Wilmington, Delaware, United States, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global socks market is prognosticated to reach a value of US$ 81.6 Mn by the end of 2031, notes a review report by Transparency Market Research (TMR). In addition, the study by TMR finds that the market for socks is expected to advance at a CAGR of 5.9% during the forecast period, from 2022 to 2031.
Socks are being increasingly adopted across the globe as fashion accessories. These products are available in different patterns and colors. Over the period of past few years, people from across the globe are inclining toward the use of custom or personalized socks. Hence, companies in the global socks market are focusing on fulfilling the current market demands, note analysts of a TMR report.
Leading companies in the socks market are using different strategies such as geographical expansions, new product launches, mergers and acquisitions, and distribution channel expansion in order to stay ahead of the competition. Moreover, several enterprises are increasing investments in R&Ds in order to develop customized products as per the needs of end-use industries of socks. Such factors, in turn, are projected to lead to the expansion of the socks market share during the forecast period, note researchers at TMR.
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Socks Market: Key Findings
- In various organizations and offices across the globe, the workforce is required to wear standard dress code that includes formal attire together with socks and shoes. Such rules help organizations to maintain professional working environment. Hence, increase in industrialization and rise in number of working populace across many developed and developing countries are anticipated to drive the sales growth in the socks market during the forecast period, notes analysis by TMR.
- In major educational institutes and schools across the globe, it is mandatory to wear uniform, socks, and shoes. The National Center for Education Statistics highlight the enrollment of approximately 4.9 million students in public schools from prekindergarten to 12th grade in the U.S. Hence, a rise in the number of students attending schools globally is expected to create sizable business prospects in the global socks market in the near future.
Socks Market: Growth Boosters
- Rise in the utilization of socks during outdoor sports and gym training activities is fueling the growth prospects in the market
- Increase in the working population globally together with compulsion in offices and schools for the use of formal attire is fueling the demand for socks
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Socks Market: Regional Analysis
- Asia Pacific is expected to offer significant opportunity for socks market growth during the forecast period owing to many factors including the presence of emerging economies, improving spending power of people from these nations, and existence of key players in the region
- The understanding pertaining to the fitness and health is being rising among people from Europe and North America. This factor is expected to lead to notable future business opportunities in socks market across these regions.
Socks Market: Key Players
Some of the key players profiled in the report are:
- Adidas A.G.
- Balega
- Asics Corporation
- Hanesbrands Inc.
- Drymax Technologies Inc.
- Puma S.E.
- Nike Inc.
- THORLO, Inc.
- Renfro Corporation
- Under Armour, Inc.
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Socks Market Segmentation
- Type
- Athletic Socks
- Specialty Socks
- Trouser Socks
- Casual Socks
- Multiple Toe Socks
- Others (Ankle socks, No show socks, Toe Cover, etc.)
- Material
- Nylon
- Cotton
- Wool
- Others(Polyester, Waterproof Breathable Membrane
- End-user
- Men
- Women
- Kids
- Distribution Channel
- Online
- Company Owned websites
- E – Commerce websites
- Offline
- Brand Stores
- Supermarket/Hypermarket
- Other Retail Stores
- Online
Region
- North America
- Europe
- Asia Pacific
- MEA
- South America
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