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New innovations, strategies spurring growth of wool yarn

"Wool manufacturers are innovating with new crossbred yarns leading the way for the creation of trans-seasonal apparels and other innovative garments. Latest study by the Persistence Market Research reveals 2019 was a milestone year for wool yarn manufacturers as the market recovered from its sluggish period from 2014-2018 to such an extent that manufacturers now plan to focus on boosting sales. Wool manufacturers also plan to collaborate with sheep farmers to ensure direct access to raw materials and introduce new innovations to boost the quality of wool yarn."

 

New innovations strategies spurring growth of woolWool manufacturers are innovating with new crossbred yarns leading the way for the creation of trans-seasonal apparels and other innovative garments. Latest study by the Persistence Market Research reveals 2019 was a milestone year for wool yarn manufacturers as the market recovered from its sluggish period from 2014-2018 to such an extent that manufacturers now plan to focus on boosting sales. Wool manufacturers also plan to collaborate with sheep farmers to ensure direct access to raw materials and introduce new innovations to boost the quality of wool yarn. They also plan to introduce specific properties in wool yarn to meet application-specific requirements of customers.

The application of woolen fabrics has expanded with these fabrics now being adopted in new kinds of apparelsNew innovations strategies spurring growth of wool yarn such as blazers, jackets, and also sports apparel. Wool’s application in athleisure has also increased with the segment accounting for nearly half of sales of wool yarn. The application of wool for making athletic shoes is creating new opportunities for wool yarn manufacturers in the sports fashion landscape.

New innovations and strategies push-up growth

Growing concerns over animal-cruelty are forcing wool yarn manufacturers and retailers to adopt a cruelty-free approach. Manufacturers are adopting new strategies to market the breathability and biodegradability properties of their wool yarn, besides promoting various sustainability policies and ethics to establish new brand image.

Stakeholders are increasingly investing in worsted wool yarn, especially those in Europe and East Asia. These investments are being done through various collaborations and associations. For instance, in October 2018, Indorama Ventures (IVL) entered into an agreement to acquire the worsted wool yarn business of the Schoeller Group through its indirect subsidiary – Glanzstoff Management GmbH.

Small companies and start-ups in regional markets are adopting the ‘shop local’ movement in various countries, including the United States and China. New entrants in the wool yarn landscape are developing a network of local yarn producers and distributors to gain an edge in the market.

A bright outlook for growth

The global wool yarn market is projected to grow at a CAGR of over 4 per cent over from 2019–2029 owing to its increasing applications in the apparel industry. This growth will be concentrated in the East Asia and Europe markets which will record high market value and volume growth over the forecast period. The North American market, on the other hand, will experience moderate growth.

The growing consumption of jackets and blazers will create a substantial demand for wool yarn in future alongwith a growing fascination for sportswear. Increasing demand from upholstery interior is also likely to boost demand for wool yarn. The demand for wool yarn is also expected to increase on account of rising urbanisation, growing middle-class population, and increasing awareness towards sustainability. Growing GDP and increasing per capita spending is encouraging people to use natural fiber-based fabrics resulting in increase in demand for various wool yarn types such as cashmere, merino, etc.

 
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