The global hosiery market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa, out of which, Europe is predicted to expand with highest market share of around 35.3% in overall hosiery market around the globe by the end of 2024 which is believed to be fostered by the increase in spending on the fashion apparels and accessories. Besides, European hosiery market is witnessing a wide gamut of activities such as launch of high quality and comfortable hosiery products and development of new textile materials. These factors signal promising growth of the Europe hosiery market where U.K., Germany and Italy have the prominent markets in the region. The market of hosiery in Germany is expected to achieve Y-o-Y growth rate of 2.1% in 2024.
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Factors such as high disposable income, vast spending on apparels and presence of many international and domestic vendors in the market is expected to aid the growth of North America with second largest market share in overall hosiery market. Further, Asia Pacific is expected to witness lucrative growth by registering a CAGR of 5.6% over the forecast period where China hosiery market accounted for a leading market share of 22.5% in Asia Pacific hosiery market in 2016.
In the present time, people are getting more serious about their looks and overall appearance, starting from what they wear and how they look. This is one of the major reasons behind the strong growth of fashion & apparel industry around the globe. One among the huge fashion trends is the hosiery segment which is mostly popular amongst the female population especially the ones who want to make a fashion statement based on the look they want, be it a demure look, a seductive or an appealing look. Further, there is a growing fashion consciousness among people, from teenagers to adults along with a growing desire to access designer clothes. In addition to that, the manufacturers are introducing various hosiery products through promotional activities such as fashion shows and advertisements to promote their hosiery products globally. The availability of variants in hosiery with various designs and colors are predicted to augment the growth of the global hosiery market with remarkable revenue of around USD 47,258.1 Million by the end of 2024 from USD 36,100.5 Million in 2016, expanding at a compound annual growth rate of 3.5% during the forecast period.
The global hosiery market has been divided by distribution channel into mass merchants, departmental store, online store and others, out of which, the mass merchants segment is believed to expand with highest market size during the forecast period. The mass merchant segment is followed by the departmental segment with is forecasted to observe a growth rate of 1.2x over the period 2016-2024, whereas the online segment is believed to witness highest CAGR over the forecast period.
The global hosiery market is segmented by gender into men and women, out of which, the women segment held the dominant share in 2016 and is believed to behold its positive growth over the forecast period. The women hosiery segment is expected to reach noteworthy market valuation by the end of 2024 from USD 31,300.2 Million in 2016, whereas the men hosiery segment is predicted to expand with highest CAGR during the forecast period along with Y-o-Y growth of 5.7% in 2024.
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The global hosiery market is divided by product type into socks, tights, leggings, knee highs, opaques, stay-ups, stockings, panty hose, over knees and others, out of which, socks is the highest selling segment followed by tights. Further, the leggings segment accounted for 5.8% market share in 2016 and is likely to account for 5.7% market share by 2024. Moreover, the other hosieries segment is expected to grow at a CAGR of 2.1% over the forecast period and is expected to observe a growth rate of 1.15x over the forecast period.
Some of the affluent industry leaders in the global hosiery market are CSP International Fashion Group S.p.A, Gildan Activewear Inc., Hanesbrands Inc., Golden Lady Company S.p.A, Woldford AG, Donna Karan New York, Trerè Innovation Srl, Carolina Hosiery Inc., Fox River Mills Inc. and Parker Legwear Inc.
The CSP International Fashion Group S.p.A., a European based company primarily engaged in the manufacturing and distribution of stockings, tights, corsetry, underwear, fashion and beachwear products aggressively acquired various companies in the past few years such as Perofil Fashion Srl, Oroblù Germany GmbH and many more that further helped the company to maintain its market position and become a global leader in hosiery and underwear market combined with widening the company portfolio for various business segment.
Moreover, other key and niche players are working towards the expansion of product portfolio by spending huge capital in high quality R&D along with aggressively acquiring small players to grab maximum market share in the global hosiery market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Anil Kumar, Ipsheeta Dash