WILMINGTON, DE / ACCESSWIRE / September 14, 2022 / Transparency Market Research Inc. - Increasing prevalence of sporting events, rising focus of individuals across the world on adopting healthy lifestyles through exercise, and constantly evolving fashion trends, are some of the key drivers for the growth of the global socks market. Apart from this, an increase in the number of individuals working in corporate workplaces that have a formal dress code has also increased demand within the market. A recent research report projects that the global socks market will record a CAGR of 6.5% over the forecast period of 2019 to 2027.
Additionally, increasing concerns amongst diabetic patients around the world, regarding the adverse health conditions related to diabetic foot ulcers, is also creating a growing need for advanced and high-quality sock products. Players in the socks market are developing new types of sock variants that can perform as a protective medium for feet for the diabetic population. Apart from this, players are also using hybrid waterproof breathable membrane materials to create socks for use in rainy weather and industrial settings.
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Socks Market - Key Findings of the Report
- Players Developing Advanced Products: Rising demand for innovative and superior socks from customers has compelled players to develop new types of products, such as anti-fungal as well as anti-bacterial socks. Certain players are also developing new types of socks, made from high-tech Kevlar materials. These Kevlar-made socks are strong, tough, light-weight, and resistant to heat. Players are also using natural fiber materials to create eco-friendly products.
- Influence of COVID-19 Pandemic: During the pandemic, the global population was more focused on well-being and health. Amidst the panic caused by COVID-19 pandemic, people were becoming aware of the benefits of exercise. This led to an increase in individuals participating in fitness routines and activities, such as sports and gym. This, in turn, led to an increased adoption of high-quality products from the socks market for preventing blisters during exercise.
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Socks Market - Growth Drivers
- Growth in the population working in corporate settings that feature formal dress code has positively affected the demand in the global socks market
- The rising number of sports tournaments and sports leagues around the world is also driving the growth of the market
- Improving fashion trends on a global level are also supplementing increased demand for new types of products in the global socks market
Socks Market - Key Players
Leading players in the global socks market are Nike, Inc., Renfro Corporation, THORLO, Inc., Drymax Technologies Inc., Armour, Inc., Adidas A.G., Puma S.E., Asics Corporation, Balega, and Hanesbrands, Inc. Players are engaging in research and development activities to discover new types of formulations for developing innovative and superior socks. Some other inorganic growth strategies employed by players in the global socks market include joint ventures, strategic partnerships, and mergers and acquisitions.
Socks Market - Regional Growth Dynamics
Asia Pacific dominated the global socks market in recent past and it is also expected to remain the leading region in the coming years. Some of the most prominent drivers for this regional market include the presence of a large population in economies such as India and China, and increase in the number of retail clothing outlets in economies such as India, Singapore, China, and Malaysia. The North America region is projected to record steady growth over the forecast period. Growing demand from emerging economies in the Middle East and Africa, as well as South America regions are anticipated to positively influence the growth of the global socks market in coming years.
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Socks Market: Segmentation
Socks Market, by Product Type
- Specialty Socks
- Athletic Socks
- Trouser Socks
- Men's Socks
- Women's Socks
- Casual Socks
- Kid's Socks
- Multiple Toe Socks
- Pressurized Socks
Socks Market, by Material
- Waterproof Breathable Membrane
Socks Market, by Distribution Channel
- Supermarkets and Hypermarkets
Socks Market, by Age
- 0 - 14
- 15 - 24
- 25 - 34
- Above 35
Socks Market, by Sports
- Ball games
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