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Global Socks Market Poised to Reach US$11.6 bn by 2023 Research Reports On MRRSE Business Articles | April 8, 2016 Socks are commodity products. However, in recent years with the advent of luxury socks and socks for specific application, socks have transformed from commodity items to fashion pieces. Owing to the t...
Socks are commodity products. However Cheap Soccer Jerseys , in recent years with the advent of luxury socks and socks for specific application, socks have transformed from commodity items to fashion pieces. Owing to the transformation of this traditional item into a luxury product, the growth of the socks market outpaces the overall growth of the apparel industry. Almost 70% of the men use socks every day. Hence, the robust growth of the men’s apparel industry is expected to be the major driver of the socks industry during the forecast period.
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The growth of the socks market is attributed to the rapid expansion of the retail network in developing economies primarily China, Brazil Cheap Jerseys China Wholesale , and India. Increasing population and disposable income in these regions is expected to further drive the retail sector, which in turn is increasing the demand for socks. Asia Pacific accounted for the largest market share for socks. North America and Europe also contributed a considerable market share; however, growth in these regions is stagnant or has reached a stage of maturity, especially in Europe. Asia Pacific and RoW are likely to have better growth potential during the forecast period due to the rise in population, GDP Cheap Replica Jerseys , and favorable government policies to boost the growth of the organized sector in these regions. The major opportunities for the global socks market lies in the improved fashion trends powered by rising income. Application specific customization of socks is creating new opportunities in the market.
Athletic socks are the largest product segment in the socks market. The primary driver for the athletic socks market is its diversified application. Athletic socks are majorly used for sports and gym purposes; however, they can also be used as casual wear with informal footwear. Trouser socks are accessories used along with formal footwear by both men and women. In terms of materials used, cotton accounts for the largest market share at almost one third of the total market. However, the market share of cotton is expected to decline during the forecast period owing to the tough competition from man-made fibers especially nylon and polyester.
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This market research study analyzes the socks market globally and provides estimates in terms of revenue (USD Million) from 2015 to 2021. It recognizes the drivers, restraints Cheap Custom Jerseys , and opportunities affecting the industry and analyzes their impact over the forecast period.