Wool yarn market to surpass US$ 50 bn in revenues by 2029: PMR study

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%.

Figure: Globally the consumption of wool yarn has increased significantly.

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.