Athletic product is expected to grow at the fastest CAGR of XX percent. These products are preferred by athletes and gym professionals because they prevent blisters and keep feet from sliding around inside shoes. Globally, new product launches by companies such as Nike and Adidas in athletic socks are expected to continue to be a major driving force in the coming years. Asia Pacific is expected to expand at the fastest rate, at a compound annual growth rate of XX percent. Population growth, rising disposable income, and urbanization in emerging markets such as China, Bangladesh, Pakistan, and India are expected to benefit the market. Additionally, the growing number of professional cricket leagues in India and Australia, such as the Indian Premier League (IPL) and the Big Bash League, is expected to provide new opportunities for domestic players to increase their expenditure on premium sports accessories such as shoes and socks. A large number of consumers opt for casual socks made of polyester and nylon due to their comfort and ease of availability through both offline and online channels. Mustang Socks & Accessories, Goodfellow & Co, Sock Talk, and Kane Socks Company are among the leading casual socks manufacturers.
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North America’s market accounted for XX percent of global revenue in 2019. A strong foothold in the retail and wholesale networks of the United States and Canada by key industry participants such as Adidas A.G., Nike Inc., and Puma S.E. is expected to ensure continuous product access to buyers. Additionally, some companies manufacture customized socks to meet the specifications of sports professionals. Numerous celebrity endorsements by well-known brands have significantly aided the market’s growth. For instance, Nike leverages the endorsements of numerous athletes to promote its shoe and sock products.
Product innovation is expected to continue to be a critical factor in future success. PBC launched ten abstract-designed socks under the brand Say Possible on Kickstarter in 2018. Additionally, United Legwear & Apparel Co., LLC launched 150 styles of men’s and women’s socks in May 2018 through their online portals.
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