Socks Market Sizing

Part
01
of one
Part
01

Market Sizing: Sock Categories

In the United States, there is an estimated US$3.55-billion market for dress socks and sports socks. Dress socks and sports socks account for around 34% and 15% of the US$7.239-billion United States socks market, respectively.

METHODOLOGY

We understand that you prefer a bottom-up sizing of the market for sports socks and dress socks in the United States. However, the lack of data on the number of Americans who buy sports socks and dress socks and the number of times these people buy such socks in a year prompted us to use a top-down approach instead. We were able to pull together enough information to perform a top-down triangulation of the sizes of the sports socks and dress socks markets in the United States. Below you will see our calculations and the assumptions that we used.

SIZE OF GLOBAL MARKET FOR SOCKS

Market research firms Transparency Market Research and Persistence Market Research offer conflicting data on the global socks market. Since it is not clear which firm provides more accurate data, we decided to present below the findings of both firms.

Transparency Market Research
---
Based on the press release of Transparency Market Research last January, the global socks market is expected to grow from US$42.07 billion in 2016 to US$75.10 billion by 2025 at a CAGR of 6.7%. Using these figures, we estimated that the size of the global socks market in 2017 was around US$44.89 billion and the size this year is around US$47.90 billion.

2017: US$42.07 billion x 1.067 = US$44.89 billion
2018: US$42.07 billion x 1.067 x 1.067 = US$47.90 billion

Since the size of the North American market was about 43% of the US$23,649-million Asia-Pacific market in 2017, we estimated as well that the North American market accounted for US$10.17 billion or 23% of the US$44.89-billion global market that year.

US$23,649 million x 43% = US$10.17 billion
US$10.17 billion / US$44.89 billion = 23%

Assuming that North America's share of the global market remains the same this year, we estimated that the size of the North American market for socks this year is around US$11.02 billion.

US$47.90 billion x 23% = US$11.02 billion

The firm segmented the global socks market into the following types: athletic socks, specialty socks, trouser socks, casual socks, and multiple toe socks. Among these sock types, casual socks had the largest market share, accounting for a third of the market.

Persistence Market Research
---
Based on the press release of Persistence Market Research last August, the global socks market is expected to grow from US$21,517.9 million in 2017 to US$34,902.1 million by 2025 at a CAGR of 6.2%. Using these figures, we estimated that the size of the global market for socks this year is around US$22.852 billion.

US$21,517.9 million x 1.062 = US$22.852 billion

The firm segmented the global socks market into the following types: athletic socks, casual socks, formal socks, and specialty socks. According to the firm, Asia-Pacific and Europe together accounted for two-thirds of the market in 2016, and Asia-Pacific is expected to account for 45% of the market by 2025.

The size of the global market for sports and athletic socks is expected to reach US$6 billion by 2025, approximately 17% of the US$34.9021-billion global socks market.

US$6 billion / US$34.9021 billion = 17%

Given that the athletic socks market is expected to grow at a CAGR of 8.0% during the period 2017-2025, we estimated that the size of the sports and athletic socks market in 2017 is around US$3.24 billion.

US$6 billion / 1.08 / 1.08 / 1.08 / 1.08 / 1.08 / 1.08 / 1.08 / 1.08 = US$3.24 billion

In 2017, the size of the casual socks market was US$9.4 billion, while the size of the specialty socks market was US$1.6 billion. Using the sizes of the casual socks, athletic/sports socks, and specialty socks markets, we estimated the size of the formal/dress socks market to be around US$7.28 billion.

US$21.5179 billion - US$9.4 billion - US$3.24 billion - US$1.6 billion = US$7.28 billion

We were also able to arrive at the following product segmentation of the US$21.5179-billion global socks market.

Casual socks: US$9.4 billion / US$21.5179 billion = 44%
Formal/dress socks: US$7.28 billion / US$21.5179 billion = 34%
Athletic/sports socks: US$3.24 billion / US$21.5179 billion = 15%
Specialty socks: US$1.6 billion / US$21.5179 billion = 7%

SIZE OF U.S. MARKET FOR SOCKS

According to Statista, sales of socks in the United States is expected to reach US$7.239 billion this year. Please note that this amount includes "hosiery for women and men that cover the leg up to the knee" and excludes women's stocking and tights. Also, according to the statistical portal, sales of socks in food, drug, and mass merchandisers in the United States totaled to more than US$2.25 billion. In case you cannot view the values in the Statista links provided, you may refer to the attached document for the screenshots.

In a post by press release publisher Europlat.org, Transparency Market Research supposedly reported that retail sales of socks in the United States increased from US$3,936.31 billion in 2008 to US$4.469.02 billion in 2013. It is likely that these amounts were actually in millions instead of billions since, in the same post, the global socks market was described as a US$5.6-billion industry in 2014. Please note that this post largely contradicts the press release of Transparency Market Research mentioned above, which states that the global socks market was a US$42.07-billion industry in 2016.

For the purpose of answering this request, we assumed that the amount provided by Statista is correct and that Transparency Market Research's estimate of the global socks market is unreliable.

SIZE OF U.S. MARKET FOR SPORTS SOCKS AND DRESS SOCKS

From the computations above, we determined that dress socks and sports socks account for 34% and 15% of the global socks market, respectively. With the assumption that these percentages apply to the United States socks market as well, we then estimated that the size of the market for dress socks and sports socks in the country is as follows:

United States socks market: US$7.239 billion
Formal/dress socks: US$7.239 billion x 34% = US$2.46 billion
Sports/athletic socks: US$7.239 billion x 15% = US$1.09 billion
Formal/dress and sports/athletic socks: US$2.46 billion + US$1.09 billion = US$3.55 billion

CONCLUSION

The size of the market for dress socks and sports socks in the United States is approximately US$3.55 billion. Roughly 49% of the United States socks market is accounted for by dress socks and sports socks.
Sources
Sources