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Hosiery Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global hosiery products market was valued at USD 8.3 billion in 2022 and is anticipated to register a CAGR of 5.2% from 2023 to 2030. Growing fashion trends and increasing consumer preference for comfortable and stylish clothing are the major factors driving the market. Moreover, with the growing number of e-commerce platforms, the convenience of online shopping has increased, thereby boosting the growth of the market. Furthermore, the increasing demand for organic and sustainable products is likely to propel the demand for hosiery products.
The rising demand for fashion-forward legwear is driving the demand for the market. For instance, in February 2021, Wolford launched a new collection of tights titled ‘Wolford X Marni’. The collaboration between the two brands has resulted in a unique and stylish collection of legwear. Also, the increasing availability of hosiery products in different colors, styles, and prints is expected to further boost the demand. Furthermore, manufacturers are focusing on introducing innovative products, such as seamless hosiery products, to meet the needs of consumers.
The increasing availability and affordability of hosiery products is supporting the growth of the market. Moreover, the increasing focus on convenience, comfort, and style is driving the demand for these products. Additionally, the introduction of new product categories such as maternity hosiery and tights, body shapers, and pantyhose is expected to provide growth opportunities for the market. Furthermore, the increasing number of collaborations between leading companies to introduce innovative products and target new consumer groups is likely to contribute to the growth of the market.
Furthermore, the increasing demand for various luxury hosiery products, such as printed leggings, is likely to drive the market growth in the near future. Moreover, the increasing focus on personalized legwear products is creating growth opportunities for the market. Manufacturers are introducing new products with personalized designs to meet the needs of different consumer groups. Additionally, the increasing preference for environmentally friendly and recyclable products is expected to drive the demand for hosiery products.
Product Insights
The hosiery products market is projected to grow at a steady CAGR of 5.3% during the forecast period. The growing demand for hosiery products has been driven by the increasing fashion trends and the rising focus on physical appearance. The use of hosiery products, such as socks, stockings, tights, and leggings, as fashion accessories has increased over the years. According to a survey conducted by GFK, in 2019, about 60% of respondents said that they wear hosiery products to look more stylish. In addition, the increasing disposable income of consumers, the growing popularity of athleisure, and the rising awareness among individuals regarding the importance of comfort and convenience are some of the key factors driving the market.
Furthermore, the rising demand for hosiery products, such as compression stockings, to prevent and treat medical conditions is another factor driving the growth of the market. According to an article published by the American Academy of Orthopaedic Surgeons, in December 2019, compression stockings are used to help relieve the symptoms of varicose veins, deep vein thrombosis, and other medical conditions. In addition, the increasing demand for eco-friendly hosiery products, such as bamboo and organic cotton, is also driving the growth of the market.
Distribution Channel Insights
The department stores segment held a significant market share in 2022, accounting for a revenue share of over 25.2%. The presence of a wide range of hosiery products such as socks, stockings, and hosiery accessories, along with attractive discounts on multiple products, is expected to drive the segment growth. Department stores offer customers with a wide range of options to choose from, thereby driving the segment growth. For instance, according to a study by Euromonitor International in 2020, department stores are the top choice of consumers for buying hosiery products in the US.
The online segment is anticipated to expand at the highest CAGR of 11.4% over the forecast period. The growth of the segment is driven by the increasing popularity of online shopping. Consumers prefer online shopping as it offers convenience and a wider selection of products to choose from. In addition, online retailers offer attractive discounts and promotional offers, which further drives the segment growth. For instance, in November 2020, Amazon launched a new hosiery product line for men. The product line offers a selection of socks, stockings, and hosiery accessories.
Type Insights
The hosiery products market is bifurcated into two segments, namely, mass and premium. The mass segment held the largest revenue share of 74.4% in the year 2022. The hosiery products in the mass segment are low-priced, which makes them accessible to a large number of consumers. The increasing disposable income of the middle-class population in developing nations such as China and India is boosting the demand for mass hosiery products. Furthermore, the rising demand for fashionable and low-cost hosiery products from the younger generation is expected to propel the market.
The premium segment is expected to register the highest CAGR of 8.5% over the forecast period. The premium segment includes luxury hosiery products, which are made using high-end fibers and fabrics. The increasing popularity of luxury brands such as Nike and Puma is bolstering the market for premium hosiery products. The emerging trend of athleisure and the rising trend of online shopping are also driving the demand for premium hosiery products. Additionally, the increasing acceptance of luxury brands among men is propelling the market for premium hosiery products.
Regional Insights
Europe dominated the market and accounted for the largest revenue share of over 41.7% in 2022. Rising demand for fashionable, comfortable, and eco-friendly hosiery products is driving the market growth in the region. A steady shift in consumer preference towards fashion-oriented products, such as stockings and socks, is also playing a key role in the growth of the market. For instance, in October 2020, Falke, a German hosiery brand, launched a new collection of sustainable hosiery products.
Asia Pacific is expected to witness the fastest growth in the coming years. Increasing demand for fashionable hosiery products, such as leg warmers, tights, and leggings, is a major factor driving the market in the region. Growing awareness regarding the benefits of hosiery products, such as improved posture and comfort, is further driving the market in the region. Moreover, the presence of a number of local players, such as MeMoi, Fogal, and Hanes, is also contributing to the growth of the market. For instance, in January 2022, Fogal launched a new collection of tights and leggings in the Asia Pacific region.
Financial Projections
In this part of the hosiery products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your hosiery products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenues for a hosiery products business come from sales of products, wholesale distribution, and custom orders. Here you will find a list with a description of each of them and other possible sources of profit such as sales from online stores, subscription services, and marketing partnerships.
Projecting Expenses
In this section, all the regular expenses related to keeping the hosiery products business running will be described. The list of operating expenses includes costs for materials, labor, shipping, packaging, advertising, and others. Additionally, you should include taxes, licenses and permits, insurance policies, and other miscellaneous expenses.
Key companies & market share insights
Some of the key companies operating in the hosiery products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Nike Inc. launched the Nike Pro hosiery collection, which includes a range of leggings, shorts, and sports bras designed for athletes.
– In August 2022, Adidas AG launched the Boost hosiery collection, which includes a range of compression leggings, shorts, and sports bras designed for athletes.
– In October 2022, Hanesbrands Inc. launched the ComfortFlex Fit collection, which includes a range of leggings, shorts, socks, and tights designed for everyday comfort.
Some of the prominent players in the hosiery products market include:
– Hanesbrands Inc.
– Nike Inc.
– Adidas AG
– Fossil Group Inc.
– VF Corporation
– Spanx Inc.
– Uniqlo Co Ltd.
– Lululemon Athletica Inc.
– Kering SA
– PVH Corp.
Global Hosiery Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global hosiery products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Socks
– Tights
– Leggings
– Stockings
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of the Hosiery Products Market?
[A]: Factors such as increasing health awareness, rising disposable income, and changing fashion trends are expected to drive the global hosiery products market. Additionally, the growing demand for eco-friendly and sustainable products, such as bamboo and organic cotton hosiery, is expected to further support the growth of this market.
[Q]: Which Regions are Expected to Generate the Most Revenue?
[A]: Asia Pacific is expected to be the largest regional market for hosiery products, owing to the increasing disposable income of the population and changing fashion trends. Additionally, the rising demand for eco-friendly and sustainable products is also expected to support the growth of the market in this region.
[Q]: What are the Major Challenges Facing the Hosiery Products Market?
[A]: The major challenges facing the hosiery products market include the increasing production costs due to the rising prices of raw materials and limited availability of skilled labor. Additionally, the growing competition from counterfeit products is also likely to hamper the growth of the market.
[Q]: Which Companies are Leading the Hosiery Products Market?
[A]: Major players in the global hosiery products market include Golden Lady Company S.p.A., Gildan Activewear Inc., Fruit of the Loom Inc., Hanesbrands Inc., and Calvin Klein Inc.
[Q]: What are the Key Trends in the Hosiery Products Market?
[A]: Key trends in the hosiery products market include the rising demand for eco-friendly and sustainable products, the increasing use of online channels for sales and distribution, and the growing demand for customized products. The increasing trend of athleisure is also expected to drive the growth of the market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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