Between 2024 and 2029 the forecasts for the wool market are comforting and speak the language of growth. If, in fact, in 2024, the size of the market is estimated at 38.97 billion dollars, in 2029 it is estimated to reach 45.61 billion dollars, growing at a CAGR of 3.20% during the five-year period. This is supported by the Wool Market Report which, published by MordorIntelligence, in addition to being segmented by geographical area (United States, Mexico, Belgium, Germany, United Kingdom, Netherlands, Turkey, China, Australia, New Zealand and Morocco), includes also the analysis of production (volume), consumption (value and volume), exports (value and volume) and imports (value and volume) and price trends.

According to the report, the increase in the market is stimulated by “population growth and increased urbanisation” – as the population increases, the demand for wool clothing increases – “the growing internal consumption of wool fabrics luxury wool in countries such as China, the United States and Europe”, “the biodegradable quality of wool”. Increasing sheep population worldwide due to rising demand is also supporting the market. The leader in terms of sheep breeding globally is China, whose sheep population increased from 163.49 million in 2019 to 173.01 million in 2020 and is further growing.

 

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