies to introduce new sock designs and styles to capture consumer interest and generate sales. Socks designed for specific sports or fitness activities are gaining popularity among enthusiasts. These specialized socks offer benefits, such as improved performance, increased comfort, and reduced risk of injury. For instance, compression socks worn during exercise can improve blood circulation and help prevent swelling and soreness in the feet and legs. As more people engage in sports and fitness activities, the demand for specialized socks is expected to grow, providing opportunities for companies that cater to this niche market.
Socks Market Segmentation
Grand View Research has segmented the global socks market on the basis of product, end-use, distribution channel, and region:
Socks Market – Product Outlook (Revenue, USD Million, 2017 – 2030)
Socks Market – End-use Outlook (Revenue, USD Million, 2017 – 2030)
Socks Market – Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
- Hypermarkets and Supermarkets
- Convenience Stores
Socks Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Central and South America
- Middle East & Africa
List of Key Players in the Socks Market
- Nike Inc.
- Puma S.E.
- Adidas A.G.
- Asics Corp.
- Skechers USA, Inc.
- Hanesbrands Inc.
- Under Armour, Inc.
- VF Corp.
- Jockey International Inc.
- Drymax Technologies Inc.
Check out more related studies published by Grand View Research:
- Women’s Socks Market – The global women’s Socks market size is estimated to reach USD 23.55 billion by 2028 and expand at a CAGR of 4.8% from 2022 to 2028, according to a new report by Grand View Research, Inc. Socks protect feet from germs and blisters, keep feet warm by controlling temperature and moisture, and reduce stress on feet which in turn will drive industry demand. Additionally, rising per capita income and purchasing power, and changing fashion trends across the globe are contributing to the growth of this market. Apparel manufacturers are implementing automatic machines to surge production and at the same time drop the cost related to it.
- Diabetic Socks Market – The global diabetic socks market size is anticipated to reach USD 303.2 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.5% from 2020 to 2027. The rising prevalence of diabetes worldwide is expected to fuel market growth. According to a report by the International Diabetic Federation, the number of diabetic cases is expected to increase by 25% from 463 million in 2019 to 578 million in 2030. Additionally, countries in South East Asia and the Middle East are expected to witness close to 74% and 96% increase, respectively, in the number of cases by 2045. Increasing cases of diabetes will complement the growth of the market in the coming years.
- Footwear Market – The global footwear market size is expected to reach USD 543.90 billion by 2030, based on a new report by Grand View Research, Inc, expanding at a CAGR of 4.3% from 2022 to 2030. The market has shown immense growth in the past years and has caught the attention of consumers belonging to different demographics. The rising awareness surrounding health and lifestyle-related disorders such as stress and obesity has compelled users to take up physical activity. This is propelling demand for stylish and comfortable footwear. The athleisure segment is on a constant rise compared to its fashion segment.
Browse through Grand View Research’s Clothing, Footwear & Accessories Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Email: [email protected]
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.
Originally published at https://www.prnewswire.com/news-releases/socks-market-size-to-reach-73-6-billion-by-2030-grand-view-research-inc-301814403.html
Some images courtesy of https://pixabay.com
The post Socks Market Size to Reach $73.6 Billion by 2030: Grand View Research, Inc. first appeared on TREND MAG.