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Single User License: Global Socks Market Poised to Reach US$11.6 bn by 2023, Luxury Socks to Witness High Demand
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REPORT DESCRIPTION
According to a new market report published by Transparency Market Research “ Socks Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,” the global socks market was valued at US$5.6 bn in 2014, at a CAGR of 8.5% from 2015 to 2021 to account for US$11.6 bn by 2023. Socks account for a small, but significant part of the apparel market and one’s dresser. Socks are consumer products. However, the global socks market is expected to experience exponential growth due to rising demand for high-end and luxurious socks. The robust boom in the socks market has led to the entry of large and small scale companies. The socks market has recorded higher growth rate as compared to the overall apparel market in the past few years, driven by the changing fashion trends and rising per capita expenditure on socks. Based on product type, the global socks market has been segmented into specialty socks, athletic socks, trouser socks, women’s socks, knee-high knitted socks, and others. Demand for various socks types is driven by demand for different footwear. For instance, high demand for athletic shoes is expected to boost demand for athletic socks. Specialty socks were the largest product segment, driven by their diversified use. The socks market is booming as compared to the apparel market. Although a commodity item, socks have upgraded into fashion pieces owing to product development & diversification and commercialization. The socks market in developing regions is majorly driven by local players. However, the retail market is growing rapidly in the developing regions especially in Asia Pacific and Latin America which is expected to augment sales of socks during the forecast period. Moreover, introduction of novelty socks and improving retail network is likely to drive demand for high-end socks. Get Free Sample Report Different types of fibers are used to manufacture socks. Usage of synthetic fibers to manufacture socks is expected to be high during the forecast period due to low cost and low moisture-holding capacity. Nylon and polyester socks account for considerable share of the global socks market. Demand for natural fibers such as cotton and wool is expected to decline, especially in the developing economies. Demand for synthetic socks has outpaced their natural fiber counterparts. However, demand for natural fiber knitted socks is considerably high in developed economies such as the U.S., Germany, the U.K., and France.
The men’s segment dominated the global socks market in 2014. Around 71% men wear socks every day. Driven by extensive usage of socks by men and improving fashion statements, the men’s segment is projected to witness steady growth at a substantial rate. The socks market is fragmented, with presence of both large and small players owing to low entry barriers. However, high degree of coexistence and partnerships has been witnessed in the global socks market. For instance, Thai Socks Co. Ltd., a major supplier of socks in Thailand and Asia, has supply agreements with key players in the market such as Nike, Inc., Converse, and Paul Smith. Major players in the global socks market include Adidas Group, Nike, Inc., Puma SE, Cole and Parker Co., and RY International. This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. This report provides comprehensive analysis of
Market growth drivers
Factors limiting market growth
Current market trends
Market structure
Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis. About Us Transparency Market Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers.
We are privileged with highly experienced team of Analysts, Researchers and Consultants, who use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge. Contact: Transparency Market Research 90 State Street, Suite 700, Albany NY – 12207 United States Tel: +1-518-618-1030 USA - Canada Toll Free 866-552-3453 Blogs:
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