Report ID: SQMIG25K2036 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 60 | Figures: 75Global Women’s Socks Market
Report ID: SQMIG25K2058 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 91 | Figures: 66
Hosiery Market was valued at USD 37.4 billion in 2021 and it is expected to reach a value of USD 50 billion by 2028, at a CAGR of 4.2% over the forecast period (2022-2028).
Rising importance of hosiery products to fulfill the need for durable clothing, excellent comfort, and providing leg fatigue are the major factors driving the growth and demand for the global hosiery market over the forecast period. In addition, continuously growing demand for these products by the female consumers due to its several features including virtually invisible and provides natural and shiny looks is also anticipated to propel the growth of the market in the coming years.
Major companies of the market are increasing their focus on the innovation of new and different types of fabric designs such as striped tights, stirrup tights, and patterned over-the-knee socks. Leading manufacturers are using laser and ultrasonic technology for the development of product quality and design to attract a large base of consumers across the globe. In addition, by using this type of advanced technologies, they are able to provide perfect edge cutting in very less time and can also prevent fraying.
Moreover, the emergence of e-commerce has resulted in shifting consumer preference towards online shopping because of the ease of availability of products, hassle free and more convenient shopping features offered by several online retailers. As a result, the global hosiery market is also expecting a boost in the demand over the forecast period. Additionally, easy returns and free delivery are some other factors which are creating lucrative growth opportunities for the global market.
US Hosiery Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Hosiery Market is segmented on the basis of product, application, distribution channel, and region. By product, the market is segmented into socks, body stockings, compression stockings, tights, and others. By application, the market is bifurcated into women and men. By distribution channel, the market is categorized into supermarkets, specialty stores, and online. By, region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Hosiery Market Analysis by Application
By application, the women segment held the largest market share in 2021 with a healthy CAGR. Increased usage of hosiery products for workout or exercise as well as professional use, as a fashionable wearable among women consumers is the major factor driving the segment growth. In addition, continuously growing number of working women and their increased disposable income is also anticipated to have a positive impact on the segment growth over the forecast period.
Furthermore, the men segment is witnessing the fastest CAGR during the forecast period owing to the changing consumer trend towards athleisure around the world. Moreover, increasing investment by key market players such as Adidas America Inc. and Nike Inc. in men’s products and introducing several new products like weather cycling clothes, is expected to contribute significantly to the segment growth throughout the forecast period.
Hosiery Market Analysis by Product
By product, the socks segment dominated the market in 2021 and accounted for a significant market share. This is simply attributed to the increasing demand for socks among women and men due to its exceptional features like protecting feet from dust or dirt, improves blood circulation, keeps feet warm and a safeguard against foot injuries. In addition, new innovations in the designs and quality of socks through various manufacturers is also projected to drive the segment growth during the forecast period. Furthermore, body stockings are expected to grow significantly in the coming years owing to the increased demand for these products from millennials all over the world.
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Globally, North America dominated the hosiery market in 2021 and accounted for a strong market share. Rising demand for stylish, designer, and comfortable fabric products from the consumers especially in developed countries like United States and Canada are projected to be the major factors driving the growth of the market in the region during the forecast period. In addition, the rising investment from the key market players in research & development sector and early adoption of advanced technology for creating attractive products are also anticipated to boost the market growth in the region. For instance, in October 2021, Blackstone Inc., acquired a large stack of SPANX Inc. The extensively growing digital transformation and global footprint of SPANX in various categories will be accelerated by the acquisition. The main aim of the acquisition is to develop more innovative and attractive products.
Furthermore, Asia Pacific region is expected to be the fastest growing region over the forecast period. Shift in consumer preferences, increased income of consumers in nations like China and India, and growing adoption of latest technology are the major factors projected to drive the growth of the market in the region. Additionally, increasing spending on fabric products is positively influencing the demand for hosiery in the coming years. Also, a growing number of government initiatives to spread awareness among millennials and others regarding the importance of sport activities is propelling the regional market.
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Hosiery Market Drivers
Hosiery Market Restraint
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The global hosiery market is fairly fragmented with the presence of many well-known regional and global players around the world. With the growing demand and penetration for online shopping, the major key players of the market are mainly focusing on making their online presence strong and continuously bringing new innovations for gaining consumers' attention. In addition, acquisition, mergers, collaboration, and strategic partnerships are some other strategies on which key players are implementing.
Hosiery Market Top Player’s Company Profiles
Hosiery Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global hosiery market is witnessing a strong growth during the forecast period owing to increased consumer awareness towards the pros of hosiery products, increasing per capita income, and rising sports activities all around the world. In addition, the growing number of fitness freaks worldwide due to several health concerns spreading in the last few years, is also expected to fuel the demand for hosiery products due to the several benefits of wearing these products in the coming years. However, some complications associated with hosiery like skin irritation and breaking the skin due to excess pressure are anticipated to hinder the global demand in the near future.
|Market size value in 2021||USD 37.4 billion|
|Market size value in 2028||USD 50 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Hosiery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Hosiery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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