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Opportunity in the Socks Market is expected to rise at CAGR of 6.5% | TMR
Opportunity in the Socks Market is expected to rise at CAGR of 6.5% | TMR
Published by TMR Research Insights
Posted on August 9, 2021
Home > Research Reports > Opportunity in the Socks Market is expected to rise at CAGR of 6.5% | TMR
Socks have become largely a commercialized commodity item, with the expansion of retail stores and department stores selling wide range of socks, including specialty ones. Rapid pace of urbanization is one of the key drivers for the evolution in the socks market. Rise in sales of athletic footwear has also spurred the demand for socks with special characteristics. Novelty socks have also caught on momentum from the growing penetration of these in general apparel store, apart from fashion stores. Increasing awareness about fashion among men is another key trend favoring new demand in the socks market. Women world over have also become conscious evaluating their purchases of socks based on fashion rather than just value.
Specialized Socks Emerge as Segment with Incredible Avenues in Socks Market
Growing consumers’ demand for new colors and patterns is a key trend in the socks market. A wide range of needs has spurred the demand for specialized socks, thereby opening new avenues in the socks market. A case in point is the rise in demand for socks that are apt for outdoor activities and gymming. A growing number of such consumers are willing to pay for the specialized apparel, thereby boosting the demand in the socks market.
In 2018 the global socks market was pegged at US$ 42.5 bn. During the forecast period of 2019 – 2027, the opportunity in the market is expected to rise at CAGR of 6.5%.
The growing focus on foot care is a key trend in the diabetic population. Specialty socks manufacturers are keen on tapping into revenue streams from this consumer segment. Physician-endorsed socks is another related category that is expected to do a substantial business. A great deal of this rests on two factors: rise in awareness about the availability on common distribution channels and the medical benefits they can bring to the end user. Celebrity endorsement has in recent years have been instrumental in raising the awareness among the common masses through social media and traditional electronic media.
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Strides being made by e-commerce channels have endowed an incredible opportunity for several socks brands to promote their products, attracting prospective customers globally.
Asia Pacific Witnessing Substantial Demand for Range of Socks
On the regional front, North America has been seeing a steady demand for various types of socks. Further, South America and GCC countries are expected to be increasingly lucrative market over the next few years.
A remarkably emerging market is Asia Pacific. It held the majority of shares in the global socks market. A large chunk of the demands come from India and China. Rise in demand for specialized socks in Singapore is another key factor propelling revenue generation in the regional market. Of all the key product varieties, specialty has come as a second in the global market’s share in 2018. Specialty socks are considered an untapped segment by many brands in the socks market. This is mainly because customers with specialized needs are growing, such as individuals looking for socks to help them regain mobility after a surgery. Diabetic care socks are another fast emerging product category with vast opportunities.
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Natural Fibers to be Extensively Used for Socks Production
The market has been segmented by the materials used for production. Further sub segments are nylon, cotton, polyester, wool, waterproof breathable membrane, and others. Nylon segment accounted for the largest market and is expected to maintain its dominance in coming years. Waterproof breathable membrane are hybrid materials that are used for manufacturing waterproof socks for industrial application or for casual use during the rainy season.
The increasing initiatives of the key players to offer something new and advanced products such as anti-bacterial and anti-fungal properties of socks. Some of these companies are focusing to offer socks made from Kevlar which are extremely strong, heat resistant, tough, and lightweight. Rising awareness about the benefits of wearing these socks is witnessing a surge in product adoption over the past few years.
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Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
More Trending Reports by Transparency Market Research –
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Socks have become largely a commercialized commodity item, with the expansion of retail stores and department stores selling wide range of socks, including specialty ones. Rapid pace of urbanization is one of the key drivers for the evolution in the socks market. Rise in sales of athletic footwear has also spurred the demand for socks with special characteristics. Novelty socks have also caught on momentum from the growing penetration of these in general apparel store, apart from fashion stores. Increasing awareness about fashion among men is another key trend favoring new demand in the socks market. Women world over have also become conscious evaluating their purchases of socks based on fashion rather than just value.
Specialized Socks Emerge as Segment with Incredible Avenues in Socks Market
Growing consumers’ demand for new colors and patterns is a key trend in the socks market. A wide range of needs has spurred the demand for specialized socks, thereby opening new avenues in the socks market. A case in point is the rise in demand for socks that are apt for outdoor activities and gymming. A growing number of such consumers are willing to pay for the specialized apparel, thereby boosting the demand in the socks market.
In 2018 the global socks market was pegged at US$ 42.5 bn. During the forecast period of 2019 – 2027, the opportunity in the market is expected to rise at CAGR of 6.5%.
The growing focus on foot care is a key trend in the diabetic population. Specialty socks manufacturers are keen on tapping into revenue streams from this consumer segment. Physician-endorsed socks is another related category that is expected to do a substantial business. A great deal of this rests on two factors: rise in awareness about the availability on common distribution channels and the medical benefits they can bring to the end user. Celebrity endorsement has in recent years have been instrumental in raising the awareness among the common masses through social media and traditional electronic media.
For More Industry Insight, Request Sample@ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=9470
Strides being made by e-commerce channels have endowed an incredible opportunity for several socks brands to promote their products, attracting prospective customers globally.
Asia Pacific Witnessing Substantial Demand for Range of Socks
On the regional front, North America has been seeing a steady demand for various types of socks. Further, South America and GCC countries are expected to be increasingly lucrative market over the next few years.
A remarkably emerging market is Asia Pacific. It held the majority of shares in the global socks market. A large chunk of the demands come from India and China. Rise in demand for specialized socks in Singapore is another key factor propelling revenue generation in the regional market. Of all the key product varieties, specialty has come as a second in the global market’s share in 2018. Specialty socks are considered an untapped segment by many brands in the socks market. This is mainly because customers with specialized needs are growing, such as individuals looking for socks to help them regain mobility after a surgery. Diabetic care socks are another fast emerging product category with vast opportunities.
Buy our Premium Research Report @ https://www.transparencymarketresearch.com/checkout.php?rep_id=9470<ype=S
Natural Fibers to be Extensively Used for Socks Production
The market has been segmented by the materials used for production. Further sub segments are nylon, cotton, polyester, wool, waterproof breathable membrane, and others. Nylon segment accounted for the largest market and is expected to maintain its dominance in coming years. Waterproof breathable membrane are hybrid materials that are used for manufacturing waterproof socks for industrial application or for casual use during the rainy season.
The increasing initiatives of the key players to offer something new and advanced products such as anti-bacterial and anti-fungal properties of socks. Some of these companies are focusing to offer socks made from Kevlar which are extremely strong, heat resistant, tough, and lightweight. Rising awareness about the benefits of wearing these socks is witnessing a surge in product adoption over the past few years.
More Trending Reports by Transparency Market Research –
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
More Trending Reports by Transparency Market Research –
Contact
Transparency Market Research
USA – Canada Toll Free: 866-552-3453
Email: [email protected]
Blog: https://tmrblog.com/
Follow Us: Twitter | LinkedIn
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