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Wool Market Segments 2024-2033 | Size, Share, Trends And Insights
Wool Market
Wool Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $14.95 billion In 2028 At A CAGR Of 8.5% :
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.
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Wool Market Major Segments
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
Key Driver - Rising Retail Sales Of Wool Clothing Is A Catalyst For The Expanding Wool Market
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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Prominent Trend - Innovative Eco-Friendly Sportswear In Wool Market With Merino Wool And Eucalyptus Fiber Blend
Product innovations are a key trend gaining popularity in the wool market. Major companies operating in the wool market are focused on developing innovative solutions to strengthen their position in the market. For instance, in August 2021, Allbirds Inc., a US-based clothing and footwear company, introduced a new range of sporting gear comprised of merino wool and yarn manufactured from eucalyptus tree pulp. Wool is an excellent choice for sportswear since it can absorb up to 30% of its weight in moisture while also controlling temperature. Its primary focus is on information on the emissions created by polyester fiber and its widespread application. The unique feature of this product is the carbon footprint number, which is written on every item and indicates how many kilograms of carbon was emitted to the environment during manufacturing.
Wool Market Players
Major companies operating in the wool market report are 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., Tolaram Group
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Largest And Fastest Growing Region In The Market
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Wool Market Report Structure
3. Wool Market Trends And Strategies
4. Wool Market - Macro Economic Scenario
5. Wool Market Size And Growth
…..
27. Wool Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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