The socks market is highly competitive due to the presence of numerous large players and presence of local players. The manufacturing cost of socks is relatively low, thus, the threat of new entrants is higher. These new entrants are further intensifying the competition among players. In order to reduce effects of the competition on revenue, these companies are investing in product innovation and new launch of advanced products. Some of the key players operating in the global market are Adidas A.G., Nike Inc., Puma S.E., Renfro Corporation, and Asics Corporation. Owing to their solid brand name these players are accounting for the higher share in the revenue of the global market for socks.
According to the report by TMR on the socks, market was valued at US$ 42.07 bn in 2016 and is expected to expand with a CAGR of 6.7% over the forecast period of 2017 from 2025. In the same year, Asia Pacific was the dominant region in the global socks market and expected to remain dominant over the forecast period. On the basis of the type, casual socks segment was dominant in 2016 by accounting for more than one-third shares of the global market for socks continue to dominate over the forecast period.
Brand Name of Product is Influencing on Growth of the Market
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 adoption from past few years. The aforementioned factors are boosting the growth of the global socks market.
The trend of using social media is influencing positively on the growth of the global socks market. Thanks to the reviews, blogs, and uploaded images of the latest fashionable ranges which the consumer share on their social media account. The social media platform serves as an experiences sharing hub for these products and these experiences are influencing positively on the growth of the global socks market.
Additionally, athletes, especially the young consumers prefer the brands which are promoted by their favorite international players. This factor is also influencing the growth of the global socks market. And this trend is likely to influence growth over the forecast period.
Lack of Knowledge about Socks Creating Growth Opportunities
Despite the presence of these growth prospects, rising trend of wearing open footwear which does not usually require socks is limiting the growth of the global socks market. Additionally, lack of knowledge about socks across rural areas of undeveloped countries is hampering the growth of the socks market to some extent. Moreover, the availability of duplicate products at low cost is also affecting the revenue of the global market. Nevertheless, increasing disposable income and booming online retails platforms globally are creating lucrative growth opportunities for key players in the upcoming years.