Uploaded on Apr 8, 2024
In the bustling world of fashion and comfort, the hosiery market stands out as a vibrant and thriving industry. From Ludhiana, the heart of India’s hosiery manufacturing hub, to global players, hosiery products have secured a significant place in wardrobes worldwide. Let’s delve into the fascinating world of the hosiery market, exploring trends, insights, and lucrative opportunities.
insights into the hosiery market
Hosiery Market Trends: Growth, Innovation and the Future Outlook In the bustling world of fashion and comfort, the hosiery market stands out as a vibrant and thriving industry. From Ludhiana, the heart of India’s hosiery manufacturing hub, to global players, hosiery products have secured a significant place in wardrobes worldwide. Let’s delve into the fascinating world of the hosiery market, exploring trends, insights, and lucrative opportunities. Understanding the Hosiery Market Landscape The hosiery market encompasses a diverse range of products, including socks, stockings, tights, and leggings, catering to both fashion-conscious consumers and those seeking functional comfort. In India, particularly in Ludhiana, hosiery manufacturing thrives, contributing significantly to the country’s apparel and textile industry. The hosiery market is a niche segment within the broader apparel and textile market. It shares many similarities in terms of raw materials, consumer trends, and distribution channels, but also has its own unique drivers focused on legwear functionality and specific needs. Hosiery Market Size and Market Growth Rate The global hosiery market is expected to reach the Textile Market size of USD 44.2 billion by 2025, growing from USD 36.2 billion in 2020. The compound annual Textile Market growth rate (CAGR) of 4.0% during the forecast period (2020–2025). Hosiery Market Trends The apparel and textile market trends in the hosiery industry are: · Growing Importance of Durable and Comfortable Hosiery: The market is expected to reach USD 44.2 billion by 2025, driven by the increasing demand for hosiery as a comfortable and durable clothing option, particularly for sports professionals. · Rising Demand for Functional and Fashionable Hosiery: Consumers are looking for hosiery that is both stylish and functional. This is reflected in the popularity of products like striped tights, python print tights, and patterned socks. · E-commerce Boom: The shift towards online shopping is a major factor influencing the market growth. Easy access and convenience offered by online retailers are propelling sales of hosiery products. · Health Benefits Awareness: A growing number of people are recognizing the health benefits of hosiery, such as improved blood circulation, prevention of fungal infections, and even varicose vein prevention. · Non-Sheer Hosiery Dominates, Sheer Hosiery Growing Fastest: Non-sheer hosiery products account for the largest market share (85.7%) due to their comfort and practicality, preferred by sports professionals, nurses, and for casual wear. Sheer hosiery is expected to be the fastest-growing segment with a CAGR of 4.0% from 2019 to 2025, driven by rising interest among millennials who often combine them with socks. · Women’s Hosiery Leads, Men’s Segment Catching Up: The women’s application segment holds the largest share (82.0%) due to the wider variety of colours, designs, and use cases for hosiery among women. However, the men’s segment is projected to be the fastest growing market with a CAGR of 4.0% from 2019 to 2025, fueled by the growing athleisure trend and rising acceptance of products like weather-adaptive tights for men. · Regional Growth: North America is the current leader (37.4% share) due to high consumer demand for stylish and comfortable hosiery. However, Asia Pacific is expected to witness the fastest growth (CAGR of 4.0% from 2019 to 2025) driven by rising disposable income, increasing interest in sports apparel, and growing awareness about fitness, especially in developing countries like China and India. Major Players in the Hosiery Market The hosiery market is a competitive landscape with numerous players, both established brands and private label companies. The key players, but it’s important to note that specific textile market share statistics for individual companies are not available in the report: · Gildan Activewear Inc. (Canada) — Known for their activewear apparel, including socks and hosiery. · Hanesbrands Inc. (US) — A leading manufacturer of innerwear and hosiery under brands like Hanes, Bali, and Champion. · Spanx, Inc. (US) — Specializes in shapewear and hosiery known for its innovative comfort features. · Golden Lady Company SpA (Italy) — A major player in the European hosiery market with a focus on women’s hosiery. · CSP International Fashion Group S.p.A. (Italy) — Offers a wide range of hosiery products under various brands. · Adidas America Inc. (US) — A prominent sportswear brand with a strong presence in the hosiery segment, particularly for athletic socks. · Jockey International, Inc. (US) — Well-known for its innerwear and hosiery products for men, women, and children. Hosiery Business Hosiery Market Segmentation The global hosiery market is segmented by product, application, and region. Here are the segments of the apparel and Textile Market segmentation: Product: ● Non-Sheer Hosiery: This segment accounted for 85.7% of the Textile market share. It includes popular items like ankle socks, dress socks, and training socks, favored for their comfort and practicality by athletes, professionals (e.g., nurses), and for casual wear. ● Sheer Hosiery: Though holding a smaller share, this segment is expected to grow the fastest at a CAGR of 4.0% from 2019 to 2025. This growth is attributed to rising interest among millennials who often combine sheer hosiery with socks for a specific look. Application: ● Women’s Hosiery: This segment held the largest share at 82.0%. The wider variety of colors, designs, and functionalities of hosiery for women (e.g., workouts, professional wear) contribute to this dominance. ● Men’s Hosiery: While holding a smaller share currently, the men’s segment is projected to be the fastest growing with a CAGR of 4.5% from 2019 to 2025. This growth is fueled by the increasing popularity of athleisure wear among men and the rising acceptance of innovative products like weather-adaptive tights. Region: ● North America: This region accounted for 37.4% of the market share in 2018. High consumer demand for stylish and comfortable hosiery products drives the market here. ● Asia Pacific: Expected to witness the fastest growth at a CAGR of 4.0% from 2019 to 2025. This growth is driven by rising disposable income, increasing interest in sports apparel, and growing awareness about fitness, especially in developing countries like China and India. Read More- Decoding Growth: Asia-Pacific Apparel & Textile Insights Ludhiana: A Hub of Hosiery Excellence Ludhiana, often referred to as the “Manchester of India,” boasts a vibrant hosiery industry, with numerous companies manufacturing high-quality hosiery products. The city’s skilled workforce, coupled with state-of-the-art manufacturing facilities, positions Ludhiana hosiery as a key player in India hosiery market. Exploring Business Opportunities For entrepreneurs and businesses looking to venture into the hosiery market, India offers immense potential. Establishing a hosiery business in Ludhiana or other manufacturing hubs can be a lucrative endeavor, tapping into the growing demand for hosiery products both domestically and internationally. Hosiery Market Future Outlook, Challenges and Opportunities The global hosiery market is expected to exhibit steady growth in the coming years, driven by several factors. The future outlook, challenges and opportunities in apparel and textile industry: Future Outlook: ● Market Size: The market is anticipated to reach USD 44.2 billion by 2025, growing from USD 36.2 billion in 2020 at a CAGR of 4.0%. This indicates continued consumer demand for hosiery products. ● Shifting Consumer Preferences: Growing awareness of the health benefits of hosiery (improved circulation, fungal infection prevention) and the increasing popularity of athleisure wear are expected to fuel market growth. ● E-commerce Boom: The rising convenience of online shopping is projected to further drive sales, especially for younger demographics. Challenges: ● Economic Fluctuations: Economic downturns can impact consumer spending, potentially slowing down market growth. ● Competition: The hosiery market is quite competitive, with numerous private-label brands vying for market share. This can lead to price wars and pressure on profit margins. ● Sustainability Concerns: Consumers are becoming more environmentally conscious. Meeting these demands may require manufacturers to invest in sustainable materials and production processes, potentially increasing costs. Opportunities: ● Product Innovation: Developing innovative products with features like weather-adaptive fabrics, stronger elasticity for improved circulation, and antimicrobial finishes can attract new customers. ● Expanding Markets: Growing disposable income and rising interest in sports apparel in developing economies like China and India present significant growth opportunities. ● Plus-Size Market: The growing acceptance of plus-size clothing creates an opportunity for hosiery manufacturers to cater to this segment with a wider range of sizes and styles. Conclusion The hosiery market presents a wealth of opportunities for businesses, entrepreneurs, and manufacturers alike. With evolving consumer preferences, technological advancements, and a growing emphasis on comfort and style, the hosiery industry continues to thrive. Whether it’s Ludhiana’s bustling manufacturing scene or global players innovating in design and technology, the hosiery market is poised for continued growth and success. Read More- Deciphering the Trends in the Apparel and Footwear Industry
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