The global socks market is predicted to expand at a high-value CAGR of 6.7% and account for revenue worth US$ 92.7 Bn by the end of 2032, up from US$ 45.7 Bn registered at the end of 2021. From 2017 and 2021, worldwide demand for socks increased at a steady CAGR of 5.2%, with the United States, Japan, China, Australia, and Europe holding significant shares in the global market. Over the years, there has been a significant rise in the use of natural fibers such as cotton by sock manufacturers. Despite this, synthetic fibers are anticipated to generate more demand than natural fibers over the coming years. Due to their low cost, synthetic fiber socks are more in demand in underdeveloped and developing nations.
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Which are the Various Factors Complementing Socks Market Growth?
“Active Participation of Youth in Adventure Activities to Drive Sales of Socks”
There is a rising trend of eco-tourism, leisure activities, and other recreational activities such as skiing, mountain campaigning, trekking, and gliding. Meanwhile, promotional activities through fitness campaigns and package tour operators are encouraging the youth and millennials to participate in fitness and adventure activities, and the trend of adventure activities is spreading rapidly across the globe.
Hence, with more participants, there has been a rise in demand for adventure equipment, and travelers generally prefer shoes and customized socks as they are convenient during adventure and fitness activities. As such, with a rise in active participation of the youth, demand for socks is also rising in parallel.
“Compulsion of Formal Attire in Offices / Schools to Aid Market Progress”
Factors fueling the growth of the socks market include the rising interest of people in sports and athletic Socks activities, rising disposable income, growth of the retail industry, and the significance of maintaining formal attire in corporate offices.
Due to the increasing prevalence of corporate offices, market growth is anticipated to be stronger in emerging nations, which would lead to more potential prospects for the formal socks industry. Other than this, formal clothes are considered to be a sense of discipline and display maturity and sharpness. As such, it is mandatory in schools. Hence, a rise in the growth of the student population and corporate culture will lead to a rise in demand for socks across regions.
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Competition Landscape
Leading manufacturers of socks are focusing on expansions, partnerships, development of new products, product launches, innovative ways of production for cost reduction, and new ways of marketing to expand their business globally and create a market presence.
For instance:
In 2019, PUMA launched gaming socks with three modes. This was one of the advanced innovations in the socks market. These socks have a split bottom for flexibility, a rubber outsole for grip, and a 3D-molded sole for optimal comfort.
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