Wool Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Wool Market is segmented by Geography into the United States, Mexico, Belgium, Germany, United Kingdom, Netherlands, Turkey, China, Australia, New Zealand, and Morocco. The report includes production analysis (volume), consumption analysis (value and volume), export analysis (value and volume), import analysis (value and volume), and price trend analysis. The report offers the market size and forecasts in terms of volume in metric tons and value in USD thousand for all the above segments.

Market Snapshot

Wool Market
Study Period: 2017-2027
Base Year: 2021
CAGR: 4.8 %

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Market Overview

The wool market is projected to register a CAGR of 4.8% during the forecast period (2022-2027).

The outbreak of the COVID-19 pandemic globally restricted the transport of goods resulting in inaccessibility of the raw materials and finished goods, due to which manufacturing industry activities have been temporarily ceased. Moreover, the lockdown has also disturbed the supply chains of the wool industry by impacting the demand and production of wool during the pandemic period. Thus, the global has a moderate impact on the wool market.

With the technological advancement in the wool manufacturing industry, there is a rapid development of spinning and weaving tools leading to increased sales of clothing across the globe. Over the long term, growth opportunity mainly lies with millennial consumers whose purchasing behavior, such as the preference for quality, authenticity, and transparency, is driving the market for wool.

Various measures undertaken by the IWTO, a regulating authority for wool quality and traceability, are fetching a higher price for the wool, thus encouraging production. Growing population and rising urbanization are the factors leading to an increase in the wool market. As the population increases, the demand rises for wool clothing. According to International Wool Textile Organization (IWTO), 50.0% weight of the wool is pure organic carbon. The factor pushing wool demand is the increasing domestic consumption of luxury wool textiles in countries such as China, the United States, and Europe. Wool itself is a natural decomposer since it is biodegradable and also provides less harm to the environment. In addition, wool itself consists of thermal insulation properties making it suitable for the consumers.

Scope of the Report

The wool market is segmented by geography into the United States, Mexico, Belgium, Germany, United Kingdom, Netherlands, Turkey, China, Australia, New Zealand, and Morocco. The report includes production analysis (volume), consumption analysis (value and volume), export analysis (value and volume), import analysis (value and volume), and price trend analysis. The report offers the market size and forecasts in terms of volume in metric tons and value in USD thousand for all the above segments.

Geography (Production Analysis, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis)
United States
Mexico
Germany
Belgium
United Kingdom
Netherlands
Turkey
China
Australia
New Zealand
Morocco

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Key Market Trends

Institutional Initiatives Ensuring the Quality is Driving the Production

According to studies, in 2020, around 1.53 million kilograms of clean raw wool were produced by more than 1.18 billion sheep around the world, and the sheep population rose by 3.7 billion from 2020. The wool supply chain is long, with many stops en route from farm to fashion. To ensure transparency and to facilitate the flow of information about wool to assure buyers of the wool qualities being purchased, IWTO members have developed many traceability systems. One such system is the National Wool Declaration Integrity Program. The National Wool Declaration is an industry initiative recognized globally for its transparency and traceability from the farm. The NWD Integrity Program (NWD-IP) is an extensive program of Desktop Audits and On-Farm Inspections with a single purpose: to build a wool pipeline and consumer confidence in Australian wool. With all these initiatives put forth by the regulating authority, wool is fetching a higher price because sheep rearing for wool is also increasing. China is leading the sheep rearing globally. According to Food and Agricultural Organization, the sheep population in China has increased from 164.08 million in 2017 to 173.01 million in 2020. Thus, the increasing sheep population and the institutional initiatives for ensuring the quality are driving the wool production during the forecast period.

Wool Market: Sheep Population in Million, China, Global, 2017-2020

Asia-Pacific Dominates the Market

Wool is a commodity traded globally, and its diversity in the market is vast and ever-evolving. With most of the wool sold with an IWTO Test Certificate, the buyer's confidence in quality is guaranteed. With the trend towards eco-friendly, sustainable, and biodegradable parameters in the apparel industry, demand for wool is growing worldwide as it provides comfort to the skin. Thus, the market is driven explicitly by the Millennials and Y Generation. According to FAOSTAT, Australia, China, and New Zealand are the major producers of wool. According to ITC Trade, in 2020, Australia accounted for the highest exports worth USD 1,595,320 thousand, and it was followed by China, which accounted for the highest exports worth USD 1,543,868 thousand in 2020, sharing 36.2% of the total export.

Wool Market

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Value Chain Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Geography (Production Analysis, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis)

      1. 5.1.1 United States

      2. 5.1.2 Mexico

      3. 5.1.3 Germany

      4. 5.1.4 Belgium

      5. 5.1.5 United Kingdom

      6. 5.1.6 Netherlands

      7. 5.1.7 Turkey

      8. 5.1.8 China

      9. 5.1.9 Australia

      10. 5.1.10 New Zealand

      11. 5.1.11 Morocco

  6. 6. MARKET OPPORTUNITIES AND FUTURE TRENDS

  7. 7. AN ASSESSMENT OF THE COVID-19 IMPACT ON THE MARKET

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Frequently Asked Questions

The Wool Market market is studied from 2017 - 2027.

The Wool Market is growing at a CAGR of 4.8% over the next 5 years.

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