The sock market is set to experience an impressive growth of USD 16.05 billion from 2022 to 2027, with the Asia-Pacific region leading the charge and contributing to 32% of this market expansion.
According to a recent report by Technavio, the global socks market is expected to grow by USD 15,051.43 million from 2022 to 2027, with a compound annual growth rate (CAGR) of 5.62%. The market is projected to experience significant growth, particularly in the Asia-Pacific (APAC) region, which is estimated to account for 32% of the market’s growth during the forecast period.
The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. It also includes a detailed analysis of the market’s customer landscape, segmentation assessment, and market dynamics.
In terms of distribution channels, the offline segment is expected to contribute significantly to the market’s growth. This is due to the sales of socks through hypermarkets, supermarkets, and franchised stores, which contribute to the revenue of the offline distribution channel. Market players are expanding their product portfolios and implementing attractive pricing strategies to sustain in a competitive market.
Geographically, APAC is projected to be a key growth driver for the global socks market. This is attributed to factors such as rising disposable incomes, the rapid growth of the retail industry, the shift towards sports and athletic activities, and the increasing importance of formal attire in corporate offices. The region is also witnessing an increase in the number of professional sports leagues, which is expected to drive the spending on premium sports accessories like socks.
The report also highlights key factors driving market growth, such as the rising demand for specialized socks products. Sales of different types of socks, including professional socks and doctor-recommended socks, have increased. Additionally, the launch of socks with smart technology for infants, which can track temperature, movement, and location, is a key trend in the market.
However, the market also faces challenges, such as the rising demand for synthetic or manmade fibers. Synthetic fibers are low-cost alternatives to natural fibers and offer properties like high strength and low absorption rates. This poses a challenge to the growth of the socks market, as natural fibers are often more expensive.
Overall, the global socks market is expected to experience significant growth in the coming years, with APAC playing a crucial role in driving market expansion. The rising demand for specialized socks products and the introduction of smart technology in socks are expected to further fuel market growth. However, challenges related to synthetic fibers may hinder market growth to some extent.