Pure Wool Market size is forecast to reach $46.07 billion by 2025, after growing at a CAGR of 5.50% during 2020-2025.The pure wool market is expected to grow at a significant rate due to its increasing demand of woolen garments, thermal insulation properties, comfort fabric and aesthetic appearance. Growth of fashion and authenticity is also intended to be a major factor for the rise in woolen garment.
Type of Wool- Segment Analysis
Sheep Wool held the largest share in the Pure Wool Market in 2019. The sheep wool offers advantages such as insulation, durability, resistance to fire and retains its shape after washing.Increasing wool consumption in China, which accounts for 60% of global consumption, is projected to be the main driving force for increasing the use of wool in pure wool market. An increase in the utilization of Merino Sheep Wool has also been increased because of the finest and ultra-soft fabric commonly used in performance base layers, hiking socks and ski socks. Merino wool along with being versatile is superior in heat as it regulates our body temperature well. It can be used both as a summertime material as well as a wintertime material.
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Application – Segment Analysis
Woven wool held a significant share in Pure Wool Market in 2019 is growing at a CAGR of 4.15% during 2020-2025. Moisture-wicking abilities and crimping nature of woven fabric make them suitable to different end products such as sweaters, socks, carpets and gloves. Merino wool produces comfortable and light –weighted woven fabrics. Formal garments such as suiting or tailored jackets are often produced by woven fabric.
Geography- Segment Analysis
APAC dominated the pure wool market with a share of more than 40%, followed by North America and Europe. According to the Australian Centre for International Agricultural Research (ACIAR) project, Australia is a largest producer of merino wool and China is the one of the largest consumers of merino wool Australia, which reflectsthe economy of APAC in pure wool market. Owing to the low production cost, easy availability of raw materials and high demand for environmental-friendly materials, the market for pure wool in APAC is expected to grow during the forecast period. Australia and China dominate the pure wool market whereas India is the third largest sheep population country in the world with 43.50 million kg of raw wool production.
Drivers – Pure Wool Market
Growing demand for environment friendly products
Growing population and rising urbanization are the factors leading to an increase in wool market. As the population increases the demand rises for wool clothing. According to International Wool Textile Organization (IWTO), 50% weight of the wool is pure organic carbon which is an economic friendly in environment. The factor pushing wool demand is the increasing domestic consumption of luxury wool textiles in countries such as China, U.S. and Europe. Wool itself is a natural decomposer, since it is biodegradable and also provides less harm to the environment. In addition, wool itself consists of thermal insulation properties making it suitable for the consumers.
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Challenges – Pure Wool Market
Inadequate availability of quality wool
In order to increase the profitability in red meat market, breeding of sheep is in practice due to which sheep producing finer quality of wool is less. Crossbreeding has led to declination in the quality of wool produced. There has also been scarcity of sheep for good quality wool because of crossbreeding. Considering the future challenges sheep with finer wool is very less resulting in insufficient quality of wool.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the pure wool market. Major companies in the Pure Wool Market are 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, and The Woolmark Company among others.
In January 2020, Südwolle Group, well-known spinner of pure wool and wool blend worsted yarns, expands its offering through the strategic cooperation with RENU project by ITOCHU Corporation Ltd. The partnership comprises a strategic co-development and marketing of yarns and fabrics constructed with Itochu’s RENU recycled polyester fiber blended with wool targeted for the worsted yarn industry.
Asia-Pacific dominates the Wool market owing to increase in natural quality wool products.
Increasing adoption of natural and environment friendly products, will leads to increase the market demand for Pure Wool in the near future.
Merino wool absorbs odor along with being super-fine and soft. Merino wools are the most popular wool that now has a wide variety of esthetic options.
Crossbreeding of sheep producing low quality wool is the major hurdle for the Pure Wool market.
During most of 2020 as a result of disruptions to industry and economic activity due to COVID-19 and stringent control policies that have sharply limited all modes of industries. The effect of COVID-19 on economy and on pure wool market can be seen till end of year 2020.
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