The world of socks has come a long way from being a basic layer of padding between a foot and a shoe. The modern utilities of socks are as innumerable as there are necessities, and manufacturers of socks understand that. A lot of players in the global socks market flow between the more common segments of sock types to the highly niche fields, due to the unique nature of the market. This applies especially to the makers of athletic socks, due to the wide range of sports that can do with socks created keeping the athletes in mind. The makers of socks for athletes, for instance, can work on adding padding to specific areas on a sock, rather keeping the entire area uniform, and changing the padding density and location according to the sport. Most of the top manufacturers of socks in the world are investing in research and development efforts to bring about innovations that can become the next big trend in the global socks market.
The global socks market is expected to reach US$11.6 bn by the end of 2023. The market is likely to continue expanding at a promising CAGR of 8.5% within a forecast period from 2015 to 2023. Several factors govern the growth of the overall demand for socks in the world. With so many categories in the market, the generalized direction of the market can be a tricky calculation, which can be begun through the answers to the following questions:
Is There a Place for Luxury Socks?
Two of the biggest advantages that the apparel industry as a whole has received over the recent past, are the growing urban population and the rising disposable incomes. The increase in the number of people living in urban areas around the world is giving them the chance to be exposed to the latest fashions and trends in the apparel market as well as give them the opportunity to buy the products that they like. This applies specially to the global socks market due to the relatively small percentage of the apparel industry that this market takes up. The small size of the global socks market, compared to the overall apparel industry, makes it difficult for manufacturers to generate a very high level of market penetration, thereby restricting them to stores that sell fashion accessories and such.
Therefore, the urban population has a much higher chance of gaining awareness about new products. At the same time, the increasing disposable incomes in this urban landscape is providing the global socks market with ample opportunities to release new products and work on innovative ideas. These factors have collectively given a major shot in the arm to the luxury socks segment in the global socks market. This segment is expected to expand at an optimistic rate over the coming years.
Where do Athletic Sock Makers go From Here?
While the athletic socks segment is currently showing a very high rate of growth, the future of this segment can only be strengthened through improved efforts in research and development. This applies especially to the more prominent and globally known players in the global socks market. The local players in the market currently hold a very strong grip on most types of socks in the emerging economies, due to their lower costs. While there is a growing demand for socks from the more renowned brands in the world in regions such as Asia Pacific, there is much that these players can do in terms of unveiling region-specific socks, in order to solidify their position in the global socks market.