Hosiery (Women and Men)
Global Hosiery (Women and Men) Market to Reach $47.8 Billion by the Year 2026
Hosiery is a multi-faceted apparel accessory. Global Garments & Textiles industry is among the many industries to feel the repercussions of the pandemic`s indelible impact on daily social and economic lives. A steep global recession, lockdowns and stay at home orders, ban on social gatherings and events, work from home models, widespread layoffs and furloughs, historic high unemployment rates have together massively impacted demand for all non-essential clothing. With no social gatherings and closed offices and schools, sales dwindled for socks and other hosiery items. In contrast to majority of hosiery brands that suffered massive losses, private labels and sports-orientated items delivered better results. Private labels gained from continuous operations of discounters and supermarkets. The pandemic has also played an important role in driving a large number of companies to pay more attention to sustainability and adoption of eco-textiles. Hosiery companies in various countries are making significant investments in eco-friendly materials and technologies. These hosiery players are coming up with new collections built on green materials.
Amid the COVID-19 crisis, the global market for Hosiery (Women and Men) estimated at US$39.8 Billion in the year 2020, is projected to reach a revised size of US$47.8 Billion by 2026, growing at a CAGR of 3.2% over the analysis period. Socks, one of the segments analyzed in the report, is projected to grow at a 3.3% CAGR to reach US$33.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Sheer Hosiery & Tights segment is readjusted to a revised 2.9% CAGR for the next 7-year period. This segment currently accounts for a 33.5% share of the global Hosiery (Women and Men) market. Socks brands are entering into the e-commerce domain as well as joining hands with e-tailors, retailers and other companies for pushing sales. Moreover, various players are coming up with new offerings like anti-bacterial sanitized yarn, organic products and non-compression, soft elastic socks to attract customers. Socks brands are offering blood pressure and diabetes socks to expand their customer base. As COVID-19 pandemic forced people to spend more time indoors due to remote working and learning, comfort dressing has emerged as a major trend in workwear. The onset of casual dress code hampered the demand for sheer hosiery. Recent years saw proliferation of tights in different colors, patterns and styles as designer scramble to leverage the opportunities prevailing in the market, amid growing image of tights as a regular accessory.
The U.S. Market is Estimated at $6.8 Billion in 2021, While China is Forecast to Reach $8.6 Billion by 2026
The Hosiery (Women and Men) market in the U.S. is estimated at US$6.8 Billion in the year 2021. The country currently accounts for a 16.94% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$8.6 Billion in the year 2026 trailing a CAGR of 4.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.4% and 2.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR while Rest of European market (as defined in the study) will reach US$9 Billion by the year 2027. China is rapidly emerging as one of the leading hosiery producing nations in the world. The country gains its competitive edge from cheap labor, favorable government regulations and easy availability of low-cost raw materials, among others.
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