Socks are that piece of clothing which we wear on the feet, covering the ankle or some part of the calf. Now a days it has become trend to include socks under Daily used items including the countries where the temperature profile hasn’t favoured the use of the same. But rise in the use of shoe in the developing and underdeveloped third world has complemented the use of the socks along with the shoes.
The foot produces heavy sweat in the body, Socks absorbs this sweat and draws it to areas where air can evaporate the perspiration. During cold conditions, the risk of frostbite can be minimised by wearing socks. Some type of shoe or boot is typically worn over socks. The low manufacturing cost opens doors for any new manufacturer to enter in the market, thus making the market highly competitive among the players. The companies are investing more in innovation and launch of new advanced products so as to keep the revenue unaffected from the market competition.
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The factors boosting the global socks market growth is enhanced fashion sense in the population and the rapid growth of e-commerce. Social media is also playing a vital role in the growth of the global socks market by reviews, blogs, and media of the latest fashion which consumers share on their social media. International players also influence the market growth as young consumers prefer the brand promoted by their favourite players. Therefore, the global market is clearly going up in the coming years.
The market is limited by a few factors which includes trend of wearing open footwear which does not require socks and duplication of products at low cost. Also, lack of knowledge and unavailability of socks across rural areas of some undeveloped countries is hampering the growth of the socks market to some extent. But, developing fashion sense and increasing online retails platforms globally are creating growth opportunities for the manufacturers in the upcoming years.
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On the basis of material used, Nylon and polyester socks has the largest share of the global socks market as they are strong, durable and are shrink resistance. The demand for natural fibers such as cotton and wool is expected to decline, in the developing economies whereas demand is considerably high in developed economies such as the U.S., Germany, England, and France.
Asia Pacific is expected to dominate the global socks market in the coming years. This growth is directly proportional to factors like increasing population and fashion awareness by spending more on luxury apparel goods. Rapidly growing retail outlets, specifically in countries of South East Asia, further boosting the growth of the global socks market. Europe, being fashion power house worldwide, is also showing considerable growth.
Some of the major players dominating the global socks market are, Nike, Inc., Renfro Corporation, Puma SE, Adidas Group, ASICS Corp., THORLO Inc., Drymax Technologies Inc., Hanesbrands Inc. and Under Armour Inc.
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