A growing millennial population with strong preferences and brand choices has redefined the paradigms of the consumer products sector and manufacturers of different consumer products are implementing innovative marketing strategies to woo this lucrative customer segment. With the millennial population especially in countries of North America and Europe resorting to multiple activities in adventure sports, trekking, cycling, and water sports, the demand for waterproof socks is at an all-time high. Being sweat, water, and odour resistant, waterproof socks are a big hit with sports enthusiasts and have varied applications in different kinds of sports activities.
A new research study, predicts consistent growth in revenue of the global waterproof socks market, owing to rising adoption by consumers. According to the report, global sales of waterproof socks are expected to reach $25 mn in 2019. Among the different types of waterproof socks, mid-calf length socks are anticipated to record the highest sales while adoption of waterproof socks will remain the highest among cycling enthusiasts. The report further projects that women will be the largest end users of waterproof socks, projecting high demand and adoption.
Factors impacting revenue growth
Over the years, there has been a rise in the number of participants as well as audiences for various adventure sports, which include mountain biking, paragliding, water sports, trekking as well as snow sports. Nowadays, customers are seeking ways to ensure safety while participating in various sports activities, due to which they are looking for products or gear to ensure protection while engaged in sports activities. This factor has led to a surge in demand for various types of waterproof socks in the sports industry, which include mid-calf length waterproof socks, ankle-length waterproof socks as well as calf-length waterproof socks, as they provide complete resistance to water. Countries such as the US, Canada, Germany, Italy, and the UK are known for the high rate of participation in adventurous sports and these countries account for a higher volume share of the global waterproof socks market.
The world has been enduring monsoons on a regular basis, which is unfavourable for travellers and commuters. Waterproof socks make it more comfortable for those travelling during the monsoon season. Hence, the demand for waterproof socks, especially ankle-length waterproof socks during the monsoons is expected to drive the overall waterproof socks market.
As these products are new entrants in the global market, online marketing is expected to play an important role in creating traction among the target segments. With surging rate of internet penetration in major parts of the world, several e-commerce platforms are expected to play a key role in promoting the top features of various waterproof socks at the global level. Owing to this fact, some of the leading waterproof socks manufacturers aim at going online by promoting and selling new variants of waterproof socks through various e-commerce as well as social media channels.
One of the key factors that have been driving the global waterproof socks market is the continuous launch of new products by manufacturers. Catering to the various needs and requirements of target customers, waterproof socks manufacturers are leveraging technology to add new features to their existing product lines. This has boosted the customer base in the global waterproof socks market. For instance, in 2017, SealSkinz, one of the key players in the global waterproof socks market, launched super thin-layered waterproof socks under its own brand name for the North American market. In 2018, Bridgedale Outdoor Ltd., another marquee player in the global waterproof socks market, launched windproof breathable and waterproof socks under the brand name of StormSocks.
“Rising concerns over personal hygiene is another revenue booster in the waterproof socks market. Waterproof socks are anti-bacterial in nature and have a high hygiene quotient, preventing bacteria from entering the feet during outdoor activities. This reduces the chances of any infection of the feet caused due to bacteria. Healthcare professionals are urging people to shift to waterproof socks owing to the beneficial properties. This is pushing revenues in the global market,” says Lead Analyst – Retail & Consumer Products, Future Market Insights.
Key Players in the Waterproof Socks Market
Some of the key players profiled in the global waterproof socks market study include Sealskinz; Happy Socks; DexShell; Wigwam Corporation; Camaro GmbH; Randy Sun; Bridgedale Outdoor Ltd.; Okamoto Corporation; Recreational Equipment, Inc.; The Showers Pass; Injinji; Rocky; Seavenger; Neo Sport; Footland Inc.; Lennon Performance Products Ltd.; The Sock Factory; Northern Diver; Wrightenberry Mills, Inc. and Wildfire Sports & Trek.