USD 38.2 billion
Wool Market Size, Share, Growth Analysis, By Type(Merino Wool, Crossbred Wool, and Specialty Wool), By Application(Apparel and Clothing, Textiles and Home Furnishings, and Industrial and Technical Applications), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25M2014 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
63
|Figures:
75
Wool Market Insights
Global Wool Market size was valued at USD 38.2 billion in 2022 and is poised to grow from USD 40.07 billion in 2023 to USD 58.75 billion by 2031, growing at a CAGR of 4.9% in the forecast period (2024-2031).
The global wool market is a dynamic and important sector within the textile industry. The global wool market has witnessed steady growth over the years, driven by increasing demand from both developed and emerging economies. Developed countries such as the United States, Australia, and the United Kingdom remain major players in wool production, while emerging economies like China and India are rapidly expanding their presence in the market. Several factors contribute to the growth of the wool market. Firstly, consumers are increasingly seeking sustainable and eco-friendly alternatives to synthetic fibers, and wool fits the bill perfectly. Its biodegradability, renewable source, and natural insulating properties make it an attractive choice for environmentally conscious consumers. Additionally, the fashion industry's growing emphasis on natural and luxury fibers has propelled the demand for high-quality wool. The versatility of wool, which can be spun into a variety of yarns and fabrics, further enhances its appeal to designers and manufacturers. However, the wool market also faces challenges. Fluctuating prices, limited availability of skilled labor for sheep rearing, and competition from synthetic fibers are some of the factors that impact the industry. Technological advancements, such as genetic breeding programs to improve wool quality and processing techniques to enhance efficiency, are being employed to address these challenges.
US Wool Market is poised to grow at sustainable CAGR for the next forecast year
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Merino Wool
Fastest Growth
Specialty Wool
Growth Rate
4.9% CAGR
Global Wool Market ($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Wool Market Segmental Analysis
Global Wool Market is segmented by type, application, and region. Based on Type, the market can be segmented into merino wool, crossbred wool, and specialty wool. Based on application, the market is segmented into apparel and clothing, textiles and home furnishings, and industrial and technical applications. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Wool Market Analysis by Type
By Type, the market can be segmented into merino wool, crossbred wool, and specialty wool. Merino wool dominated the global wool market. It is highly valued for its exceptional quality and softness. Merino wool comes from Merino sheep breeds, known for their fine and densely packed fibers. Merino wool is renowned for its superior quality, characterized by its fineness, elasticity, and softness. These properties make it highly desirable for various end uses, particularly in the production of high-end apparel and luxury textiles. Its versatility enables its application across a wide range of products. It is commonly used in the manufacturing of garments such as sweaters, suits, and socks, where its excellent insulation and moisture-wicking properties are highly valued.
The specialty wool segment is experiencing rapid growth in the wool market due to increasing consumer demand for unique and high-value wool varieties. Specialty wool encompasses niche varieties such as cashmere, angora, mohair, and alpaca. Specialty wools offer distinctive properties that set them apart from conventional wool types. For example, cashmere is known for its exceptional softness and insulation, while mohair is prized for its luster and durability. These unique properties make specialty wool highly sought after for luxury and high-fashion applications. Specialty wool finds significant usage in the luxury fashion industry, where discerning consumers seek exclusive and premium products. The demand for luxury goods, including garments, accessories, and home furnishings made from specialty wool, is fueling the growth of this segment.
Wool Market Analysis by Application
By application, the market can be segmented into apparel and clothing, textiles and home furnishings, and industrial and technical applications. The apparel and clothing segment dominated the global wool market. Wool has been widely used in the production of garments for centuries. Wool is renowned for its exceptional insulation properties, making it ideal for apparel. It helps regulate body temperature by trapping warm air close to the skin, providing warmth in cold weather and maintaining comfort in various climates.
The industrial and technical applications segment is experiencing rapid growth in the wool market, driven by advancements in technology and innovative uses of wool fibers. Wool's natural insulating properties make it suitable for industrial applications, including insulation materials for buildings and machinery. Additionally, its fine fibers are used in filtration systems to capture particles and purify liquids and gases.
Global Wool Market By Type
To get detailed analysis on other segments, Request For Free Sample Report
Wool Market Regional Insights
North America dominated the global wool market. North America has a well-established textile industry with a strong demand for wool products. Countries like the United States and Canada have a significant presence in the market, both as consumers and producers of wool. In North America, the United States holds a prominent position due to its large-scale wool production, especially in states like Texas, California, and Colorado. The country's wool industry benefits from advanced breeding programs that have resulted in high-quality wool, making it highly sought after in both domestic and international markets. Additionally, the United States has a robust manufacturing sector capable of processing wool into a wide range of finished products.
When it comes to the fastest growing region in the global wool market, Asia Pacific takes the lead. The region's rapid economic development, coupled with a growing population and rising disposable incomes, has contributed to the surge in demand for wool products. Countries like China, India, and Japan are major players in the Asia Pacific market. China, in particular, has witnessed significant growth in wool consumption and production. The country's expanding middle class and increasing urbanization have led to a rise in demand for high-quality wool garments and home textiles. China's textile industry has also invested in modern machinery and technology, enabling efficient wool processing and manufacturing.
Global Wool Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Wool Market Dynamics
Wool Market Drivers
Increasing demand for sustainable and eco-friendly fibers
- One driver of the global wool market is the increasing demand for sustainable and eco-friendly fibers. As consumers become more conscious of environmental issues, there is a growing preference for natural materials like wool over synthetic alternatives. Wool is biodegradable, renewable, and has a low carbon footprint, making it an attractive choice for environmentally conscious consumers. This shift in consumer preferences towards sustainable products is driving the demand for wool and influencing the growth of the global market.
Wool Market Restraints
Competition from synthetic fibers
- One restraint in the global wool market is the competition from synthetic fibers. Synthetic fibers offer several advantages over wool, including lower cost, easier care requirements, and improved performance characteristics in some applications. These factors have led to increased adoption of synthetic fibers in various industries, such as textiles and apparel. As a result, wool faces competition in the market, and its growth potential may be limited by the availability and affordability of synthetic alternatives. Manufacturers and industry players need to differentiate wool by highlighting its unique qualities to overcome this challenge.
Request Free Customization of this report to help us to meet your business objectives.
Wool Market Competitive Landscape
Global wool market is characterized by a diverse range of players, including wool producers, processors, and manufacturers. Many companies are actively involved in wool production and supply chain management, contributing to the market's competitiveness. These players often differentiate themselves based on factors such as product quality, sustainability practices, and customer service. Additionally, technological advancements in wool processing and innovative product offerings have intensified the competition, as companies strive to capture market share and meet the evolving demands of consumers in a highly competitive industry.
Wool Market Top Player’s Company Profiles
- G. Modiano Ltd. (Italy)
- H. Dawson Wool (UK)
- John Marshall & Co. (UK)
- Kathmandu Holdings Limited (New Zealand)
- Lempriere (Australia)
- Momin Group (India)
- New England Wool (Australia)
- Nundle Woollen Mill (Australia)
- Otago Wool (New Zealand)
- R. W. Wolfenden (UK)
- Schneider Group (Germany)
- Shanghai Wool Textile (China)
- Sunshine Yarns (Australia)
- The Scabal Group (Belgium)
- The Wool Company (New Zealand)
- Tianyu Wool Industry (China)
- Wool Products (South Africa)
Wool Market Recent Developments
-
In January 2024, Wool Impact launched a navigator tool. It has appointed a Wool Impact navigator who can connect individuals and businesses with the necessary expertise and support to bring their innovative wool ideas to life.
-
In December 2023, Napier’s New Zealand Wool Testing Authority launched robot recruit.
-
In November 2023, ISTO., the renowned Portuguese menswear brand, presented its latest worker jacket crafted from 100% recycled wool, just in time for autumn. In collaboration with Manteco’s MWool®, an Italian firm with 80 years of experience in wool recycling, the jacket epitomises sustainable fashion.
Wool Key Market Trends
- One key market trend in the global wool industry is the growing popularity of traceability and transparency in the supply chain. Consumers are increasingly interested in understanding the origin and production process of the products they purchase, including wool. This trend has prompted companies to adopt technologies like blockchain and RFID tagging to track and authenticate the source of wool, ensuring ethical practices and promoting sustainability. By providing verifiable information about the wool's journey from farm to finished product, brands can build trust with consumers and meet their demand for responsible and transparent sourcing.
Wool Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global wool market analysis, the market is a dynamic industry driven by factors such as increasing demand for sustainable fibers, competition from synthetic alternatives, and the pursuit of traceability in the supply chain. Australia remains the dominating region in wool production, benefiting from its vast grazing land and well-established infrastructure. Meanwhile, China emerges as the fastest growing region, fueled by domestic consumption and government support. The market faces challenges from synthetic fibers but also opportunities from the rising preference for eco-friendly materials. Companies are focusing on innovation, quality, and transparency to differentiate themselves and meet evolving consumer demands in a competitive landscape.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 38.2 billion |
| Market size value in 2031 | USD 58.75 billion |
| Growth Rate | 4.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Wool Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Wool Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Wool Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wool Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wool Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Wool Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
