Athletic Socks Market to reach a Valuation of US$ 12.8 billion by 2034, rising at a 5.8% CAGR- Future Market Insights Inc.

NEWAKK, Del, April 02, 2024 (GLOBE NEWSWIRE) -- The global athletic socks market was valued at US$ 6.8 billion in 2023 and is expected to reach a size of US$ 12.8 billion by 2034, increasing at a CAGR of 5.8% between 2024 and 2034. By 2024, the athletic socks market is poised to reach a valuation of US$ 7.3 billion.

The market for athletic socks is significantly influenced by rapid advances in textile technology, which include the development of novel materials and production techniques. Improved features like breathability, compression, and moisture-wicking, along with comfort and durability, meet the changing needs of athletes and fitness enthusiasts and propel the industry forward.

A notable obstacle confronting the athletic socks market is fierce rivalry, propelled by the existence of several contenders providing analogous merchandise. To gain customer attention and loyalty in an increasingly crowded industry, a company must constantly innovate, have great branding, and employ successful marketing methods.

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The growing public interest in sustainable and ethically manufactured products presents a market potential for athletic socks. Companies may benefit from this trend by fostering transparent supply chains, using recycled materials, and providing eco-friendly sock alternatives. Adopting sustainability may stimulate business expansion by drawing in eco-aware customers.

Key Takeaways from the Market Analysis

• The global athletic socks market size reached US$ 5.1 billion in 2019.
• From 2019 to 2023, the athletic socks market experienced a CAGR of 7.5%.
• Over the course of the projection period, the athletic socks sector in the United States is expected to develop at a CAGR of 6.1%.
• Running socks are expected to have significant growth in the global athletic socks industry, with a 5.6% CAGR predicted by 2034.
• Through 2034, the global athletic socks market will experience a 5.4% CAGR in the popularity of cotton socks.
  
  

“The increased emphasis on health and fitness, along with an increase in sports and fitness involvement globally, is a major factor driving the athletic socks market. Demand for clothing that improves performance, such as athletic socks made specifically for athletes, is fueled by this trend.”, says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights

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Competitive Landscape

Companies in the athletic socks market are innovating by investing in innovative materials such as moisture-wicking textiles and ergonomic designs that improve athlete comfort and performance. They also emphasize sustainability, using eco-friendly production techniques to appeal to customers that care about the environment.

Through their impact, partnerships with sports teams and athletes can increase revenue. Wider reach is made possible by entering new markets and using e-commerce platforms. In general, product design, materials, sustainable practices, marketing tactics, and market development initiatives are all included in the category of innovation.

Athletic socks startups are disrupting established business models by focusing on specialized markets, offering personalized patterns, and using cutting-edge technology such as smart materials and 3D printing. They prioritize ecological and ethical production techniques to appeal to current customers, and they use agility and digital platforms to connect consumers directly.

Key Developments

• In 2023, PUMA introduced its newest collection, PUMA x Central Saint Martins, in collaboration with the globally famous London-based art and design school Central Saint Martins (short: CSM), to raise awareness about water scarcity while also supporting the preservation of drinking water.
• The company used two technologies in the creation of this collection in collaboration with CSM fashion school students: digital printing and novel dying techniques including the "Dope Dye" approach. The design team significantly decreased water use by blending uncolored materials with digitally printed or spun-dyed materials.

Report Scope

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Key Segmentations:

By Product Type:

• Running Socks
• Compression Socks
• Ankle Socks
• Crew Socks
• Knee High Socks
  

By Material Type:

• Cotton Socks
• Synthetic Fiber Socks
• Wool Socks
• Blended Socks

By Sports Category:

• Running and Jogging
• Fitness and Training
• Basketball
• Soccer/Football
• Tennis
• Golf
• Cycling
• Hiking
• Other Sports
  

By Gender:

• Men’s
• Women’s
• Unisex
  

By Distribution Channel:

• Online Retailers
• Specialty Sports Stores
• Department Stores
• Sports Apparel Outlets
• Others
  

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• The Middle East & Africa
  
  

About the Consumer Product Domain at Future Market Insights

The consumer product domain at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

Author

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.

Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.

Explore FMI’s Extensive Ongoing Coverage on the Consumer Product Domain:

• The United States & Canada sports & athletic insoles market size is expected to surge at a CAGR of 6.2% in the assessment period from 2023 to 2033. The market value is projected to increase from US$ 3,289.6 million in 2023 to US$ 6,020.0 million by 2033.
• The sports and athletic insoles market is estimated to be valued at US$ 9 billion in 2023 and is expected to reach US$ 17 billion by 2033. The adoption of sports and athletic insoles is likely to advance at a CAGR of 6.6% from 2023 to 2033.
• The waterproof socks market is estimated to be valued at US$ 29.09 million in 2023 and is expected to reach US$ 43 million by 2033. The adoption of waterproof socks is likely to advance at a CAGR of 4% until 2033.
• The women's socks market is projected to grow steadily at a 5.9% value CAGR, during the forecast period 2022-2032.
• The global smart insole market is anticipated to reach a valuation of US$ 165 million in 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 9.8% from 2023 to 2033 and reach US$ 461.43 million in 2033.
• The orthopedic insole market size is estimated to be valued at US$ 1.55 billion in 2023 and is expected to surpass US$ 4.64 billion by 2033. The adoption of orthopedic insole is likely to advance at a CAGR of 13.5% during the forecast period.
• The shoe insoles market valuation is estimated to reach US$ 6,122.8 million in 2024. In 2023, the market was valued at US$ 5,836.8 million. The market is predicted to grow at a healthy CAGR of 4.50% from 2024 to 2034.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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04/02/2024 11:30

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