Global Socks Market Forecast to 2030 - COVID-19 Impact and Analysis By Product (Athletic Socks, Specialty Socks, Trouser Socks, Casual Socks, and Multiple Toe Socks); Material (Cotton, Nylon, Polyester, Wool, and Others); Application (Men, Women, and Kids); Distribution Channel (Hypermarket & Supermarket, Convenience Store, and Online); and Geography
Global Socks Market Overview
Socks play an important role in day-to-day life. Wearing socks can help prevent skin irritation and friction when wearing shoes. Socks are made from cotton, nylon, polyester, wool, and others material. The increasing importance of maintaining a professional’s lifestyle across the globe is expected to play a crucial role in expanding the utility of socks. This, in turn, boosts the socks market growth globally during the forecast period 2021-2030. The growing population, rapid urbanization, rising requirement of multiple footwear by urban consumers act as a positive factor for the growth of the socks market. Moreover, increasing spending on health and fitness, rising concerns over adverse effects associated with foot ulcers among diabetic patients has been projected to boom the demand for various socks, which anticipating the growth of the global socks market. The ongoing trend of online shopping from social media pages such as Instagram, Facebook is expected to drive the demand for the socks market during the forecast period.
The socks manufacturer across the globe are introducing colorful and stylish socks, which attack consumers especially, youth and kids, thereby rising consumer demand for colorful socks and stylish socks. This factor is likely to propel the growth of the global socks market. An increasing number of professional sports and cricket leagues such as Big Bash League, IPL, and others, and also the growing adoption of socks by athletes and gym professionals during the workouts in gymnasiums and health clubs are also augmenting the growth of the socks market. Further, some of the sock maker companies are manufacturing customized socks to meet the requirement of sports professionals; also, key companies in the market are introducing new and advanced products such as anti-bacterial and anti-fungal properties of socks, soft and breathable fabric socks are providing lucrative growth opportunities for the global socks market players in the coming years.
· Growing importance of maintaining formal attire among white-collar professionals
White-collar professionals are the person who performs professional, managerial, desk, and administrative work. It includes corporate executives, stockbrokers, architects, engineers, doctors, dentists, advertising and public relation professionals, dietitians, etc. These professionals are heavily focusing on maintaining the lifestyle which includes apparel, shoes, socks, this, in turn, booming the demand for socks across the globe. However, the growing importance of maintaining formal attire among white-collar professionals is likely to drive the growth of the global socks market.
· An increasing spending on health and fitness
Growing consumer spending on health and fitness clubs due to rising health problems such as overweight and obesity, heart disease, diabetes, other neurological disturbances. The increasing focus on maintaining a healthy lifestyle, growth in health consciousness, and increasing awareness of the health benefits of physical activity result in the rising number of joiners to the health and fitness clubs including yoga studios and gymnasiums. Additionally, an increase in the number of athletes professional, sports, and cricket leagues is a rising demand for sports and gym wear including shoes and socks. These factors are rising demand for socks across the consumers globally. Thereby, increasing consumer spending on health and fitness and the rising number of athletes professional, sports and cricket leagues are significantly impacting the growth of the global socks market over the forecast period.
COVID-19 Impact on Global Socks Market
The COVID-19 pandemic has largely impacted globally since December 2019. According to the latest World Health Organization (WHO) report, the US, India, Russia, Brazil, Italy, France, Argentina, Spain, Colombia, the UK, and Mexico are some of the worst affected countries due to the COVID-19. The pandemic is hampering the growth of economies worldwide, and it is likely to continue in 2021. The outbreak of the covid-19 pandemic has both advantages and disadvantages in all the sectors. The outbreak disrupts various industries, such as manufacturing, construction, automotive, textiles, chemicals, cosmetics, tourism, hospitality, consumer goods, transportation, IT and telecom, pharmaceutical, and among others. This results in several obstacles in the supply chain of raw materials required for packaging, resulting in demand-supply gaps. This scenario is expected to a negative impact on the global socks market.
With Corona Virus Disease 2019 (COVID-19) pandemic, the world is fighting against Covid-19 pandemic and also economic pandemic, almost impacting trillions of dollars of revenues. Our company brings a high-level insight as well as very deep insights relevant to several promising markets. The study will cover:
· Rapid shifts in top 100 companies across each sector
· Growth and decline in each sector due to COVID-19 pandemic
Global Socks Market Strategy
Players operating in the global socks market are mainly focusing on the adoption of various strategies to expand their footprint across the world and taking the initiative for the development of efficient and advanced products.
· In 2020, Dr. Motion introduces 15 mild compression socks and tights for work, traveling, and more. These mild compression socks come in a colorful argyle print, as well as other patterns including animal prints, polka dots, and stripes. These socks are made up of lightweight fabric with some stretch for an ideal fit, a virtually seamless toe, and acrylic for warmth that enhanced comfort.
· In 2018, Heelium, a footwear company launched bamboo socks, shoes to get rid of bad odour and prevents infections and blisters. This material is thermodynamically stable and keeps your feet cool in summer and warm in winter.
Geographical Framework
The global socks market report offers a complete overview of the industry including both qualitative and quantitative information. It offers a complete overview and forecast of the global socks market based on various segments. It also offers market size and forecast estimation from the year 2018 to 2030 with respect to four major regions North America, Europe, Asia-Pacific (APAC), Latin America & Middle East and Africa (LAMEA). The global socks market by each region is further sub-segmented across respective countries and segments. The global socks market report covers a complete analysis and forecast across all regions along with the current trend and opportunities happening in the region.
The report analyzes aspects that are mainly affecting the global socks market from both the demand and supply side and afterward estimates market dynamics affecting the global socks market globally over the forecast period i.e., drivers, restraints, opportunities, and future trends. The global socks market report also offers exhaustive PEST analysis for all four regions namely; North America, Europe, APAC, LAMEA after evaluating political, economic, social, and technological factors affecting the global socks market in these regions. This information can help stakeholders to make appropriate decisions before investing. The global socks market report also describes Porter’s five forces analysis which examines the five forces that make a company competitive while helping identify its strength and weakness. The global socks market analysis will also identify competition, new entrants in the market, supplier power, buyer power, and threat of substitute products and services in the global socks market.
Global Socks Market Insights
The global socks market study offers a complete overview of leading companies and their successful marketing strategies and market contribution, such as business overview, key financial information, SWOT analysis, NOISE analysis, improvement Venn diagram and strategies, such as recent developments, market expansion, partnership, merger & acquisitions, product launch, product update, and other contexts. By examining the data collected from primary and secondary methods, the global socks market report offers actionable insights into future growth based on inputs from industry experts to help readers formulate effective strategies. The global socks market report also covers the investment pocket analysis for various verticals with respect to the market.
Global Socks Market Segmentation
Global Socks Market – by Product
· Athletic Socks
· Specialty Socks
· Trouser Socks
· Casual Socks
· Multiple Toe Socks
Global Socks Market – by Material
· Cotton
· Nylon
· Polyester
· Wool
· Others
Global Socks Market – by Application
· Men
· Women
· Kids
Global Socks Market – by Distribution Channel
· Hypermarket & Supermarket
· Convenience Store
· Online
Global Socks Market – by Geography
· North America
o US
o Canada
o Mexico
· Europe
o Germany
o France
o Italy
o UK
o Russia
o Spain
o Netherlands
o Rest of Europe
· Asia-Pacific (APAC)
o China
o India
o South Korea
o Japan
o Australia
o Singapore
o Rest of APAC
· LAMEA
o Latin America
o Middle East
o Africa
Key Players
1. Adidas AG
2. Asics Corporation
3. Balega
4. Bolero Socks
5. Bridgedale
6. Drymax Technologies Inc.
7. Hanesbrands Inc.
8. Jockey International, Inc.
9. Nike, Inc.
10. Puma SE
11. Reebok International Limited
12. Renfro Corporation
13. The Sock Factory
14. Thorlo Inc.
15. Under Armour, Inc.
Brand Recall
Brand awareness is the methodology by which customers are able to recall or recognize a brand (unaided/aided) under several different conditions with respect to global socks market. These strategies will help the company to make people more aware of your brand — especially by targeting relevant, high-quality audiences for global socks market.
Key Questions Answered
· Several players are operating in the socks market globally. Do you know who is leading the overall global socks market, and what strategies have been adopted by them?
· What are the upcoming trends in the global socks market? What impact would these trends make in the coming years for the global socks market?
Key Benefits For Stakeholders
· This study presents the analytical description of the global socks market analysis along with the current trends and future estimations to describe coming up investment pockets
· The complete global socks market opportunity is resolute by knowing profitable trends to gain a stronger foothold
· The report describes insights associated with key drivers, restraints, and opportunities of the global socks market with thorough impact analysis
· The current global socks market is quantitatively analyzed from 2018 to 2030 to focus on the monetary ability
· PEST analysis defines the potency of the consumers and suppliers in the socks industry
· The Porter’s five forces analysis examines the five forces that makes a company competitive while helping identify its strength and weakness. The analysis will also identify competition, new entrants in the market, supplier power, buyer power, and threat of substitute products and services in the global socks market
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