Global Socks Market Overview
The global socks market reached USD 52.79 billion in 2023 and is further expected to grow at a 5.8% CAGR during 2024-2032 to reach USD 87.93 billion by 2032. Rising demand for specialized socks products is propelling market growth. Casual socks represent one of the leading segments. However, growing awareness regarding health and fitness among consumers is anticipated to drive the demand for athletic socks.
Market Trends and Growth Drivers
The demand for professional and footcare socks is notably driving market growth. Socks help relaxation of muscles, eliminate odor-causing bacteria, improve comfort, and reduce swelling to improve blood circulation. Socks are used by diabetic patients to prevent injury and reduce sensitivity and irritation.
Industry Insights
The industry is highly competitive with a large number of regional and international players. Market players adopt strategies such as product innovation, collaborations, and acquisitions to gain a competitive edge. Companies compete based on product quality, price, and brand image.
Market Segmentation and Regional Trends
The market is segmented based on type, material, distribution channel, end user, company, and region. The online segment is expected to register the highest growth during the forecast period due to improving fashion trends and increasing popularity of online shopping. Developing countries in the Asia Pacific region are expected to remain dominant over the forecast period due to the large and increasing population and improving economy.