Global Wool Market, By Source (Merino wool, Peruvian Highland wool, Teeswater wool, Shetland wool, Cashmere wool, and others), By Type (fine wool, medium wool, and coarse wool), By Application (apparels, interior textiles, and floorings), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The wool market size was valued at US$ 34.5 Bn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.4% from 2020 to 2028.
All across the older times, wool, as an apparel fiber as well as in interior textiles, have relished an enormous popularity. Even in the present day and era, wool still remains an exceptional, premium and highly-desired apparel fiber along with a magnificent lot of technical features.
By the same token, for rugs and carpets, wool is still considered a touchstone of performance and quality with which other fibres are equated. All of this clearly states that wool has continuously served for a lot of millions of years for various different applications.
Wool has surpassed all across the global markets among all the different industries and yet, it is ever-evolving and traded worldwide, including leisure wear and sports/athletic, upholstery, fashion and apparel, flooring, and other interior textiles, the automotive and aviation industries. Owing to which, wool is yet projected to witness high demand among the masses, thereby the global wool market is projected to rise steadily in the years to come.
In addition to that, there have been numerous advancements in the wool industry as well together with all the developing industries across the globe. The wool is undergoing enhancements in knitting and upgrades in fibre and texture quality which is further contributing to the emerging trend of aesthetic appearance, which is ultimately elevating its demand in the global markets. Attributing to which, the global wool market is projected to observe huge breakthroughs in the forthcoming years.
However, the advent of cheaper alternatives in the global markets and thus, lowered production of wool is expected to hold back the growth of the wool market in the near future. However, the altering preferences and choices of population, particularly the youth, in the present times is estimated to propel the growth in demand of wool over the forecast period. Attributing to which, the global wool market is estimated to rise exponentially over the forecast period.
Furthermore, there are various leading players in the market who are focusing on how to leverage the existing features of the products and how to capitalize on the new demand, which is also anticipated to positively fuel the growth of the global wool market over the forecast period.
MMC Study identifies some of the key participating players in the wool market globally are The Woolmark Company, Spykar Hometex, Minwool Rock Fibres Ltd., Milan Fabrics SRL, Top Mind SRL, Lanificio Botto Giuseppe & Figli SPA, Tessitura Monti SPA, Jindal Spinning Mills Ltd., Rock Wool Manufacturing Company, Kentwool Co. among others.
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