Industry Background:
A sock is a pairing of clothing made from a soft material which is used to cover the foot and lower part of the leg. Sock are typically knitted from wool, cotton or nylon. Dry pair of comfortable cotton socks help to absorb all that foot moisture and leave feet toasty dry. This keeps feet happy and healthy. Cotton is good for sensitive skin and those who suffer from allergies.This growth is primarily driven by Increasing Demand for Cotton Sports Socks, Increasing Disposable Income in Developing Countries and The emergence of Socks as a Fashion Accessory Among Millennials.
Globally, a noticeable market trend is evident Technology Innovation in Manufacturing Process. Major Vendors, such as Nike Inc. (United States), Li-Ning (China), Virat Industries (India), Vidhaan (India), Calzificio Adelma Di Chiaruttini Franco (Italy), Mustang (India), Calzificio Due C Di Cazzola Virgilio & C. Snc (Italy), Socks World International (United Kingdom) and China Zhejiang Datang Socks Group Co., Ltd (China) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Regulatory Insights:
The Federal Trade Commission (FTC) has issued a final rule amending the Rules and Regulations under the Textile Fiber Products Identification Act (Textile Rules) to reflect the specific requirements for the disclosure of country of origin of socks contained in the Miscellaneous Trade and Technical Corrections Act of 2004.
Market Drivers
- Increasing Demand for Cotton Sports Socks
- Increasing Disposable Income in Developing Countries
- The emergence of Socks as a Fashion Accessory Among Millennials
Market Trend
- Technology Innovation in Manufacturing Process
Restraints
- Lack of Awareness about Socks across Rural Areas
Opportunities
Research and Development for Upgraded Cotton and Introduction of Heat Resistant, Tough and Lightweight Socks
Challenges
Presence of Duplicate Products at Low Cost
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