According to a new market report published by Credence Research Inc., “Hosiery Market by Product Type (Socks, Tights, Leggings, Pantyhose, and Others)” - Growth, Future Prospects, Competitive Analysis, 2017 – 2025”, the worldwide hosiery market was valued at US$ 29.73 Bn in 2016, and is projected to reach US$ 43.42 Bn by 2025, expanding at a CAGR of 4.3% from 2017 to 2025.
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The global hosiery market is witnessing growth due to rising concern about personal appearance and grooming. Furthermore, shift in retail format to hypermarket and supermarket is allowing consumers to select and compare products according to their preferences which in turn is fueling the sales of hosiery products. Besides this, ecommerce sector has witnessed robust growth in the recent past, which is providing easy access to the consumers to compare hosiery products online. The global ecommerce industry was approximately US$ 22 Trillion in 2016 and anticipated to witness strong growth during the forecast period. Thus, hosiery products are also projected to witness high growth in sales volume through ecommerce platforms.
Increasing raw material prices is imposing challenges to the hosiery industry. Growing consumer awareness towards the quality and prices of various products due to growth in access to various retail formats and online platforms is providing consumers with choice of alternatives. Further, increasing consumer demand for high quality products at cheaper prices is projected to impose challenges for the hosiery products manufacturers. Increasing prices of raw material is shrinking the profit margins of manufacturers. Moreover, intense competition among global and regional players is restricting hosiery manufacturers to increase prices for their products which in turn is restricting new investment for expansion of production capacity of the hosiery products.
The market is highly fragmented in nature. The presence of large well established and regional manufacturers makes the market highly competitive. They compete on the basis of product differentiation and pricing. Some of the major players present in this market are Hanesbrands, Golden Lady, Gilden Activewear, CSP International, Tefron and Wolford AG among others.
- Emerging economies offers huge untapped market potential
- Advancement in technologies provide huge market opportunities
- High competition due to growing international trade
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