The Global Waterproof Socks Market was valued at US$ 49,181.9 Million in 2022 and is expected to reach US$ 91,885.1 Million by 2030, witnessing a CAGR of 8.13% over the forecast period (2023-2030), according to Waterproof Socks Market Report, by Gender (Male and Female), by Age Group (Up to 15 years, 15 to 30 years, 30 to 45 years, 45 to 60 years, and above 60 years), and by Distribution Channel (Supermarket, Hypermarket, Specialty Stores, Convenience Stores, and Others).
Waterproof socks prevent penetration of water, thereby, keeping the feet dry. They can also provide breathability, protection from wind, and thermal protection. They are mainly used during activities such as rafting, rainforest trekking, mountaineering, mountain biking, snow sports, and other outdoor activities. Growing number of people opting for vacations involving outdoor activities and adventure activities such as hiking, mountaineering, and rafting is propelling growth of the waterproof socks market. Low market penetration in developing countries such as Brazil, India, Argentina and China amongst others, is one of the barrier to the waterproof socks market growth.
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Key Trends and Analysis of the Waterproof Socks Market:
- Among gender segments, the males segment is the largest segment, as males are more active in outdoor activities as compared to females. For instance, according to Sports England, a public body under the Department for Culture, Media, and Sport, 65% of males are engaged in outdoor activities such as mountaineering in the U.K.
- Among age groups, the 30-45 age segment was the largest segment, owing to high participation of people aged between 30 and 45 years, in outdoor recreational activities. For instance, according to Indian Brand Equity Foundation, India, one of the oldest civilisations in the world, is a multicultural melting pot. The nation is one of the most well-liked tourist destinations globally, owing to its extensive attractions and rich heritage. From the snow-capped Himalayas in the north to the tropical rain forests in the south, India spans an area of 3,287,263 sq. km. The country’s tourism industry has grown significantly due to its rich culture and diversified ecology. India's tourism sector ranks eighth in Gross Domestic Production (GDP) contribution. The revenue of India’s tourism industry stood at US$ 247.3 billion in 2018, representing a 6.7% increase as compared to the previous year and contributing 9.2% of the entire economy. The sector was also one of the largest foreign exchange earners (FEEs). .
Key Takeaways of the Market:
- According to study, Asia Pacific accounted for the largest market share of 40% in terms of revenue in the global waterproof socks market in 2022. This is attributed to increasing demand for waterproof socks in snow sports, hiking, and trekking coupled with growing inclination towards these sports in the region. For instance, according to a report published on Special Interest Sector by New Zealand Tourism, in March 2021, 73% of holiday visitors are estimated to be participated in walking and hiking activities over the last three years in the region.
- Europe is the second-largest waterproof socks market due to the high participation of the populace in outdoor recreational activities such as walking, camping, mountaineering, mountain biking, orienteering, running, and snow sports. For instance, According to the EU tourism industry on 18 January 2023, seems to be strongly rebounding from the COVID-19 pandemic. The total number of nights spent in tourist accommodation in 2022 was close to the pre-pandemic level (2.72 billion nights in 2022 compared with 2.88 billion in 2019; -5.6%). This represents substantial increases compared with the number of nights spent in 2020 and 2021 (1.42 billion in 2020, 1.83 billion in 2021; +91.1% and +48.3% in 2022, respectively).
- In the course of 2022, monthly tourism figures increased continuously and finally approached the levels of the corresponding months in 2019. Compared with the pre-summer first half year of 2019 (January–June), in the same period of 2022, nights spent in tourist accommodation were down by 11.0%. Meanwhile, the period July-December closely mirrored 2019 levels of nights spent (-1.9%). Key players operating in the global waterproof socks market include DexShell, Sealskinz, Showers Pass, Rocky, Wigwam Corporation, Camaro GesmbH, Randy Sun, Seavenger, Neo Sport, and NRS.
