Due to technological advancements, the rapid development of spinning and weaving tools in the wool manufacturing industry has led to increased clothing sales globally. The industry employs millions of workers across various roles, including farmhands, textile workers, and retail staff. In May 2022, International Wool Textile Organization (IWTO) conducted a study on the wool market and reported that 1,949.5 million kg of wool is traded globally, making it a widely traded commodity. Wool is a versatile fiber used in various industries, including fashion, activewear, interiors, flooring, aviation, architecture, and manufacturing.
The COVID-19 pandemic had a significant impact on the wool market. The global lockdowns and restrictions imposed to contain the virus resulted in disruptions throughout the supply chain, affecting the production, distribution, and demand for wool products. With the closure of retail stores and reduced consumer spending, the demand for luxury and non-essential items, including wool garments, declined significantly. Canceling or postponing events, such as fashion shows and social gatherings, further decreased demand for wool products. The closure of textile mills and manufacturing facilities during the pandemic also decreased wool processing and production. Additionally, travel restrictions and limitations on international trade affected the export and import of wool, impacting the global wool market.
However, as restrictions eased and economies began to recover, there has been a gradual rebound in demand for wool, particularly in regions where the vaccination rates are higher, and consumer confidence is restored. The industry has also witnessed an increased focus on sustainability and eco-friendly products, which could drive the demand for wool in the post-pandemic era. Overall, the COVID-19 pandemic presented challenges to the wool market and opened up opportunities for adaptation and innovation within the industry.
Companies have been undertaking initiatives to ensure open and transparent sourcing of wool. For instance, in April 2023, Helen Kaminski, a fashion accessories brand, launched an initiative focusing on the transparency of wool sourcing. Helen Kaminski's Conscious collection features ultra-fine wool felt and reflects the brand's conscious and thoughtful approach to material use. Additionally, in 2020 Volvo Cars introduced tailored wool blend upholstery as an option in several car models and have since expanded its use to the new fully electric SUV, the EX90. The automaker sees this as a way to establish a connection with natural materials, as the upholstery is made of a wool blend.
Wool efficiently absorbs and traps pollutants, including VOCs, improving air quality. Moreover, wool has inherent flame-resistant properties, smolders instead of burning, and produces less smoke and toxic gas than synthetic fibers. This makes wool suitable for fire-resistant interiors and personal protective equipment (PPE). Additionally, the biodegradable nature of wool further boosts the market, contributing to its sustainability. Wool naturally decomposes and has a minimal environmental impact. Moreover, wool possesses excellent thermal insulation properties, making it highly desirable for consumers. These factors combined are anticipated to drive the market demand for wool in the forecast period.
The wool market faces several restraints that can impact its growth and profitability. One significant restraint is the competition from synthetic fibers, which offer similar properties to wool at lower costs. The availability of cheaper synthetic alternatives can deter consumers from choosing wool products. Price fluctuations in the wool market also pose a challenge, as they can affect the profitability of wool producers and the overall supply chain. Environmental and animal welfare concerns are also increasingly essential factors affecting consumer choices. Some consumers may opt for more sustainable and cruelty-free alternatives to wool, impacting the demand for traditional wool products. Furthermore, the availability of high-quality wool can be limited, especially in specific regions, which can restrict the market's growth potential. Shifting consumer preferences and evolving fashion trends can also influence the demand for wool products. To overcome these restraints, industry players must focus on innovation, sustainability, and promoting the unique benefits of wool to attract and retain customers in a competitive market.
Asia Pacific is one of the prominent regions in the wool market. India's wool sector is focused on exports, with the significant wool products exported being carpets, woolen yarn, ready-made garments, fabrics, blankets, shoddy fabrics, knitwear, tops, and others. Woolen carpets held the largest share among the woolen products exported from India. In the financial year 2020-21, the value of exported woolen items increased by 4% to reach USD 1.64 billion, up from USD 1.57 billion in the previous year. Until January 2022 of FY 2021-22, wool carpets worth USD 1.34 billion were exported from India. Woolen textiles accounted for 13.3% of the textile market in terms of revenue in 2021. The major importers of woolen garments are the U.S., the U.K., the UAE, the Netherlands, Sweden, and more, owing to the low temperatures in these countries.
By End-User Industry
Middle East & Africa (MEA)
Indorama Ventures Public Company Limited
Xinao textiles inc.
Brown Sheep Company, Inc.
TORAY INTERNATIONAL, INC.
Jaya Shree Textiles, Grasim Industries Ltd
Monte Carlo Corporate
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member
"The quality of research they have done for us has been excellent."