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Wool Market 2024 - Competitive Landscape, Growth Factors, Top Venders And Outlook By 2033
Wool Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Wool Market 2024 Key Insights:
• 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%.
• Rising Retail Sales Of Wool Clothing Is A Catalyst For The Expanding Wool Market
• Innovative Eco-Friendly Sportswear In Wool Market With Merino Wool And Eucalyptus Fiber Blend
• Asia-Pacific was the largest region in the wool market in 2023
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