Increasing demand towards maintaining casual and formal attire for white-collar professionals coupled with rising number of IT professionals at global level is expected to drive the socks market growth. This, in turn, is expected to boost the market growth in the coming years.
Global socks market is expected to grow with the changing trends in shoes and leather industry. Furthermore, new opportunities are expected to be visible due to the the changing weather patterns, demand for natural fabrics, and fashion trends like IoT wearable making it a promising opportunity in the near future. As per the report of TMR, global socks market size was valued US$ 42.5 bn in 2018 and expected to grow with a CAGR of 4.5% from 2019 to 2027. In 2027, socks market size estimated to reach US$ 74.9 bn.
Celebrity Endorsement By Key Brands Are Influencing on Market Growth
Companies are endorsing different athletes to promote their products. It has been observed that large number of young consumers prefer to purchase product which are promoted by their favorite athletes. This factor is also influencing the growth of the global socks market. And this trend is likely to influence growth over the forecast period.
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Rising usage of social media will work as a positive factor of shocks market. Companies are investing on digital media campaign to increase their market reach. Availability of reviews, blogs, and uploaded images of the latest fashionable ranges which the consumer share on their social media account are also influencing the market.
The demand for natural fibers such as cotton is considerably high for socks manufacturing. The demand for natural fiber material for manufacturing of socks is relatively high in developed economies owing to the sustainability of natural fibers. However, natural fibers are expected to lose considerable market share to synthetic fibers such as nylon and polyester. The demand for socks manufactured from synthetic or manmade fibers are relatively high in developing economies owing to their low price.
Rising number of ecommerce players at global level will boost the market growth. Consumers prefer to compare product in various ecommerce portals before making their purchase decision.