The global socks market is expected to expand rapidly at 6.7% CAGR and reach a growth of US$ 92.7 Bn by the end of 2032, as per detailed industry analysis by Persistence Market Research.
Leading market players are framing new strategies to launch their products in various regions. The strategies are framed considering the current market scenario with an aim to achieve a competitive advantage in the market. Market-leading companies and key competitors are working on their marketing strategies and executing in conjunction with sports celebrities, at sports events, other celebrities, and social media influencers.
- In 2020, Happy Socks brand partnered with music and fashion icon Johnny and Lind Ramone, which attracted a huge number of customers due to its Hollywood presence in the market.
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A persistent trend in this sector will be the development of new strategic alliances with key sales channels and suppliers to gain a significant market presence. Manufacturers have partnered with online sales channels and are providing discounts and value-added services such as cash on delivery.
Key Takeaways from Market Study
- Specialty socks are designed to address health issues. With rising health problems such as diabetes and blood pressure, there will be high demand for specialty socks in the near future.
- The North American market is expected to grow at a faster pace as regional players are importing a larger volume of footwear from Asia Pacific. As such, with the rise in imports of footwear, there will be high demand for socks.
- Demand for sports and athletic socks is anticipated to rise rapidly due to the increasing influence of sports events and youth’s enthusiasm for sports activities.
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“Product launches by socks manufacturers aim at improved product features and quality. This will contribute to the overall growth of the socks market,” says an analyst at Persistence Market Research.
Key Market Players
The report highlights internationally insightful findings on the competitive matters of the global socks market, including the strategic approaches adopted by manufacturers that empower their dominance.
Some of the key players identified across the value chain include Adidas Group, Nike inc., Skechers Inc., Hanesbrands Inc., Jockey International Inc., VF Corporation, Darn Tough, Recreational Equipment, Drymax Technologies, CEP Compression, Icebreaker, Farm to Feet, Stance, Patagonia Inc., Implus LLC, Wrightsock, Elicit Brands LLC, Fits Socks, Injinji Inc., ToeSox Inc., Tavi Noir, and Bombas.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the global socks market, covering global industry analysis of 2017-2021 and forecast for 2022 to 2032. This research report provides compelling insights on the basis of product type, end user, material, and sales channel, across seven major regions.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global socks market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductors and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
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