Market Size of Wool Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 38.97 Billion |
| Market Size (2029) | USD 45.61 Billion |
| CAGR (2024 - 2029) | 3.20 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia-Pacific |
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Wool Market Analysis
The Wool Market size is estimated at USD 38.97 billion in 2024, and is expected to reach USD 45.61 billion by 2029, growing at a CAGR of 3.20% during the forecast period (2024-2029).
With the technological advancements in the wool manufacturing industry, there is a rapid development of spinning and weaving tools leading to increased sales of clothing across the globe. For instance, in November 2022, Savio announced the launch of an automatic new winding machine Proxima Smartconer in the Indian market. Such innovations are expected to increase productivity. Over the long term, growth opportunities mainly lie 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 higher prices for wool, thus encouraging production. Growing population and rising urbanization are the factors boosting the growth of the wool market. As the population increases, the demand for wool clothing rises. According to International Wool Textile Organization (IWTO), 50.0% weight of the wool is pure organic carbon. The factor driving wool demand is the increasing domestic consumption of luxury wool textiles in countries such as China, the United States, and Europe.
Moreover, the biodegradable quality of wool is also supporting the market. Wool is a natural decomposer since it is biodegradable and provides less harm to the environment. In addition, wool consists of thermal insulation properties making it suitable for consumers. All these factors are expected to increase the demand for wool, thus driving the market during the forecast period.
