The European region accounted for a promising share of the global market in 2023 and the European socks market size was valued at USD 13.09 billion in 2023. The European market is expected to grow at a CAGR of 8.2% from 2024 to 2029 and be worth USD 21 billion by 2029 from USD 14.16 billion in 2024.
Increasing focus on adopting healthy lifestyles in Europe with the growing number of people with chronic diseases is escalating the need for socks in everyday life. The demand for socks in Europe is growing at a higher rate due to the growing number of people going to yoga, gym, and other activities. The shifting trend towards sports activities is greatly influencing the European socks market growth. For instance, in the UK, around 40.7% of male adults participate in sports activities on a weekly basis. This count is growing year on year with the growing support from the government. Government authorities’ initiatives towards sports activities through funds are escalating the demand for the market. Also, growing awareness over the availability of government jobs with respect to the sports quota is elevating the growth rate of the European socks market.
Availability of different types of socks according to the customer preferences is also to fuel the demand for the market. Some socks are specially designed according to the customer preference, which improves blood flow, reduces fatigue in feet and legs, and reduces swelling. Athletes choose compression socks that come in style and improve their performance in sports. Athletes usually have to do high-intensity activities such as running and cycling to build up their strength. These socks help them to perform better by reducing discomfort in the legs and feet.
Frequent changes in the weather conditions are ascribed to boost the demand for the market in the coming years. The preference for the usage of socks with respect to weather conditions has increased nowadays. People need socks that give warmth in winter and should absorb moisture during hot weather. These preferences are outraging the growth rate of the market in the coming years.
However, a lack of awareness over the availability of the latest products in some rural areas is limiting the demand for the European socks market. Frequently changing consumer preferences with the latest products is impeding the market growth rate. In addition, the growing economic crisis with the increasing economic challenges everywhere is straightly degrading the demand for the market.
Recession is one of the major concerns for the market's key players. The economic slowdown across the world is limiting the demand for the European socks market. Many people are losing jobs due to the recession, which is imposing challenging things for the market's key players. Few companies are focussing on launching varied socks that can be affordable by the common people, which is likely to gear up the market growth rate in the near future.
Impact of COVID-19 on the European socks market:
The COVID-19 pandemic showed a negative impact on the shares of the European socks market in 2020. Lockdown restrictions, supply chain disruptions, and closure of all the shops impacted negatively on the growth rate of the market. However, the market share started to rise at a higher rate once the government authorities eased the restrictions. Increased focus on maintaining a healthy lifestyle by adopting physical activities to overcome the side effects caused by the coronavirus is likely to surge the growth of the market.
This research report on the European socks market has been segmented and sub-segmented into the following categories.
Europe Socks Market - By Product:
The casual segment accounted for 33.9% of the European market share in 2023. The high ease of integration of these items, as they can be used with any clothing, is expected to remain a favorable variable for the industry. In addition, a growing number of consumers use casual socks made of polyester and nylon due to their comfort and ease of access from both offline and online platforms.
The athletic segment is expected to grow at a prominent CAGR during the forecast period. Such materials are favored by athletes and fitness practitioners as they can protect against blisters and prevent their legs from sliding on their feet.
Europe Socks Market - By Application:
The men's segment held the leading share of the European market in 2023 and is expected to grow at a healthy CAGR in the coming years, owing to the rapid adoption of casual and business suits. Items such as patchy and studded are slowly gaining acceptance in the men's segment.
Europe Socks Market - By Distribution Channel:
The hypermarkets and supermarkets segment captured the leading share of the European market in 2022. Consumers prefer to purchase products from hypermarkets and supermarkets because of the availability of different types of products from different suppliers in one place.
Europe Socks Market - By Region:
Countries such as Italy, Turkey, Portugal, Germany and the UK are predicted to account for the largest share of the European market during the forecast period.
The European region accounted for a considerable share of the European market in 2023 and is predicted to grow at a notable CAGR during the forecast period. The growing elderly population and their preference to wear socks on a daily basis is increasing day by day, which is greatly influencing the demand for the market. Eventually, growing disposable income in urban areas is also likely to fuel the market growth in Europe. Europe region is a hub for the new fashion trends that is likely to promote the market share in the coming years.
The UK socks market is gaining traction over the share of the market with the increasing adoption of the latest technologies in manufacturing socks. The presence of market players additionally fuels the market demand, where the key focus is to invest huge amounts in research and development activities.
The German socks market is expected to have a substantial share of the European market during the forecast period, following the UK. A growing number of foot ulcer patients is majorly accelerating the demand for the socks market in Germany. Also, the penetration of the Internet of Things and the launch of various shopping applications for smartphone users are greatly influencing the market growth. Along with this, government initiatives to promote sports tourism are also to propel the demand for the socks market in Germany.
Italy's socks market is expected to have a prominent growth rate in the coming years with the rising preference for different types of socks among customers. Quick adoption of the latest technologies is additionally to fuel the market demand as these technologies are designed to promote smooth supply chain management.
Spain and France are likely to have prominent growth opportunities in the coming years.
KEY MARKET PARTICIPANTS:
Nike Inc., Puma S.E., Adidas A.G., Asics Corporation, Renfro Corporation, THORLO, Inc., Hanesbrands Inc., Balega, Drymax Technologies Inc. and Under Armour Inc. are a few of the major players in the European socks market.
Frequently Asked Questions
The Europe socks market was valued at USD 12.1 billion in 2022.
Factors such as the growing fashion consciousness, rising disposable incomes, and an increasing preference for online shopping drive the growth of the Europe socks market.
Countries like Germany, the United Kingdom, France, and Italy are among the largest consumers of socks in Europe.
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