As per Persistence Market Research, the global wool yarn market is anticipated to grow at a CAGR of 4 per cent from over $33,500 million in 2018 to nearly $50,500 million by the end of 2029.
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 wool yarn is used in the manufacturing of curtains, carpets, etc.
China is one of the leading producers of wool yarn in the world. A major part of the wool yarn produced in China is consumed in the country itself. Large population and changing lifestyles in China are attributed for its large share in the global wool yarn market. The world trade of fabric and finished products has expanded at a fast pace, as retailers buy goods from manufacturers, worldwide.
Even with the reduction in overall wool production, the trade of yarn, apparel, and textile items has grown. This is expected to drive the demand for wool yarn from clothing and textile industries.
