New York, Sept. 02, 2022 (GLOBE NEWSWIRE) — The global socks market is expected to expand rapidly at a CAGR of 6.7% and reach $92.7 billion in growth by the end of 2032, according to detailed industry analysis by Persistence Market Research.
The major market players are developing new strategies to launch their products in various regions. Strategies are made considering the current market scenario with the aim of gaining a competitive advantage in the market. Market leading companies and major competitors work on their marketing strategies and execute them in collaboration with sports celebrities, at sporting events, other celebrities and social media influencers.
- In 2020, the Happy Socks brand partnered with music and fashion icons Johnny and Lind Ramone, which attracted a large number of customers due to its Hollywood presence in the market.
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A continuing trend in this sector will be the development of new strategic alliances with key sales channels and suppliers to gain significant market presence. Manufacturers have partnered with online sales channels and offer discounts and value-added services such as cash on delivery.
Key insights from market research
- Specialized socks are designed to address health issues. With the increase in health issues such as diabetes and blood pressure, there will be a high demand for specialty socks in the near future.
- The North American market is expected to grow at a faster rate as regional players import a larger volume of shoes from Asia-Pacific. Thus, with the increase in footwear imports, there will be a strong demand for socks.
- The demand for sports and athletic socks is expected to increase rapidly due to the growing influence of sporting events and the enthusiasm of young people for sports activities.
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“Product launches by sock manufacturers aim to improve product features and quality. This will contribute to the overall growth of the socks market,” says an analyst at Persistence Market Research.
Main market players
The report highlights internationally relevant findings on the global socks market competition issues, including the strategic approaches taken by manufacturers that are enhancing their dominance.
Some of the key players identified in the value chain include Adidas Group, Nike Inc., Skechers Inc., Hanesbrands Inc., Jockey International Inc., VF Corporation, Darn Tough, Recreational Equipment, Drymax Technologies, CEP Compression, Icebreaker, Farm to Feet, Stance, Patagonia Inc., Implus LLC, Wrightsock, Elicit Brands LLC, Fits Socks, Injinji Inc., ToeSox Inc., Tavi Noir and Bombas.
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Learn more about Report inclusions
Persistence Market Research has published a new market report on the Global Socks Market, covering global industry analysis from 2017-2021 and forecast from 2022 to 2032. This research report delivers compelling insights based on the type of product, end user, material and sales channel. , in seven major regions.
The report also includes forecasting factors and vital macroeconomic factors that are expected to boost the growth of the global socks market. It also discusses the restraints which are expected to hinder the growth of the market along with the latest trends and potential opportunities in the market.
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