Pure Wool Market Set to Grow at a CAGR of 5.5% During the Forecast Period 2021-2026
Pure Wool Market Overview
Pure Wool Market size is expected to be valued at $32.2 billion by the end of the year 2026 and is set to grow at a CAGR of 5.5% during the forecast period from 2021-2026. The growing population across the world coupled with factors like increasing urbanization, constant changes in lifestyle, changing styles and trends is highly driving the pure wool market. Furthermore, the increase in demand for warm clothing and blankets from cold region countries is one of the major factors increasing the demand for pure wool market. Additionally, owing to the many properties of wool such as high thermal resistance, less flame spread, porosity and others, the demand has been increasing from various customers across the globe. Various types of wool being innovated through the years, such as reprocessed wool, synthetic wool, and others is expanding the options for wool which is also further increasing the demand for pure wool market.
COVID-19 impact
Amid the Covid-19 pandemic, the pure wool market witnessed a major downfall in terms of growth and demand. Covid-19 was declared as a global pandemic by the World Health Organization (WHO) which further led to various countries across the globe declaring it as a medical emergency. This caused many countries to shut down their economies and countries. Any kind of travel, trade activities, and other activities were banned in countries across the globe. This hampered the growth of various markets, and led them to incur huge losses. Pure wool market was also hugely affected in terms of production, distribution, sales and marketing. The pure wool market is however estimated to recover by the year end of 2021.
Pure Wool Market Segment Analysis – By Type
Sheep wool segment held the largest share of more than 30% in the pure wool market in the year 2020. Sheep wool offers benefits such as thermal resistance, durability and insulation. Sheep wool can also contain flame spread to a maximum extent. Sheep wool is extensively used in a wide range of applications such as clothing, knitwear such as socks, jumper, gloves and other apparels such as suits and costumes. Sheep wool is also extensively used in making covers for furniture and upholstery. The increase in demand from such applications is driving the demand for sheep wool segment in the pure wool market.
Pure Wool Market Segment Analysis – By Form
Woven wool segment held the largest share in the pure wool market in the year 2020, with a growing CAGR of 4.15% during the forecast period. Woven wool is made rigid and therefore cannot be stretched or shrank. Woven wools are light weighted and soft wool fabric in plain weave. It can come in various designs and forms and can be used for a wide range of purposes such as casual clothing, covers for furniture and work clothing. Woven wool goes though the process of carbonization, where unwanted matters such as wool grease, seeds and other dirt are removed. This is driving the demand for woven wool segment in the pure wool market.
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Pure Wool Market Segment Analysis – By Application
Textile and Apparels industry held the largest share of more than 65% in the pure wool market in the year 2020. The increase in the demand for warm clothing is one of the significant factors driving the demand for pure wool in the textile and apparel industry. Furthermore, it is increasing the need and demand for producing woolen textiles and apparels. According to International Wool Textile Organization, the total production of natural fibers (including wool and others) rose by 2.6% to 28896 meter-kilogram. This is further driving the demand for pure wool market.
Pure Wool Market Segment Analysis – By Geography
Asia-Pacific region held the largest share of 40% in the pure wool market in the year 2020. The major exporters of wool fabric in the world is from Asia Pacific region, namely China, South Korea and Japan. According to International Wool Textile Organization, China accounted for 21.1% of world exports of wool fabric in the year 2019, Japan accounted for 4.1% and South Korea accounted for 2.5%. This is making the Asia Pacific region the largest exporter of wool fabric in the world. Furthermore, according to Directorate General of Commerce Intelligence and Statistics (DGCIS), exports of woolen yarn, fabrics and made-ups reached US$125.13 million and raw wool exports reached US$71,111.74 in the year 2020, accounting for 2% of the global production. This is driving the demand for pure wool market in the Asia Pacific region.
Pure Wool Market Drivers
Increasing production and export of wool
There has been an increase in the demand and production of woollen fabric from various end-use industry, especially post Covid-19. This is contributing to the demand for pure wool market. According to American Sheep Industry Association, Defense Logistics Agency (DLA), plans to procure 1.5 million linear yards of wool and wool blend fabrics for use in recruit issue uniforms in the year 2021. They are also planning on selling more than 40,000 wool berets during the year 2021. According to Korea Customs Services, the export of textile yarns increased by 4% to US$130 thousands in June 2021 from US$125 thousands from May 2021.
Growing demand for environmentally friendly products
The increase in awareness regarding environmentally friendly surroundings is giving rise to the demand for organic products. According to International Wool Textile Organization, sheep are part of the natural carbon cycle, and consumes organic carbon stored in plants and converts it into wool. Almost fifty percent of the weight of the wool is pure organic carbon. Wool is readily recyclable with a market share of 1.3% of all textile fibres and wool claims 5% within the recycled fibers market share. Wool is also biodegradable, readily on land and water, as a protein based fiber. Wool also does not contribute to microplastic pollution. This is majorly driving the demand for pure wool market.
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Pure Wool Market Challenges
High operational costs and fluctuating price of lithium
The price of wool is highly volatile and fluctuating on a daily basis. This is hampering the growth of the pure wool market. According to the Australian Wool Exchange, the price of wool increased by 21.95% since the beginning of 2021. Furthermore, according to Australian Wool Innovation Limited, the price of wool increased by 0.57% on 16 July 2021, decreased by 1.03% on 9 July 2021, decreased by 3.43% on 1 July 2021, and increased by 2.5% on 18 June 2021. This volatility and fluctuation in prices is majorly impacting the growth of the pure wool market.
Pure Wool Market Industry Outlook
Partnerships, investments, acquisitions and mergers, production expansion, facility expansion and collaborations are some of the key strategies adopted by players in the Pure Wool Market. Major players in the Pure Wool Market include:
Jindal Spinning Mill Ltd.
Kentwool Co.
Lanificio Botto Giuseppe Figli Spa
Milan Fabric Srl
Südwolle Group
Minwool Rock Fibre Ltd.
Rock Wool Manufacturing Company
Spykar Hometex
Tessitura Monti Spa
The Woolmark Company among others
Key Takeaways
Asia-Pacific market held the largest share in the pure wool market as China, Australia and New Zealand are the leading producers of wool in the world.
The growing population coupled with the changing lifestyle and trends is one of the major factors driving the pure wool market.
Increasing demand for warm clothing from various cold region countries is also contributing to the growth of pure wool market.
Amid the Covid-19 pandemic, the pure wool market witnessed a major downfall due to the various restrictions laid down by countries across the globe.
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