Published Date : 22 Dec 2023
The global socks market size exceeded USD 44.7 billion in 2022 and is expected to rise to USD 88.34 billion by 2032, growing at a CAGR of 7.1% during the forecast period from 2023 to 2032.
Socks are a type of clothing that is widely used to protect the ankle and a part of the leg. A pair of socks is worn on the feet, covering the ankle and extending into the calf or until the knee. A wide variety of fabrics are used to manufacture socks, such as cotton, polyester, rubber, nylon, and others. Socks help to keep the feet free from several foot problems and ensure both comfort and style. Socks are available in the market with different patterns, lengths, colors, and designs. Generally, socks are used within shoes to act as insoles and improve the fit of shoes.
Ongoing fashion trends, seasonal demands, and advancements in technology for manufacturing socks extensively influence socks. It is driven by several factors, including rising health consciousness, increasing working population, rising per-capita income, increasing demand for eco-friendly and sustainable socks, rapid urbanization, growing product premiumization, and advancing research and development activities conducted by key players. In addition, the increasing availability of socks for the diabetic population delivers several health benefits and is expected to accelerate market growth in the coming years.
Furthermore, rising amount of disposable income among consumers for personal health and hygiene products coupled with the increasing trend propels market growth. Increasing spending on health fitness and the increasing popularity of sports globally have spurred the demand for sports socks and ankle socks during workouts to the growth of the market.
Europe is expected to dominate the market during the forecast period. The growth of the region is attributed to the strong fashion culture, increasing office-going population, technological advancement in socks production, rising participation in sports, rising fashion-conscious population, presence of major sock manufacturers and brands, strong distribution networks, growing awareness of eco-friendly and sustainable socks, and the rapid pace of urbanization. The European socks market encompasses a wide range of styles, brands, and materials catering to diverse consumer preferences, and nations are witnessing increased disposable income, driving sock consumption.
Medical professionals in the region recommend specialized medical-grade socks to patients with chronic health conditions such as foot ulcers and other infections. The emerging trend of formal clothing among white-collar professionals and rising expenditure on health and fitness is expected to bolster the demand for sports socks and ankle socks, which are highly worn by people who work out in gyms and various health clubs. Thus, this is expected to propel the market growth in the region during the forecast period.
|Market Revenue in 2023
|USD 47.65 Billion
|Projected Forecast Revenue by 2032
|USD 88.34 Billion
|Growth Rate from 2023 to 2032
|CAGR of 7.1%
|2023 to 2032
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Increasing prevalence of diabetes
The rising cases of diabetes globally are anticipated to fuel the growth of the global socks market in the coming years. The diabetic population and their spending on healthcare is growing significantly. According to the CDC report, the total direct estimated costs of diagnosed diabetes increased from USD 227 billion in 2012 to USD 307 billion in 2022. Total indirect costs increased from USD 89 billion to USD 106 billion in the same period. Diabetic socks are embedded with sensors that detect foot temperature and alert patients for chronic health problems such as ulcers.
Diabetic socks provide comfort to the feet. Several healthcare professionals have increased their expenditure on publishing research papers on maintaining healthy feet to avoid chronic diseases. Physicians advise the use of diabetic socks for patients with health conditions, including foot ulcers and chronic inflammation or infections brought on by diabetes. The leading market players are aggressively investing, which has led to the development of diabetic socks to keep feet dry, enhance blood circulation, and reduce the risk of foot injury.
Emerging fashion trends
With the emerging trends of luxury and specific applications, socks have transformed from commodities to fashion products and are anticipated to boost global socks market revenue. Rising penetration of corporate offices in countries such as the U.S., U.K., Canada, China, Bangladesh, India, Mexico, and others is expected to influence the market positively. Casual socks, which come in a variety of colors and patterns and can be worn in everyday settings to express fashion sense and personal style, are also in high demand. Casual socks are made from a blend of wool, cotton, and synthetic fibres. Some trendy types of casual socks are ankle socks, crew socks, and no-show socks, to be worn with a variety of outfits, including jeans, shorts, and skirts. Additionally, increasing disposable income and consumer spending on fashionable products is propelling market growth during the forecast period.
Fluctuation in prices of raw materials
The unstable prices of raw materials are projected to hamper the market's growth. The continuous fluctuation of raw materials prices, along with the rising cost wars among vendors, is likely to limit the expansion of the global socks market during the forecast period.
Rising demand for eco-friendly and sustainable socks
The Rising demand for eco-friendly and sustainable socks is projected to offer a lucrative growth opportunity during the forecast period. The market has the presence of prominent market players such as Puma S.E., Hanesbrands Inc., Adidas A.G., Asics Corporation, Renfro Corporation, Nike Inc., Jockey International Inc., Skechers USA, Inc., Under Armour, Inc., V.F. Corporation and others, which are aggressively investing on eco-friendly socks to meet the customer's demand.
Socks absorb extra sweat and enhance body function. The increasing use of socks in the fitness and health sector by athletes or sportspersons, bodybuilders, and other individuals seeking a healthy lifestyle is expected to boost the market expansion in the coming years. Additionally, the wide adoption of e-commerce platforms for the purchase or sale of socks is expected to drive the market's growth, as these platforms offer convenience to the customers to easily browse and purchase different varieties of socks from the comfort place.
Increasing demand for socks during winter season will fuel industry expansion
The wide use of socks during the winter season is projected to create a significant growth opportunity for the market's revenue. In cold weather, cotton or wool socks are worn to provide warmth and insulation to the feet, which also reduces the risk of frostbite. During winter, women highly prefer fuzzy socks to protect their feet while looking stylish. In addition, the rapid pace of urbanization in developing countries and increasing awareness towards personal health and hygiene products is projected to fuel the global socks market expansion during the forecast period.
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