What Has Been The Historical And Current Growth Of The Wool Market?
The wool market has seen considerable growth due to a variety of factors.
• In the past few years, the wool market has seen substantial growth. It is predicted that the market value will increase from $10.71 billion in 2024 to $11.61 billion in 2025, showcasing a compound annual growth rate (CAGR) of 8.4%.
The surge during the historical period is due to factors like demand from the textile industry, current fashion trends, luxury clothing, the warmth and insulation characteristics of wool, its cultural importance, and the trend for natural and sustainable fibers.
What Does the Future Hold for the Wool Market?
The wool market is expected to maintain its strong growth trajectory in upcoming years.
• The wool market is projected to experience significant expansion in the coming years, with its value predicted to reach $16.3 billion in 2029, reflecting a compound annual growth rate (CAGR) of 8.8%.
The anticipated uptick during the forecasted period is largely due to the growing consciousness about environmentally-friendly fashion, advancements in wool mixtures, the rising trends of outdoor and activewear, worldwide economic development, and initiatives aimed at cultural revival and heritage promotion. Some notable trends for the forecast period encompass the focus on circular economy practices within the wool sector, an increased interest in high-end and luxury woolen items, the integration of wool in sustainable domestic textiles, the application of technology in wool agriculture, and the development of biodegradable and compostable woolen products.
What Are The Key Drivers Fueling Growth In The Wool Market?
The expansion of the wool market is projected to be driven by an increase in retail clothing sales. Cloth retail involves the process of buying apparel from manufacturers and selling it to customers, and wool is commonly used in the production of these garments. As customers buy more wool clothing, it drives up the demand for the fabric, potentially leading to an increase in wool production and sales. Retail sales of wool clothing additionally boost the reputation and visibility of wool as a material, creating a higher demand for woolen products. The rise in urbanization also fuels the demand for retail clothing sales. For instance, a report from the United States Census Bureau published in January 2023 revealed that clothing and clothing accessory retail sales were $26.00 billion in June 2022, which indicates a growth of 34.11%. Hence, the increase in retail clothing sales is stimulating the growth of the wool market.
What Are The Primary Segments In The Global Wool Market?
The wool market covered in this report is segmented –
1) By Type: Fine Wool (= 25 µ), Medium Wool (25 to 35 µ), Coarse Wool (= 35 µ)
2) By Source: Merino Wool, Peruvian Highland Wool, Teeswater Wool, Shetland Wool, Cashmere Wool, Other Sources
3) By Application: Apparels, Interior Textiles
Subsegments:
1) By Fine Wool (= 25 µ): Merino Wool, Superfine Wool, Cashmere
2) By Medium Wool (25 to 35 µ): Medium Merino Wool, Corriedale Wool, Dorset Wool
3) By Coarse Wool (= 35 µ): Crossbred Wool, Coarse Shetland Wool, Longwool Breeds
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Which Key Trends Are Driving Changes In The Wool Market?
The critical trend of product innovations is increasingly becoming popular in the wool market. Key players in the wool market are concentrating on innovating and developing new solutions to fortify their market standing. For instance, in the month of September 2024, Filippa K, a womenswear company based in Sweden, introduced their first line of woolen clothes integrated with next-generation QR codes. This provides traceability data starting from the sheep farm to the final manufactured product. This step is a part of The Fiber Traceability Initiative, a joint initiative by Axfoundation, GS1 Sweden, and VirtualRouteZ, with the primary aim of establishing a sustainable and transparent wool value chain.
Who Are the Key Players in the Wool Market?
Major companies operating in the wool market include:
• Indorama Ventures Public Company Limited
• Loro Piana S.P.A.
• Xinao Textiles Inc.
• Marzotto Group
• Südwolle Group GmbH
• Merinotex
• National Spinning Co Inc.
• Pendleton Woolen Mills
• Icebreaker
• Carolina Mills Inc.
• Botto Giuseppe SpA
• Abraham Moon & Sons Ltd.
• James Johnston & Company of Elgin Limited
• Todd & Duncan Ltd.
• Kentwool Co
• Schoeller GmbH & CoKG
• Bower Roebuck & Co Ltd.
• Jiangsu Unitex Co Ltd.
• Harris Tweed Hebrides
• Amtex Yarn Manufacturing Inc.
• Brown Sheep Company Inc.
• Europa Wools Ltd.
• Tahki Stacy Charles Inc.
• Zegna Baruffa Lane Borgosesia S.p.A.
• The Woolmark Company
• Laxtons Limited
• Blue Sky Fibers Inc.
• Fox Brothers & Co Ltd.
• Zhangjiagang Shepherd Inc.
• Mallalieus Ltd.
• Filatura Di Grignasco Spa
• FRATELLI PIACENZA S.P.A.
What Is The Most Dominant Region In The Wool Market?
Asia-Pacific was the largest region in the wool market in 2024. Western Europe is expected to be the fastest-growing region in the global wool market report during the forecast period. The regions covered in the wool market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
