The global hosiery market size is expected to reach USD 44.2 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.0% over the forecast period. Shifting inclination of the consumers towards apparel with excellent functional and fashionable characteristics is expected to promote the use of hosiery. It has been observed that many hosiery products are used by the people who are suffering from varicosities and leg disorders.
Rising fitness enthusiasts at the global level as a result of increased number of campaigns through social media and satellite channels on healthy lifestyle is expected to promote the use of hosiery products as a comfortable product, which protect legs during workout. Furthermore, fitness professionals and athletes prefer hosiery over cotton socks due to the former’s ability to increase the blood flow. Rising number of sports professionals in developing countries including China, India, South Korea, Brazil, and Mexico owing to improvement in sports infrastructure at the domestic level is expected to expand the scope for hosiery over the next few years.
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The men application segment is expected to expand at the fastest CAGR of 4.5% from 2019 to 2025. A large number of population is suffering from different types of leg circulation problems, including venous insufficiency and skin color change. Such population prefers to use long length skin color products for trendy and normal leg looks. Key manufacturers are working on product innovation and improvement to get a competitive advantage in the market. For instance, winter and wet tights offered by Stolen Goat Ltd. received tremendous response from the consumers as these tights are specially designed to wear when temperature goes below 6 degrees. Buyers can comfortably enjoy their activity with this product.
The market in Asia Pacific is anticipated to witness significant growth in light of improving living standards and increasing disposable income, especially in China and India. Moreover, growing trend of personal appearance is expected to be boost market growth in the region over the next few years. Top U.S. brands are effectively expanding their business in Asia Pacific to tap the growing markets including China and India through establishment of their subsidiaries and formation of strategic alliances with distributors. Furthermore, implementation of various government initiatives in order to increase consumer awareness about health benefits associated with sports events is expected to expand the scope for sports apparels including hosiery.
Some of the major companies operating in this market are Gildan Activewear; Hanesbrands; Spanx, Inc.; Golden Lady; Adidas America Inc.; Jockey; Golden Lady SpA; and Carolina hosiery. The industry participants are expected to increase the spending on new product developments in order to gain the maximum market share.
Further key findings from the report suggest:
• Non-sheer products dominated the market with 85.7% share in 2018. Sheer products are projected to ascend at a CAGR of 5.1% from 2019 to 2025 due to their high adoption among population with varicosities and leg disorder as they can hide marks on their legs
• By application, women held a leading share of 82.0% in 2018 due to predominant use of these products among working class professionals in airline and healthcare sectors
• North America dominated the global market in 2018, accounting for 37.4% share of the global revenue due to increasing importance of workplace casualization and athleisure trend in U.S. and Canada
• Asia Pacific is the fastest growing region, expanding at a CAGR of 5.0% from 2019 to 2025 as a result of increasing demand among the sports professionals in developing nations including China and India.
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Grand View Research has segmented the global hosiery market on the basis of product, application, and region:
Hosiery Product Outlook (Revenue, USD Billion, 2015 - 2025)
• Sheer
• Non-sheer
Hosiery Application Outlook (Revenue, USD Billion, 2015 - 2025)
• Women
• Men
Hosiery Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
o U.S.
• Europe
o U.K.
o Germany
• Asia Pacific
o China
o India
• Central & South America
o Brazil
• Middle East & Africa
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