In its newly published report, Transparency Market Research has studied the global socks market in detail. The report titled ‘Socks Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,’ states the socks market is expected to progress from $5.6 bn in 2014 to $11.6 bn by 2023.
The global socks market is expected to exhibit an 8.50 per cent CAGR from 2015 and 2021. Considerable growth in the retail sector, constantly growing men’s apparel industry and improving fashion trends are responsible for the growth of global socks market.
Socks, one of the common consumer goods, are available in global market in many materials and varieties. In recent years, due to the introduction of luxury socks, they have been considered more as fashion products than common consumer goods. Even though socks account for a smaller share in the global apparel market, their demand is expected to increase considerably in the years to come.
The rising boom in global socks market has allowed new companies to introduce their products. Increasing per capita income in various countries has enabled the global socks market to become the fastest growing market in the global apparel market.
The Transparency Market Research report divides the global socks market on the basis of region, gender, product, and material used. On the basis of product, the global socks market is classified into specialty socks, athletic socks, trouser socks, casual socks, women’s socks, and others. The demand for athletic socks is expected to be the highest in the global market due to the increasing demand for athletic shoes. Going forward, the increasing pool of consumers participating in sports is expected to boost the athletic socks segment.