Global wool market to hit $21.60 billion by 2032 amid sustainability push

The global wool market, valued at $11.25 billion in 2024, is projected to grow at a CAGR of 8.5 per cent, reaching nearly $21.60 billion by 2032. This resurgence is due to growing demand for renewable, biodegradable fibres in fashion, home textiles, and industrial use.

Wool’s natural insulation, durability, and breathability make it a preferred choice for eco-conscious consumers. Innovations in shearing, processing, and product development including lightweight and machine-washable fabrics are enhancing its relevance across generations. Sustainability trends and regulatory pressure against synthetic fibres are boosting wool's popularity in interiors, technical textiles, and sportswear.

However, the market faces challenges such as ethical concerns over animal welfare, climate-related production risks, and price volatility. In response, the industry is investing in regenerative farming, traceability, and cruelty-free certifications.

Key developments include rising wool imports in Vietnam, Thailand, South Korea, and the US, driven by partnerships with Australian and New Zealand suppliers. Japan is witnessing increased use in luxury textiles, while Europe leads in recycled and regenerative wool practices. Singapore is fostering startups focused on ethical wool-based fashion, supported by government green initiatives. As global fashion shifts toward circular and transparent systems, wool is poised to become a cornerstone of sustainable innovation.