Wool market expected to thrive at $47.83 billion by 2034: Report.

As per a report by Fact MR, global wool market, valued at $35.25 billion in 2024, is projected to reach $47.83 billion by 2034. This growth is fuelled by wool's natural properties, production advancements, and a rising preference for eco-friendly products. Wool's inherent benefits like biodegradability, fire resistance, and thermal insulation make it ideal for clothing and home textiles. Additionally, its versatility allows for use in high-end fashion, furnishings, and even technical fabrics.

Technological advancements like digital shearing and eco-friendly dyeing methods are boosting wool production efficiency and reducing environmental impact. This resonates with sustainability-conscious consumers.

While the US market is driven by e-commerce growth, Japan is expected to see a steady increase. Online shopping offers wider product selection and convenience, propelling the industry forward. Within the market, home textiles hold the largest share (31.5 per cent in 2024). However, wool apparel remains popular due to its warmth, especially during winters.

The market is fragmented with numerous players catering to local demands. While wool producers face challenges like declining production and competition from synthetics, they are adopting technologies like robotic shearing to stay competitive. As the market evolves, key players are adapting to new trends like insulating wool-based materials.