Socks Market To Witness A Significant Growth Of USD 73.7 Billion By 2030


 San Francisco, 30 Jan 2023: The Report Socks Market Size, Share & Trends Analysis Report By Material (Polyester, Cotton, Wool, Nylon), By Style (Knee-high, Ankle-length, Low-cut), By Product (Plain-, Rib-knitted), By Region, And Segment Forecasts, 2022 - 2030

The global socks market size is expected to reach USD 73.7 billion by 2030, registering a CAGR of 6.3% over the forecast period, according to a new report by Grand View Research, Inc. Increasing necessity of multiple footwear by urban customers is working as a major factor boosting the market growth. Furthermore, the increasing trend of athletic shoes due to celebrity endorsements by top brands is driving the market growth. An increase in the number of working individuals, along with the rising adoption of the formal business environment, signifies one of the key factors anticipated to create ample growth opportunities for the market over the forecast period. The COVID-19 pandemic has had a negative impact on the market.

Due to supply chain disruptions, product sales were impacted drastically during the pandemic. However, top players reinvented their product lines and most of them utilized the lockdown period to innovate their production and retail approach. Thus, it is expected that the market will grow steadily over the forecast period. A plain-knitted was the largest product segment in 2021. Plain knitting is a very popular technique with many knitted fabrics that customers wear today being produced from plain knitting or a mixture of plain as well as a purl stitch. These types of socks are largely manufactured all over the world due to the high demand. Cotton was the largest material segment in 2021.

Cotton socks are soft for the feet and provide extra comfort than other types of materials. Moreover, cotton socks are a good choice for individuals with sensitive skin as it does not have harmful chemicals. new fashion trends and shifts in the lifestyles, such as a rise in the use of footwear, contributed largely to the Europe regional market. The increasing trend of formal clothing among white-collar professionals is anticipated to play a vital role in boosting product demand. A large number of brands use push strategies to sell the bulk quantity of their products and supply stocks to different retail stores as well as shops across the world.

Access Research Report of Socks Market @ https://www.grandviewresearch.com/industry-analysis/socks-market

Socks Market Report Highlights

  • Asia Pacific is expected to grow at the fastest CAGR over the forecast period. This is attributed to the growing population in developing economies including China and India
  • Moreover, the increasing number of various retail outlets in the region mainly in countries, such as China, India, Malaysia, and Singapore, is likely to increase the product sales
  • The wool material segment is expected to register the second-fastest CAGR from 2022 to 2030. The fabric used for wool socks is lighter, extra porous, more durable, and highly sustainable than its counterparts
  • The no-show style segment is expected to register the fastest CAGR from 2022 to 2030. These types of socks are available in different materials & colors, provide excellent breathability, and are an ideal option for both hot and cold weather

List of Key Players in the Socks Market

  • Nike Inc.
  • Puma S.E.
  • Adidas A.G.
  • Asics Corporation
  • Skechers USA, Inc.
  • Hanesbrands Inc.
  • Under Armour, Inc.
  • VF Corporation
  • Jockey International Inc.
  • Drymax Technologies Inc.

Access Press Release of Socks Market @ https://www.grandviewresearch.com/press-release/global-socks-market

 

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