Wool Market Size (2024 - 2029)

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).

Wool is an intricate natural fiber procured from the fleece of sheep. Wool sheep are classified as Ovis aries aries. Merino, Rambouillet, Blue-Faced Leicester, and Corriedale breeds are among the best-known wool sheep. There are projected to be more than 1,000 different breeds of sheep across the world. Wool is a versatile natural fiber and can be made into a wide range of woven or knitted fabrics. Depending on the length and fiber diameter (fineness) of fleece, it can be processed through either the woolen or worsted processing system. Worsted-spun knitted fabrics are super-soft, incredibly versatile knits for baby clothes, underwear, t-shirts and sportswear, leggings, dresses, and other lightweight knitwear.

With technological advancements in the wool manufacturing industry, there is a rapid development of spinning and weaving tools, which has led to increased sales of clothing across the world. For instance, in November 2022, Savio announced the launch of a new automatic winding machine, Proxima Smartconer, in the Indian market. Such innovations are projected 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 wool market.

Various measures undertaken by the IWTO, a regulating authority for wool quality and traceability, are fetching higher prices for wool, thus encouraging production. According to the International Wool Textile Organization (IWTO), 50.0% of the weight of the wool is pure organic carbon. The factor driving the demand for wool 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 has thermal insulation properties, making it suitable for consumers.

Wool Industry Segmentation

Wool is the textile fiber from sheep and other mammals, especially goats, rabbits, and camelids. The wool market is segmented by geography into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. 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 regarding volume (metric tons) and value (USD) for all the above segments.