Socks Market

Global Socks Market Size (2024 to 2032)

The Global Socks market was valued at USD 50.71 billion in 2023. The global market size is expected to grow at a CAGR of 6.72% from 2024 to 2032 and be worth USD 91.06 billion by 2032 from USD 54.12 billion in 2024.

Current Scenario of the Global Socks Market

According to 2022 data, over 200 brands are available for sale in retail establishments alone. Another trend is the growing popularity of digital apps for unbranded goods.

The socks market is growing at a steady pace driven by the rising popularity of sustainable clothing. Also, several companies and brands have categorized and are focusing on their worker's rights, reducing the production quantity of clothes and developing new materials which doesn’t have much dependence on fossil fuels. Apart from this, the market players are encouraging customers to progressively accept green programs within the socks industry as well. This is because the clothing industry is also a key contributor to the harmful gas discharge into the environment. It emits about 3 to 5 percent of carbon emissions worldwide. As per a study, annually more than 400 million sock pairs are sold in the stores in the United States and this is without considering discount shops. Some companies even provide sock-of-the-month subscriptions for consumers in which each month they get a fresh pair. For instance, the Temu application was launched in the United States in September 2022 and has exceeded the milestone of more than 50 million downloads. 

Moreover, the application of recycled materials is accelerating the growth rate of the socks market. This includes recycled polyester, cotton, wool, and nylon. So, many companies are shifting to sustainable socks and manufacturing practices to lower the environmental effects. Also, to achieve the correct proportion of roundness, color accuracy, and performance firms are using 100 percent reprocessed yarns. Furthermore, the top sustainable sock brands in 2023 are Conscious Step, Colour Standard, Happy Earth, Cariloha, Allbirds, Pact, Harvest & Mill, Outerknown, Boody, Patagonia, and Kotn.        

MARKET DRIVERS

The growing population worldwide and growth in the population migrating to urban areas are increasing the demand for socks and driving the global market growth.

An increase in the population is directly fueling the need for personal goods including socks. As per the projections by the United Nations, the world population is anticipated to reach 9.8 billion in 2050 and 11.2 billion in 2100. The usage of socks is higher in urban areas compared to rural areas and the population in the urban areas is growing significantly. The population of urban areas is estimated to reach 2.5 billion by 2050. In addition to that, people who live in urban areas spend 50% more on apparel compared to rural areas.

The growing sales of socks over online channels are fueling the growth rate of the global socks market. The sales of socks on online channels have grown exponentially in the last couple of years, and this trend is anticipated to fuel in the coming years owing to the increased convenience of shopping online by consumers and the increased availability of socks of various brands. As per the projections of Digital Commerce 360, online apparel sales in the United States valued at USD 159.46 billion in 2021. The growing global market for online clothing and footwear is favoring the growth of the socks market.

The growing trend of athleisure is boosting the demand for socks and contributing to global market growth. An estimated 22% of the global apparel market was occupied by athleisure wear in 2022. The growing innovation in materials and technologies in the manufacturing of socks and the rising number of endorsements by celebrities and influencers are further promoting the growth of the socks market.

MARKET RESTRAINTS

The fierce competition in the global socks market is hampering the growth of the market. Fluctuations in the costs of raw materials and growing labor and production costs are further impeding the global market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Socks Market By Product

Based on product, the casual segment held 60.8% of the global market share in 2023.

The growth of the casual segment is primarily driven by the increasing preference for comfortable and fashionable everyday wear. The growing popularity of sustainable materials and rising online sales for casual socks are propelling the growth of the casual segment in the global market.

On the other hand, the athletic segment is anticipated to register a 6.8% CAGR during the forecast period. Factors such as the growing popularity of sports and fitness activities worldwide, rising health consciousness, athleisure trends, and sports participation are propelling the athletic segment in the global market. Athletic socks help athletes and health practitioners prevent blisters from rolling around their feet. Athletic socks are the key driver for new product releases by companies like Nike and Adidas worldwide.

Global Socks Market By Application

Based on application, the men's segment led the market and captured 67.9% of the global market in 2023.

Global Socks Market is predicted to grow at a prominent CAGR during the forecast period owing to the growing number of fashion-conscious consumers, increasing sock styles for various occasions, evolving fashion preferences of males, rising awareness of sock materials, and online shopping trends. The adoption of socks as accessories for casual and commercial attire by men will show growth in the men's segment. The growing promotional efforts by the leading sock brands are expected to encourage expenditure on good quality shoe accessories such as sockets, as they advise maintaining an excellent care appearance.

The women segment is anticipated to witness the fastest CAGR in the global market during the forecast period. Factors such as fashion diversity, seasonal trends, the popularity of athleisure, the growing interest of women in accessorizing, rising awareness of sock fashion, and the influence of social media are propelling the growth of the women segment in the global market. According to the World Bank report, approximately 40.83% of women work and the figure is growing considerably in 2018. The increasing number of working-class women worldwide is anticipated to have a positive impact on the women segment in the global market.

REGIONAL ANALYSIS

Based on region, the Asia-Pacific region dominated the market and held 40.9% of the global market share in 2023.

The dominating trend of the Asia-Pacific region in the global market is anticipated to continue throughout the forecast period. In developing countries, including China, Bangladesh, Pakistan, and India, population growth, rising disposable incomes, and urbanization are propelling the growth of the socks market in the Asia-Pacific region. Additionally, there are plans to open up new advances for domestic players to increase their spending on buying luxury sports products such as skates and socks in India and Australia, including the Indian Premier League (IPL) and the Big Bash League. China is expected to hold the leading share of the APAC market during the forecast period and register a CAGR of 8.12% owing to the large consumer base, rising disposable income, and fashion-conscious markets. The Indian socks market is predicted to showcase during the forecast period due to the growing consumption of socks throughout India. For instance, sock consumption in India is currently experiencing 12% annual growth. Countries such as Japan and Singapore are likely to account for a considerable share of the Asia-Pacific market during the forecast period.

Europe was the second largest regional segment in the global market in 2023 and captured 29.3% of the global market share. The growth of the European market is primarily driven by the growing number of fashion-forward consumers, the presence of sustainable fashion trends, the rising popularity of high-quality materials, the increasing number of eco-friendly initiatives, the premiumization of sock products, and online retail growth. The UK, followed by Germany, Italy, and France led the socks market in Europe in 2023.

North America accounted for 22.7% of the global market share in 2023 and is estimated to grow at a promising CAGR during the forecast period. Key market participants such as Adidas A.G., Adidas Inc., and Puma S.E. have a strong foundation in the North American region and such presence of notable market participants is supporting the North American market. The growing focus on athleisure, online retail, innovative sock designs, e-commerce dominance, and the influence of celebrity endorsements are further promoting the growth of the socks market in North America.

KEY MARKET PLAYERS

The major key players in the global socks market are Nike Inc., Puma S.E., Adidas A.G., Asics Corporation, THORLO, Inc., Balega, Drymax Technologies Inc., and Under Armour, Inc.

RECENT MARKET DEVELOPMENTS 

• In February 2024, Arvin Goods launched its newest socks collection which is manufactured from Recover recycled cotton fibre (RRCF). It includes 79 percent reprocessed materials which consist of 36 percent RRCF and 43 percent fabric. This sustainable apparel brand claimed it will conserve water equal to 18 gallons against traditional cotton socks 

• In November 2023, Balenzia opened its eighteenth store in Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA). It already had five stores in the city and this marks the sixth one to expand its customer footprint.  

DETAILED SEGMENTATION OF THE GLOBAL SOCKS MARKET INCLUDED IN THIS REPORT

This research report on the global socks market has been segmented and sub-segmented based on the product, application, and region.

By Product

• Casual
• Athletic

By Application

• Men
• Women

By Region

• North America
• Europe 
• Asia Pacific 
• Latin America
• The Middle East and Africa