PUBLISHER: The Business Research Company | PRODUCT CODE: 1436813
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436813
Wool is the soft undercoat of hairy mammals, primarily obtained by shearing fleece from sheep and other animals. It is used for making winter accessories, garments, and blankets.
The main types of wool are categorized as fine wool (less than 25 µ), medium wool (25 to 35 µ), and coarse wool (greater than 35 µ). Fine wool, derived from Merino sheep, is known for its exceptionally small diameter and softness, making it highly valued for producing high-quality textiles and knitting yarns. Sources of fine wool include Merino wool, Peruvian Highland wool, Teeswater wool, Shetland wool, Cashmere wool, and others. These types of wool find applications in various industries, including apparel and interior textiles.
The wool market research report is one of a series of new reports from The Business Research Company that provides wool market statistics, including wool industry global market size, regional shares, competitors with a wool market share, detailed wool market segments, market trends and opportunities, and any further data you may need to thrive in the wool industry. This wool market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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, as well as the warmth and insulation properties of wool. Additionally, tradition and cultural significance, along with the natural and sustainable fiber trend, have contributed to this growth.
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 projected growth in the forecast period is driven by the increasing awareness of sustainable fashion practices, ongoing innovation in wool blends, the growing popularity of outdoor and activewear, global economic growth, and efforts to promote cultural revival and heritage. Major trends expected in this period include a greater emphasis on circular economy practices in the wool industry, a focus on luxury and high-end wool products, the incorporation of wool in sustainable home textiles, the adoption of technology in wool farming practices, and the introduction of biodegradable and compostable wool products to the market.
The anticipated surge in retail sales of clothing is poised to drive the growth of the wool market in the coming times. Clothing retail involves the acquisition of apparel from manufacturers for subsequent sale to consumers. Wool, a widely used fabric in clothing production, stands to benefit from increased customer purchases of woolen garments, thereby escalating the demand for this material. The heightened demand for woolen clothing has the potential to catalyze amplified wool production and sales. Moreover, retail sales specifically focused on woolen clothes play a pivotal role in raising awareness and visibility of wool as a material, further augmenting the demand for various woolen items. The increasing urbanization trend has significantly contributed to the heightened demand for retail clothing sales. For instance, statistics published by the United States Census Bureau in January 2023 revealed significant growth in clothing and clothing accessory retail sales. In June 2022, these sales reached $26.00 billion, marking a substantial 34.11% increase. Hence, the burgeoning growth in retail sales of clothing stands as a key driver behind the expansion of the wool market. As consumer interest in woolen clothing continues to rise, it is expected to spur the demand for wool and its incorporation into various clothing items.
The anticipated rise in the number of sheep is set to drive the growth of the wool market. Sheep, domesticated ruminant mammals belonging to the genus Ovis, play a crucial role in boosting wool production, fostering economic growth, and promoting rural development. This surge in sheep population addresses the escalating demand for wool across various industries, including textiles, apparel, and home furnishings. Wool serves as a renewable resource obtained from sheep without causing harm to the animals, meeting the needs of multiple sectors. For instance, as reported by the International Wool Textile Organization in April 2022, the global sheep population reached a record high of 1.266 billion in 2021. Consequently, the increasing number of sheep remains a driving force behind the growth trajectory of the wool market.
Product innovation is a significant trend in the wool market, with major companies focusing on developing innovative solutions to strengthen their market position. For example, in August 2021, Allbirds Inc., a US-based clothing and footwear company, launched a new range of sporting gear made from merino wool and yarn manufactured from eucalyptus tree pulp. Wool is an excellent choice for sportswear because it can absorb up to 30% of its weight in moisture while regulating temperature. One of the unique features of this product is the inclusion of a carbon footprint number on each item, indicating the amount of carbon emitted during manufacturing. This information highlights the product's environmental impact, especially compared to polyester fiber, which is commonly used in sportswear and has a higher carbon footprint.
Major companies in the wool market are innovating by developing new products, such as advanced digital sourcing platforms, to gain a competitive edge. A digital sourcing platform is an online marketplace or platform that leverages technology to streamline the sourcing and procurement of goods and services. For example, in February 2021, The Woolmark Company, an Australia-based firm that promotes the use of wool and represents the wool industry, introduced wool lab digital. This online resource provides a ranking of the top commercially available wool yarns and fabrics. The platform offers a wide selection of carefully curated, cutting-edge wool-focused yarns, fabrics, and processes, and it is available for free use. Wool lab digital is designed to adapt to market demands and provide a reliable solution that connects and supports the global supply chain. It serves as a valuable tool for industry professionals, enabling them to browse the company's portfolio, create mood boards and sample collections, and research and connect with suppliers.
In July 2022, Indorama Ventures Public Company Limited (IVL), a Thailand-based chemical firm, successfully acquired the wool-spinning operations of Tollegno 1900 S.p.A. in Italy and Poland for an undisclosed sum. This acquisition is strategically aligned with IVL's integrated business platform and is expected to make a significant contribution to the company's wool business within the fibers sector. Furthermore, it will enable Indorama Ventures Public Company Limited (IVL) to expand its presence in the worsted yarn market in Europe and enhance its global reach for wool products through trading companies in America and Asia. Tollegno 1900 is an Italy-based textile company renowned for manufacturing yarns and textiles from wool, cashmere, and technical fibers for the high-end fashion and home furnishings markets.
Major companies operating in the wool market report are Indorama Ventures Public Company Limited, Loro Piana S.P.A., Xinao Textiles Inc., Marzotto Group, Sudwolle 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., Tolaram Group
Asia-Pacific was the largest region in the wool market in 2023. 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.
The countries covered in the wool market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The wool market consists of sales of woolen yarns, woolen clothes, woolen accessories, hard crafts items, quilts, and carpets. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Wool Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on wool market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for wool ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The wool market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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