The alpaca fiber industry is projected to grow at a CAGR of 3.2 per cent from 2022 -32, to reach a value of $ 4.7 billion by 2032. As per an analysis by FMI, this growth will be driven by the increasing global utilisation of the fiber across the automotive industry.
The trend towards sustainable and eco-friendly garments is also expected to booost demand for alpaca fiber products.
Additionally, higher consumer spending capabilities and favorable weather conditions in certain regions will spurr demand for alpaca fiber accessories, propelling market growth.
North America is expected to be the most opportunistic market for alpaca fiber, expanding at a 4 per cent CAGR.
Asia will emerge as a leading region due to the surge in demand for stuffed and plush toys. The growing population and increased consumer spending capabilities are expected to drive demand for soft toys, positively impacting market growth.
