NEW YORK, Aug. 20, 2021 /PRNewswire/ — Global sales of sports and athletic socks are estimated to reach US$ 12.4 Bn by the end of 2031, increasing at a CAGR of 5% from 2021 to 2031, mostly driven by high demand for cotton socks, which held more than 58% market share in 2020.
Market players have been compelled to convert to sustainable solutions as awareness of sustainability has grown across the world, as consumers, especially millennials, are preferring to sustainable alternatives. This probably applies not only for the product itself but also for the packaging.
For example, in February 2021, VF Corporation announced that by 2025 it would eliminate all single-use plastic packaging and that all remaining packaging would be reduced, made from sustainable materials, and optimized for reuse or recyclability.
Furthermore, changing fashion trends throughout the world have prompted market players to provide a variety of sock lengths, such as anklets, liner socks, no-show, and so on. Additionally, because customers are more aware of the allergy connected with synthetic fabrics these days, they choose socks that contain fewer synthetic components and are made of natural materials.
Moreover, to expand their consumer base, manufacturers are increasing their geographic footprint by constructing physical storefronts and e-Commerce websites in developing regions, as well as offering new types and brands.
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For instance, Hanesbrands Inc. launched FreshIQ Technology in its flagship brand Hanes, which offers odor protection and has been implemented in men’s socks, T-shirts, and fleece products. Moreover, its underwear also incorporate this technology with antimicrobial protection.
Key Takeaways from Market Study
- The sports and athletic socks market is highly fragmented, giving clients only limited negotiating power. Collaborations with sports clubs and influencers are allowing key players to mark their presence in this space.
- The outbreak of novel coronavirus has highlighted the importance of ethical living, which has helped attract consumer attention toward local and regional businesses.
- Casual socks are projected to hold the highest market share by 2031, at around 52%.
- Cotton socks are the most-liked material, with a projected market share of around 62.2% in 2031.
- Sales of socks across China are expected to surge at a CAGR of 7.8% from 2021 to 2031.
«Leading companies are aggressively marketing a wide range of socks, including sports, medical socks, cushion socks, anti-slip socks, grip socks, EcoMade socks, and so on. The use of such terms aids players in attracting consumer attention,» says an analyst at Persistence Market Research.
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Key Market Players
The report underlines ground-breaking insights into the competitive scenario of the sports and athletic socks market, along with the highlights of differential strategies used by manufacturers.
Some of the key players identified across the value chain include Adidas Group, Nike, Inc., Puma SE, Skechers USA, Inc., Hanesbrands, Inc., Jockey International Inc., VF Corporation, Drymax Technologies, Inc., Under Armour, Inc., ASICS Corporation, Wolverine World Wide, Inc., THORLO, Inc., and New Balance Athletics, Inc., amongst others.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the sports and athletic socks market, covering global industry analysis of 2016-2020 and forecasts for 2021 to 2031. This research report provides compelling insights on the basis of product, material, consumer orientation, and sales channel, across all major regions of the world.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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