Currently worth $33.8 billion, the global wool market is projected to grow to $49 billion by 2029-end. As per a Persistent Market Research report, the wool market is expected to grow at 3 per cent CAGR from 2019-2029.
This significant growth in the global wool market 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.
China is one of the prominent regions in terms of the growth of the textile industry. A prominent share of the global wool market volume is consumed from the textile producers located in China. The wool consumption is comparable in all the end uses of wool, which include the production of apparels, interior textiles, and floorings.
Furthermore, other 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.
For better quality and optimized apparel production, fine wool is significantly preferred by textile industrialists. This factor has resulted in the prominent consumption of fine wool among the other types of wool. Therefore, fine wool is expected to witness lucrative growth in the global wool market.
In regions such as North America and Europe, consumer awareness about clothing fibers has increased. Consumers are now more concerned about the adoption of apparels made from natural fibers. This factor has significantly increased the sales of textile products made of wool in these regions