Feb 11, 2021/IndustryNewsGlobal/--The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Hosiery Market.
It was estimated prior to this unanticipated outbreak Hosiery Market will reach CAGR of 2.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Hosiery Market Insights
Hosiery market is likely to witness a CAGR of 2.8% during the forecast period. The growing demand for hosiery is mainly due to increasing population and adoption of hosiery as a material for cloths. Increased comfort and durability of fabrics is giving an impetus to the hosiery market.
Market Share Analysis
Hosiery Market Share: By End-User Type
Based on the end-user type, the market is segmented as men and women. The women segment held the larger share of the market in 2020, and is expected to remain dominant during the forecast period. Women have been using hosiery since the end of the 70’s decade and lot of hosiery products being available for women in the market drives the growth of the segment.
Hosiery Market Share: By Distribution Channel Type
Based on the distribution channel type, the hosiery market is segmented as online and offline. The offline segment leads the market owing to increase in population and growing spending power of people, which is giving rise to the opening of various shopping malls and super/hyper markets all over the world.
Hosiery Market Share: By Region
In terms of regions, Europe is estimated to be the largest and Asia-Pacific to be the fastest-growing market for hosiery during the forecast period, with France, Germany, Croatia and Spain being the major countries offering lucrative growth opportunities. The growth of the region’s market is driven by increasing preference of millennials for aesthetic appearance and grooming. Increasing awareness of people regarding durability, quality, style, and fashion further boosts the demand for hosiery in the market over the forecast period.