WATERPROOF SOCKS MARKET ANALYSIS

The waterproof socks market was valued at US$ 49,181.9 million in 2022 and is projected to register a CAGR of 8.13% and expected to reach at US$ 91,885.1 Million during the forecast year (2023- 2030).

Waterproof socks are socks equipped with a membrane that is resistant to water penetration. They are usually made up of three layers, wherein, the outer layers prevents abrasion by shoes, the inner layer provides insulation and comfort, and the middle membrane prevents water penetration from outside and provides breathability by allowing the vapour to pass outside. Waterproof socks are breathable, stretchable, flexible, windproof, provide thermal protection, and prevent the feet from getting wet. They are used for outdoor activities such as hiking, mountaineering, cycling, and working in the rains.

Driver:

Growing demand for multifunctional apparel and accessories

Growing demand for multifunctional apparel and accessories with properties such as windproof, waterproof, and breathable for outdoor activities such as snow sports as well as growing popularity of ecotourism are driving growth of the market for waterproof socks. The recent past has witnessed a trend of increasing consumer inclination towards anti-microbial waterproof socks such as Dexshell Coolvent, Hydroskin Wet Socks, in turn, fueling the growth of the waterproof socks market.  Low market penetration in developing countries such as Brazil, Mexico, India, Thailand, Peru and others is one of the challenge to the waterproof socks market.

Among gender segments, the male segment accounted for the highest market share in 2022 due to high inclination of the male population towards outdoor activities such as hiking. For instance, according to Survey of Department of Conservation, New Zealand Tourism, in October 2022, During 2021/22 (July to June), 80% of respondents reported visiting1 Protected Natural Areas (PNAs) at least once in a normal year. 75% reported visiting Protected Heritage Places (PHPs) at least once in the same period.2 NZers who reported heading outdoors to visit protected places (PNAs or PHPs) increased; from July 2021 to June 2022, the proportion of NZers visiting PNAs each month went from 42% to 50%, respectively. For the same period, the proportion of New Zealanders who reported visiting PHPs also increased from 29% to 34%. This has taken place amid COVID – including a national lockdown from Aug-Sep 2021, and various disruptions under the COVID-19 Protection Framework in 2022.

Restraint:

High cost base material for production

Waterproof socks are used in water sports, hiking, trekking, and walking and these socks provide high protection against water. Waterproof socks are made with strong base material such as thick wool, which is high in cost. Polycolon fabric and bamboos are some of high-end base material, which is used in production process and this high production cost will reflect overall cost of product. By using low cost base material manufacturer can counter this factor in global waterproof market.

Segmentation Analysis:

The global waterproof socks market is segmented on the basis of gender, age group, distribution channel. By age gender it is classified into male and female, by age group it is classified into up to 15 years, 15-30 years, 30-45 years, 45-60 years, Above 60 years. By distribution channel it is classified into supermarket, hypermarket, speciality stores, convenience stores, online channel. Region wise the global waterproof socks market analysis conducted across Asia Pacific, North America, Latin America, Middle East, Africa, Europe.

Regional Analysis:

Asia Pacific was the largest market for waterproof socks due to increasing popularity of snow sports, hiking, and trekking in the region. Europe is the second-largest market for waterproof socks, as winter sports and mountain sports are very popular, especially in the Northern and Western Europe. Increasing popularity of outdoor recreational activities and winter sports such as ice skating, skiing, sledding, snowboarding, and snowmobiling in North America, position it as a highly lucrative market for waterproof socks. Around 61 million skiers and snowboarders visited the U.S. during 2021-2022 as per stats released by National Ski Areas Association (NSAA). NSAA divides the country into six regions. The Rocky Mountain region reported a record high number of skier visits, totaling 25.2 million visits. Other regions with increases in season-over-season skier visits were the Northeast, Midwest and Pacific Southwest. Only two regions – the Southeast and Pacific Northwest – reported decreases in skier visits compared to 2020-21.

Asia Pacific held the largest revenue share of 40% in 2022 and is expected to retain its dominance over the forecast period

Figure 1. Global Waterproof Socks Market Share, by Region, 2022

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Figure 2. Global Waterproof Socks Market Share, by distribution channel, 2022

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Social media branding, door step delivery are the key factors, due to which e-commerce business is growing at high rate. Speciality stores and convenience store are expected to grow at stable rate. Customers these days are more interested to check the products online rather than wasting time in convenience store.

Global Waterproof Socks Market- Impact of Coronavirus (Covid-19) Pandemic

COVID-19 largely affected global waterproof socks market as lockdown was imposed all over the globe. Due to lockdown manufacturing and production process were shut down and demand for waterproof socks declined in pandemic. Strict regulations were imposed such as ban on travelling, social distancing in pandemic. However, after pandemic, the demand for waterproof socks is increasing now people are going out and enjoying their life after COVID-19. Pandemic has a negative effect on global waterproof market but now this market is growing.

Recent Development:

On 26 February 2023, Seavenger, a waterproof accessories company, entered into a partnership with project AWARE. This project conducted by attending beach clean-ups, fundraiser, and community events thought out the year.

On June 2020, Wigman mills opens U.S. factory and emerges with new leadership, the Wigwam Board of Directors announced that leadership of the 115-year old brand has shifted to the fourth-generation siblings Chris Chesebro and Margaret Newhard, Both Chesebro and Newhard have been working at Wigwam for over a decade.

Market Players:

The market players operating in the waterproof socks market are adopting various strategies such as new product launches to retain a strong foothold in the market.

Key players operating in the waterproof socks market include DexShell, Sealskinz, Showers Pass, Rocky, Wigwam Corporation, Camaro GesmbH, Randy Sun, Seavenger, Neo Sport, and NRS