Enjoy complimentary customisation on priority with our Enterprise License!
The wool market size is forecast to increase by USD 13.2 billion at a CAGR of 6.02% between 2023 and 2028. The market is experiencing significant growth, driven by several key trends and challenges. Millennial consumers, with their preference for high-quality, sustainable, and traceable textiles, are fueling the demand for luxury wool products. Wool's biodegradable and organic carbon qualities align with their eco-consciousness. Urbanization and population growth in developing countries are increasing the demand for woolen clothing, particularly in Asia and South America. However, challenges persist, such as limited access to raw materials and the need for innovative wool blends to cater to diverse consumer preferences. As the global population becomes more affluent, the demand for premium woolen textiles is expected to rise, making it a lucrative market for manufacturers and retailers alike.
Wool is a natural, sustainable fiber derived from the fleece of sheep and other animals, including Merino, crossbred, specialty wools such as cashmere, angora, mohair, alpaca, and others. These wools are produced in various regions, including Colorado, Peru, Tanzania, and Australia, through sheep rearing and wool farming. Wool's cultural significance spans centuries, making it a popular choice for clothing, woolen yarns, woolen clothes, woolen accessories, quilts, and carpets. Merino wool, known for its fine quality and softness, is a popular choice for high-end clothing. Crossbred wool offers a blend of Merino and other breeds, providing strength and durability. Specialty wools like cashmere, angora, mohair, and alpaca are prized for their unique textures and insulating properties.
Similarly, synthetic alternatives have emerged in recent years, but wool remains a preferred choice for millennial consumers due to its natural, biodegradable properties and the keratin fibers that provide excellent insulation and moisture management. Woolen yarns and woolen clothes continue to be in demand, with woolen accessories, quilts, and carpets also gaining popularity.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The apparels segment is estimated to witness significant growth during the forecast period. The market holds a culturally significant and sustainable position in the global textile industry, particularly in Colorado and regions with a strong sheep farming heritage. Wool, a natural fiber from the Ovis genus, is renowned for its durability, breathability, and insulation properties. In the apparel sector, wool is utilized extensively in various industries such as fashion, home furnishings, and sports apparel.
Further, one popular category within the market is sweaters. Wool sweaters offer exceptional insulation, keeping the body warm while allowing the skin to breathe. Brands like Aran Sweaters Direct and Icebreaker provide a diverse selection of wool sweaters, catering to both casual and formal wear preferences. The versatility and natural benefits of wool make it a preferred choice for clothing, contributing to its continued popularity in the global market.
Get a glance at the market share of various segments Request Free Sample
The apparels segment was valued at USD 22.20 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
Wool, a natural and sustainable fiber derived from the Ovis genus of sheep, holds cultural significance in various countries, particularly in Colorado and those in the Asia-Pacific (APAC) region. Wool producers in these regions have seen increasing demand for their products due to the growing middle class and changing fashion trends. Notable consumers include China, India, and Japan, with China being the world's largest importer of wool.
Further, in 2021, China's import of Australian wool increased by 4.76% compared to the previous year, reflecting the significant role of this fiber in their clothing industry. The APAC market for wool is expected to grow further, as disposable income rises and consumers seek high-quality textiles. Synthetic alternatives have not diminished the appeal of wool, as its natural insulation and breathability continue to make it a preferred choice for clothing.
Our wool market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing woolen exports from emerging economies is the key driver of the market. The market is experiencing substantial growth due to the rising production and exports from emerging economies, particularly China, India, and South Africa. These countries are capitalizing on their favorable climates, cost-effective labor, and expanding wool processing capabilities. For instance, China is a major exporter of woolen textiles and garments, bolstering its position in the global market. South Africa, renowned for its fine Merino wool, has seen an increase in exports to premium markets in Europe and North America.
In addition, India, with its rich tradition in woolen craftsmanship, is also gaining traction in international markets due to the rising demand for its high-quality woolen products. Specialty wools such as Cashmere, Angora, Mohair, and Alpaca are also contributing to the market growth, catering to niche consumer preferences.
The increasing preference for innovative wool blends is the upcoming trend in the market. Wool, a natural fiber renowned for its insulation, breathability, and moisture-wicking properties, is increasingly being blended with synthetic and other natural fibers to create innovative textile solutions. Merino wool, a fine and soft breed, is frequently combined with polyester to produce durable, lightweight, and quick-drying fabrics suitable for outdoor and athletic wear. Crossbred wool, such as wool-silk or wool-mohair, results in luxurious textiles that merge the softness and sheen of silk or the lustrous quality of mohair with wool's warmth and resilience.
Further, wool-nylon blends are commonly utilized in socks and outerwear, offering enhanced elasticity and abrasion resistance. Specialty wools like cashmere and angora add extra softness and warmth, while synthetic fibers contribute to improved performance and functionality. These blends cater to diverse market segments, from high-end fashion to performance apparel, making wool a versatile and sought-after fiber in the textile industry.
The limited access to raw materials is a key challenge affecting the market growth. The market faces challenges due to limited access to raw materials, particularly as the global sheep population continues to decline. Factors such as urbanization, changing consumer preferences, and the availability of synthetic fibers have contributed to this trend. This situation poses significant challenges for businesses in the wool industry, which heavily rely on a consistent supply of high-quality wool to meet customer demands. Merino wool, crossbred wool, specialty wools such as cashmere, Angora, Mohair, and Alpaca, are all in demand for their unique properties. However, the availability of these wools is becoming increasingly limited due to the decreasing sheep population.
Further, this shortage of raw materials may lead to increased prices and potential supply chain disruptions. Genetic breeding programs and alternative sources of wool, such as synthetic fibers, are being explored to mitigate the impact of this trend. However, the shift towards synthetic fibers may also pose challenges for the wool industry, as they offer lower production costs and can replicate the properties of natural fibers to a certain extent. Overall, the market is at a crossroads, with the need to balance the demand for natural fibers with the availability of raw materials and the increasing popularity of synthetic alternatives. Companies in this industry must adapt to these changes and explore new sources of raw materials to ensure a steady supply and maintain their competitive edge.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Amtex Yarn Manufacturing - The company offers wool such as Amtex wool.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing significant growth due to the increasing demand for sustainable fibers in the fashion industry. Wool, derived from the Ovis genus of sheep, includes various types such as merino wool, crossbred wool, specialty wool, cashmere, angora, mohair, alpaca, and others. These natural fibers offer cultural significance and high-quality attributes, making them popular choices for clothing, woolen yarns, woolen clothes, woolen accessories, quilts, carpets, and more. The rise of millennial consumers and urbanization have led to a shift towards eco-conscious and traceable products. Wool, with its biodegradable and carbon-neutral properties, is gaining popularity as a sustainable alternative to synthetic fibers derived from the eucalyptus tree or other sources.
Further, the market is driven by the increasing sheep population and wool supply, with major producers including Australia, New Zealand, China, and Tanzania. On-farm inspections and genetic breeding have led to product innovation, resulting in fine wool varieties such as merino, Peruvian, Teeswater, Shetland, and cashmere wool. The market is also witnessing the emergence of biodegradable and compostable wool options, making it an attractive choice for consumers concerned about the carbon footprint of their clothing.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
153 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.02% |
|
Market growth 2024-2028 |
USD 13.2 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
5.4 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 36% |
|
Key countries |
Australia, China, UK, US, and Germany |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Amtex Yarn Manufacturing, BKB Group, Blue Sky Alpacas LLC, Brown Sheep Co. Inc., Carolina Mills Inc., Europa Wools Ltd., G.Modiano Ltd., Indorama Ventures Public Co. Ltd., JiangSu Unitex Co. Ltd., Kentwool, Laxtons Ltd., Merinotex, National Spinning Co. Inc., Nundle Woollen Mill, Otago Knitwear Ltd., Sudwolle Group GmbH, Sunshine Yarns, Waverley Mills Pty Ltd., Xinao textiles inc., and Zhangjiagang Shepherd Inc. |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Source
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
