The global wool yarn market was pegged at more than US$ 33,500 mn in terms of value at the end of 2018, and is anticipated to reach nearly US$ 50,500 mn by the end of the forecast period 2029, registering a CAGR of over 4%.
The report on the wool yarn market, for the period of 2014–2018 and assessment period of 2019–2029, analyzes the market, and forecasts the upcoming market scenario based on yarn type, wool type, application, and region.
Rising Consumption of Apparel and Upholstery Fabrics, owing to Changing Lifestyles, Boosting Market Growth
Increasing disposable income and per capita consumer spending on clothing and other textiles, coupled with the growing youth inclination towards fashion trends, has escalated the consumption of wool yarn in end-use industries.
The increasing preference for upholstery fabrics among consumers to enhance the appearance of their home interiors is also creating a lucrative impact on the wool yarn market, as the wool yarn is used in the manufacturing of curtains, carpets, etc.
The textile market has been growing at a significant rate. Owing to this, textile manufacturers are demanding raw materials such as wool yarn. Thus, the growing textile industry is acting as an influencing factor for the global wool yarn market.
Increasing consumption of wool in end-use industries, especially in regions such as Europe and the Asia Pacific, is set to boost cloth production, which is expected to increase the demand for wool yarn in the market.
Growing retail sales infrastructure, such as malls, is creating a positive influence on the wool yarn market, while the increased penetration of online retailing in the clothing sector is indirectly driving market growth.
Easy availability of raw wool in countries such as Australia and New Zealand is driving wool yarn production in these regions. These countries produce various types of wool yarn, such as Merion wool, Shetland wool, Teeswater wool, etc., in large volumes, which has led to an increase in the wool yarn market volume significantly.
In other countries of Asia Pacific, government initiatives are promoting the production of wool yarn. For instance, the Indian Government is working on persuading growers to focus on wool production, rather than meat production.
The production in such countries is further backed by the availability of cheap labor. Hence, a considerable amount of wool yarn produced in India is exported to the international markets.
Fluctuations in Raw Material Prices & Increasing Consumption of Blended Yarn Restraining the Wool Yarn Market
Fluctuations in raw wool prices are mainly due to unfavorable weather conditions, which directly affect those into sheep rearing on a large scale, creating a negative impact on the wool yarn market.
Increasing consumption of alternatives such as cotton, polyester, and other blended yarn is also hampering the demand for wool yarn in the market.
East Asia to be a Prominent Region in the Wool Yarn Market by 2029
China is one of the leading producers of wool yarn in the world. A major part of the wool yarn produced in China is consumed in the country itself.
Large population and changing lifestyles in China are attributed for its large share in the global wool yarn market.
The world trade of fabric and finished products has expanded at a fast pace, as retailers buy goods from manufacturers, worldwide. Even with the reduction in overall wool production, the trade of yarn, apparel, and textile items have grown.
This is expected to drive the demand for wool yarn from the clothing and textile industries.
Wool Yarn Market: Competition Landscape
Indorama Ventures, Kentwool, Woolmark Company, Lawton Yarns, Shanghai Charmkey Textile Co., Ltd, and Meridian Specialty Yarn Group, Inc. are among the key players identified in the wool yarn market.
These insights are based on a report on Wool Yarn Market by Persistence Market Research