Press release
Wool Market Poised for 8.8 % Growth, Set to Hit $45.84 Billion by 2029
WoolMarket
The wool market is projected to grow, driven by an increase in retail sales of clothing. This sector involves buying apparel from manufacturers and offering it to customers, with wool being a common fabric choice. The purchase of woolen clothing by consumers escalates the demand for this raw material, potentially leading to an uptick in the production and sales of wool. In addition, the retail sale of woolen garments can heighten awareness and recognition of wool as a fabric, thus leading to a higher demand for wool-made items. The surge in urbanization has also enhanced the demand for retail clothing sales. For example, a statistical report released by the United States Census Bureau, a main agency of the US Federal Statistical System, revealed that retail sales for clothing and clothing accessories stood at $26.00 billion in June 2022, marking a 34.11% growth from January 2023. As a result of these factors, retail clothing sales are spurring the growth of the wool market.
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What is the future CAGR of the wool market, and how will it impact industry expansion?
In recent times, a notable upswing has been observed in the wool market size. The market, which stood at $10.71 billion in 2024, is set to expand further to $11.61 billion in 2025 at a compound annual growth rate (CAGR) of 8.4%. The surge experienced during the historic timeframe is largely credited to factors like the demand from the textile industry, evolving fashion trends, luxury apparel, warmth and insulation properties, its traditional and cultural importance, as well as the ongoing trend for natural and sustainable fibers.
In the forthcoming years, the wool market is predicted to experience notable expansion and is projected to reach $16.3 billion in 2029, with a compound annual growth rate (CAGR) of 8.8%. The anticipated growth during this period can be credited to an increased understanding of sustainable fashion, advancements in wool blends, trends in outdoor and activewear, worldwide economic development, cultural resurgence, and the advocacy of heritage. Foreseen trends for this period comprise the accentuation of circular economy practices in the wool sector, concentration on luxury and premium wool products, the integration of wool in sustainable domestic textiles, the implementation of technology in wool farming, and the launch of biodegradable and compostable wool items.
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What are the most significant trends transforming the wool market today?
The emergence of product innovations has been identified as a key trend influencing the wool market. Major players in this market are concentrating on the creation of innovative solutions to bolster their standing. As an example, September 2024 saw the launch of the first wool garments fitted with next-gen QR codes by Filippa K, a womenswear brand based in Sweden. These QR codes offer traceability data directly from the sheep farm to the final product. This endeavor is an integral part of The Fiber Traceability Initiative, a joint project among Axfoundation, GS1 Sweden, and VirtualRouteZ, which is focused on the establishment of a transparent and sustainable wool value chain.
Which key market segments comprise the wool market and drive its revenue growth?
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
Subsegments:
1) By Fine Wool (= 25 μ): Merino Wool, Superfine Wool, Cashmere
2) By Medium Wool (25 to 35 μ): Medium Merino Wool, Corriedale Wool, Dorset Wool
3) By Coarse Wool (= 35 μ): Crossbred Wool, Coarse Shetland Wool, Longwool Breeds
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What regions are at the forefront of wool market expansion?
Asia-Pacific was the largest region in the wool market in 2024. 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.
Who are the leading players fueling growth in the wool market?
Major companies operating in the wool market include 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.
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What Is Covered In The Wool Global Market Report?
•Market Size Forecast: Examine the wool market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the wool market for a structured understanding.
•Key Players Overview: Analyze major players in the wool market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the wool market.
•Segment Contributions: Evaluate how different segments drive overall growth in the wool market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the wool market.
•Industry Challenges: Identify potential risks and obstacles affecting the wool market.
•Competitive Landscape: Review strategic developments in the wool market, including expansions, agreements, and new product launches.
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