Growing awareness of sustainability has encouraged players in the market to switch to sustainable solutions, as more and more consumers, especially the younger millennials, prefer opting for sustainable solutions. This is applicable not only to products but also product packaging. For instance, Darn Tough Vermont is one such brand that has prioritized sustainability goals. The brand recently announced the shift of its material base to 100% RWS (Responsible Wool Standard) Certified wool. The company also provides its products in recycled FSC certified paper printed with vegetable-based ink and other water-soluble glues.
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“Anytime-Anywhere” is the latest trend that has caught the consumer goods vertical and the scenario is expected to be the same even in the forecast period. This could be attributed to the influx of online advertising and communications channels such as voice assistants and podcasts, which are lowering the entry bars for competitors. Also, online vertical integration is on the anvil.
This calls for big box stores, beauty product manufacturers, and grocers operating on lucrative private labels that prove to be cost-effective as compared to standalone brands. As such, the key stakeholders need to fend off the competition out of vertically integrated solutions with proper combination of the promotional strategies. Persistence Market Research has its diligent team of analysts and consultants to bring the nitty-gritties of consumer goods vertical with the insights in this regard.
As per Persistence Market Research analysis, the global hiker socks and yoga socks market is projected to expand at an impressive CAGR of more than 6% over the next ten years (2020 to 2030), where the sales of unisex socks will top the pecking order.
Key Takeaways from Hiker Socks and Yoga Socks Market Study
- The hiker socks and yoga socks market is projected to witness significant revenue growth during the forecast period, as participation in outdoor recreation and sports activities is expected to increase across regions over the coming years.
- The outbreak of novel coronavirus has further highlighted the importance of ethical living, which has helped attract consumer attention toward local and regional businesses.
- In terms of material, wool holds a notable one-third share in the market, as it is a highly preferred material due its temperature regulation, cushioning, and anti-microbial properties.
- In case of product, crew socks that are a little higher than the ankles hold around half of the market share, as these are considered to provide more protection.
- In terms of sales channel, despite store-based retailing being a prominent channel, online retail is expected to reflect notable growth through 2030.
- According to the regional analysis, North America and Europe together hold a notable share of more than one-third in the market. However, other regions such as East Asia and South Asia are expected to reflect high growth. Growing participation in outdoor recreation and other health and fitness activities such as yoga is likely to facilitate regional market growth
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Rise of Private Retail Brands Likely to Impact Current Market Scenario
Today, well-established retailers such as Amazon, Walmart, etc., are aggressively expanding their business presence through private labels. For instance, Amazon provides hiker socks and yoga socks under its Amazon Essentials retail brand. Thus, rapid emergence of such brands in the market is expected to impact the existing competition level.
From a consumption perspective, consumers perceive such offerings as cheaper versions of the original product. Few consumers also perceive these products as best alternatives to well-established brands. Prevalence of such consumer perceptions are further expected to positively impact the growth of private labels in this space.
The report underlines groundbreaking insights into the competitive scenario of the hiker socks and yoga socks market, along with the highlights of differential strategies used by manufacturers. Few of the prominent manufacturers operating in the market include ADIDAS Group, Nike, Inc., Puma SE, VF Corporation, Darn Tough, Farm to Feet, Patagonia, Inc., Iceabreaker, Wrightsock, Elicit Brands, LLC., Implus, LLC., Injinji, Inc.,ToeSox, Inc., Feetures, etc.
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