A new wool market research report published by Persistence Market Research (PMR) about the global wool market during 2014-2018 and forecast for 2019-2029 provides important insights into the dynamics, trends, volume, and value. According to the study, in 2018, the value of the global wool market was approximately US$ 33.8 Bn. This value is expected to grow over the forecast period (2019-2029) to reach nearly US$ 49 Bn by 2029-end.
The CAGR at which the market is likely to grow is ~3%. This significant growth in the global wool market can be attributed to several factors that are contributing to the growth of the global wool market. One of the key factors driving the wool market is the increasing disposable income of consumers across various geographies, which has significantly boosted the spending capacity of consumers on apparel and interior textiles.
Amidst Waning Demand, East Asian Countries Offer Bright Opportunities
China is one of the prominent regions in terms of the growth of the textile industry. Growth in the overall production, as well as the export of textiles in China, has been significant over the past few years. Hence, a prominent share of the global wool market volume is consumed by the textile producers located in China. The wool consumption is comparable in all the end uses of wool, which include the production of apparel, interior textiles, and floorings. Furthermore, other favorable conditions, such as economical textile production, the availability of raw materials, 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.