The worldwide hosiery market was valued at $29.73 bn in 2016, and is projected to reach $43.42 bn by 2025, expanding at a CAGR of 4.3 per cent from 2017 to 2025. A report from Credence Research, Hosiery Market by Product Type – Growth, Future Prospects, Competitive Analysis, 2017 – 2025, the global hosiery market is witnessing growth due to rising concern about personal appearance and grooming. Furthermore, a shift in retail format to hypermarket and supermarket is allowing consumers to select and compare products according to their preferences which in turn is fueling the sales of hosiery products.
Besides this, ecommerce sector has witnessed robust growth in the recent past, which is providing easy access to the consumers to compare hosiery products online. The global ecommerce industry was approximately $22 tr in 2016 and anticipated to witness strong growth during the forecast period. Therefore, says the report, hosiery products are also projected to witness high growth in sales volume through ecommerce platforms. Challenges facing the industry include increasing raw material prices and increasing consumer demand for high quality products at cheaper prices.
The report also found that intense competition among global and regional players is restricting hosiery manufacturers to increase prices for their products which in turn is restricting new investment for expansion of production capacity of the hosiery products.