According to the new wool market research report published by the Persistence Market Research (PMR), the global wool market is likely to grow at a CAGR of 3 per cent to reach nearly $ 49 billion by 2029-end.
This growth can be attributed to several factors including the increasing disposable income of consumers across various geographies, which has significantly boosted the spending capacity of consumers on apparels and interior textiles.
A prominent share of the global wool market volume is consumed by the textile producers in China. Favorable conditions, such as economical textile production, the availability of raw material, and significant growth of the manufacturing sector in China, are expected to boost the consumption of wool from textile industries. Thus, East Asia, with a significant contribution from China, is expected to provide attractive opportunities for the growth of the global wool market.