The Wool Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Wool Global Market Report 2024, The wool market size has grown strongly in recent years. It will grow from $10 billion in 2023 to $10.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to textile industry demand, fashion trends and luxury apparel, warmth and insulation properties, tradition and cultural significance, natural and sustainable fiber trend.
The wool market size is expected to see strong growth in the next few years. It will grow to $14.95 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to rising awareness of sustainable fashion, innovation in wool blends, outdoor and activewear trends, global economic growth, cultural revival and heritage promotion. Major trends in the forecast period include emphasis on circular economy practices in the wool industry, focus on luxury and high-end wool products, incorporation of wool in sustainable home textiles, adoption of technology in wool farming, introduction of biodegradable and compostable wool products.
Growth in retail sales of clothes is expected to propel the growth of the wool market going forward. Cloth retail is the business of purchasing clothing from manufacturers and selling it to customers. Wool is a popular fabric used in the production of clothes. Customers purchasing wool clothing raises demand for the material, which might lead to an increase in wool production and sales. Furthermore, retail sales of wool clothes can increase awareness and visibility of wool as a material, hence increasing demand for more woolen items. Furthermore, growing urbanization has boosted demand for clothing retail sales. For instance, in January 2023, according to a statistical report published by the United States Census Bureau, a principal agency of the US Federal Statistical System, clothing and clothing accessory retail sales were $26.00 billion in June 2022, representing a 34.11% growth. Therefore, the growth in retail sales of clothes is driving the growth of the wool market.
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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
Major companies operating in the wool market are developing new products such as advanced digital sourcing platform to gain a competitive edge in the market. A digital sourcing platform refers to an online, technology-driven marketplace or platform that facilitates the process of sourcing and procuring goods and services. For instance, in February 2021, The Woolmark Company, an Australia-based company that promotes the use of wool and represents the wool industry launched wool lab digital. The wool lab digital is an online resource that offers a ranking of the top wool yarns and fabrics that are sold commercially. This platform offers an extensive selection of carefully chosen, cutting-edge wool-focused yarns, fabrics, and processes, and it is free to use. The wool lab digital is made to adapt to the shifting demands of the market and offer a reliable solution that keeps the worldwide supply chain connected and supported. It is an invaluable tool for professionals in the field, allowing them to look through the company’s portfolio, make their own mood boards and sample collections, and investigate and meet suppliers.
The wool market report table of contents includes:
1. Executive Summary
2. Wool Market Characteristics
3. Wool Market Trends And Strategies
4. Wool Market – Macro Economic Scenario
5. Global Wool Market Size and Growt
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26. South America Wool Market
27. Brazil Wool Market
28. Middle East Wool Market
29. Africa Wool Market
30. Wool Market Competitive Landscape And Company Profiles
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