Wool Market

The global wool market is expected to see a slight increase in both volume and value terms from 2022 to 2030, with China leading in consumption and production. New Zealand is the main exporting country, with wool; (not carded or combed), degreased, (not carbonised), shorn being the most exported type of wool. Import prices in 2022 increased by 4.7% compared to the previous year. Overall, the wool market is forecasted to show a modest growth trend over the next eight years.

Market Forecast

Driven by rising demand for wool worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.4% for the period from 2022 to 2030, which is projected to bring the market volume to 609K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market value to $2.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Wool

Global wool consumption declined modestly to 588K tons in 2022, with a decrease of -3.2% on 2021. Overall, consumption continues to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 when the consumption volume increased by 8.8%. Global consumption peaked at 1.1M tons in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

The global wool market size reduced to $2.2B in 2022, almost unchanged from the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption continues to indicate a abrupt downturn. The pace of growth was the most pronounced in 2021 with an increase of 8.9% against the previous year. Over the period under review, the global market attained the maximum level at $4.2B in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

China (210K tons) remains the largest wool consuming country worldwide, comprising approx. 36% of total volume. Moreover, wool consumption in China exceeded the figures recorded by the second-largest consumer, the United States (66K tons), threefold. India (44K tons) ranked third in terms of total consumption with a 7.6% share.

In China, wool consumption shrank by an average annual rate of -4.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-2.7% per year) and India (+5.0% per year).

In value terms, China ($926M) led the market, alone. The second position in the ranking was taken by the United States ($244M). It was followed by Italy.

In China, the wool market shrank by an average annual rate of -5.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-3.0% per year) and Italy (+3.0% per year).

In 2022, the highest levels of wool per capita consumption was registered in Lithuania (3,877 kg per 1000 persons), followed by Italy (393 kg per 1000 persons), the United States (197 kg per 1000 persons) and China (148 kg per 1000 persons), while the world average per capita consumption of wool was estimated at 1 kg per 1000 persons.

From 2012 to 2022, the average annual growth rate of the wool per capita consumption in Lithuania amounted to +4.9%. In the other countries, the average annual rates were as follows: Italy (+4.5% per year) and the United States (-3.4% per year).

Production

World Production of Wool

In 2022, the amount of wool produced worldwide contracted slightly to 573K tons, falling by -4.6% against the previous year's figure. In general, production showed a abrupt decline. The pace of growth was the most pronounced in 2021 with an increase of 9.4%. Global production peaked at 1.1M tons in 2012; however, from 2013 to 2022, production remained at a lower figure.

In value terms, wool production dropped slightly to $2B in 2022 estimated in export price. Over the period under review, production saw a deep reduction. The pace of growth was the most pronounced in 2021 when the production volume increased by 8.3% against the previous year. Over the period under review, global production hit record highs at $4B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

China (162K tons) constituted the country with the largest volume of wool production, comprising approx. 28% of total volume. Moreover, wool production in China exceeded the figures recorded by the second-largest producer, New Zealand (66K tons), twofold. The third position in this ranking was taken by the United States (64K tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to -6.0%. In the other countries, the average annual rates were as follows: New Zealand (-3.0% per year) and the United States (-2.7% per year).

Imports

World Imports of Wool

In 2022, purchases abroad of wool increased by 1.1% to 195K tons, rising for the second year in a row after two years of decline. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 22% against the previous year. Global imports peaked at 273K tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, wool imports reached $543M in 2022. In general, imports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2021 when imports increased by 20% against the previous year. Over the period under review, global imports hit record highs at $1.1B in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports By Country

China (53K tons) and India (44K tons) represented roughly 50% of total imports in 2022. It was distantly followed by the UK (13K tons), Italy (12K tons) and Lithuania (11K tons), together mixing up a 19% share of total imports. Germany (7.5K tons), South Korea (5.4K tons), Portugal (3.8K tons), Thailand (3.3K tons), Belgium (3.3K tons), Nepal (3.2K tons) and Japan (3.2K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +17.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, China ($83M), India ($70M) and Italy ($60M) were the countries with the highest levels of imports in 2022, together accounting for 39% of global imports. South Korea, the UK, Thailand, Lithuania, Germany, Japan, Nepal, Portugal and Belgium lagged somewhat behind, together comprising a further 38%.

Thailand, with a CAGR of +26.0%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced mixed trends in the imports figures.

Imports By Type

Wool; (not carded or combed), degreased, (not carbonised), shorn was the main imported product with an import of about 132K tons, which accounted for 68% of total imports. It was distantly followed by wool; (not carded or combed), degreased, (not carbonised), (other than shorn) (47K tons) and wool; (not carded or combed), carbonised (15K tons), together constituting a 32% share of total imports.

Wool; (not carded or combed), degreased, (not carbonised), shorn experienced a relatively flat trend pattern with regard to volume of imports. At the same time, wool; (not carded or combed), degreased, (not carbonised), (other than shorn) (+1.5%) displayed positive paces of growth. Moreover, wool; (not carded or combed), degreased, (not carbonised), (other than shorn) emerged as the fastest-growing type imported in the world, with a CAGR of +1.5% from 2012-2022. By contrast, wool; (not carded or combed), carbonised (-1.5%) illustrated a downward trend over the same period. Wool; (not carded or combed), degreased, (not carbonised), (other than shorn) (+4.3 p.p.) significantly strengthened its position in terms of the global imports, while wool; (not carded or combed), degreased, (not carbonised), shorn saw its share reduced by -3.5% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, wool; (not carded or combed), degreased, (not carbonised), shorn ($334M) constitutes the largest type of wool imported worldwide, comprising 62% of global imports. The second position in the ranking was taken by wool; (not carded or combed), carbonised ($124M), with a 23% share of global imports.

For wool; (not carded or combed), degreased, (not carbonised), shorn, imports declined by an average annual rate of -6.3% over the period from 2012-2022. With regard to the other imported products, the following average annual rates of growth were recorded: wool; (not carded or combed), carbonised (-2.5% per year) and wool; (not carded or combed), degreased, (not carbonised), (other than shorn) (-6.1% per year).

Import Prices By Type

The average wool import price stood at $2,781 per ton in 2022, increasing by 4.7% against the previous year. In general, the import price, however, recorded a abrupt downturn. Global import price peaked at $4,686 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was wool; (not carded or combed), carbonised ($8,120 per ton), while the price for wool; (not carded or combed), degreased, (not carbonised), (other than shorn) ($1,740 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by wool; (not carded or combed), carbonised (-1.0%), while the other products experienced a decline in the import price figures.

Import Prices By Country

The average wool import price stood at $2,781 per ton in 2022, rising by 4.7% against the previous year. Over the period under review, the import price, however, saw a abrupt decline. Over the period under review, average import prices attained the maximum at $4,686 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($9,034 per ton), while India ($1,565 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+7.2%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Wool

In 2022, approx. 181K tons of wool were exported worldwide; waning by -3.3% on 2021 figures. In general, exports continue to indicate a slight decline. The most prominent rate of growth was recorded in 2021 when exports increased by 25%. The global exports peaked at 241K tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, wool exports dropped to $507M in 2022. Overall, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 27% against the previous year. Over the period under review, the global exports attained the maximum at $1.1B in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports By Country

New Zealand represented the main exporting country with an export of around 65K tons, which recorded 36% of total exports. The UK (17K tons) ranks second in terms of the total exports with a 9.4% share, followed by Australia (9.2%), Turkey (6.7%) and Syrian Arab Republic (5.6%). China (5.8K tons), Russia (5K tons), Kazakhstan (4.3K tons), Belarus (4.1K tons), Belgium (3.8K tons), Germany (3.4K tons), Uruguay (3.3K tons) and Iran (3K tons) followed a long way behind the leaders.

Exports from New Zealand decreased at an average annual rate of -2.9% from 2012 to 2022. At the same time, Syrian Arab Republic (+20.5%), Belarus (+9.3%), the UK (+7.2%), Iran (+6.9%), Russia (+2.9%), Kazakhstan (+2.8%), Turkey (+2.7%) and Belgium (+1.8%) displayed positive paces of growth. Moreover, Syrian Arab Republic emerged as the fastest-growing exporter exported in the world, with a CAGR of +20.5% from 2012-2022. By contrast, Germany (-3.2%), Uruguay (-3.2%), Australia (-4.5%) and China (-7.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the UK, Syrian Arab Republic and Turkey increased by +5.1, +4.9 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, New Zealand ($159M), Australia ($142M) and the UK ($40M) appeared to be the countries with the highest levels of exports in 2022, with a combined 67% share of global exports. China, Uruguay, Turkey, Germany, Belgium, Belarus, Syrian Arab Republic, Russia, Kazakhstan and Iran lagged somewhat behind, together comprising a further 24%.

Syrian Arab Republic, with a CAGR of +18.8%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Wool; (not carded or combed), degreased, (not carbonised), shorn represented the main type of wool in the world, with the volume of exports accounting for 145K tons, which was approx. 75% of total exports in 2022. It was distantly followed by wool; (not carded or combed), degreased, (not carbonised), (other than shorn) (32K tons) and wool; (not carded or combed), carbonised (15K tons), together generating a 25% share of total exports.

Wool; (not carded or combed), degreased, (not carbonised), shorn experienced a relatively flat trend pattern with regard to volume of exports. Wool; (not carded or combed), degreased, (not carbonised), (other than shorn) experienced a relatively flat trend pattern. wool; (not carded or combed), carbonised (-5.1%) illustrated a downward trend over the same period. Wool; (not carded or combed), degreased, (not carbonised), shorn (+4 p.p.) significantly strengthened its position in terms of the global exports, while wool; (not carded or combed), carbonised saw its share reduced by -4.9% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, wool; (not carded or combed), degreased, (not carbonised), shorn ($358M) remains the largest type of wool supplied worldwide, comprising 69% of global exports. The second position in the ranking was held by wool; (not carded or combed), carbonised ($113M), with a 22% share of global exports.

For wool; (not carded or combed), degreased, (not carbonised), shorn, exports contracted by an average annual rate of -5.9% over the period from 2012-2022. For the other products, the average annual rates were as follows: wool; (not carded or combed), carbonised (-5.0% per year) and wool; (not carded or combed), degreased, (not carbonised), (other than shorn) (-7.9% per year).

Export Prices By Type

The average wool export price stood at $2,806 per ton in 2022, rising by 1.8% against the previous year. Overall, the export price, however, showed a deep slump. The pace of growth was the most pronounced in 2014 when the average export price increased by 4.7% against the previous year. The global export price peaked at $4,733 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was wool; (not carded or combed), carbonised ($7,544 per ton), while the average price for exports of wool; (not carded or combed), degreased, (not carbonised), (other than shorn) ($1,560 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by wool; (not carded or combed), carbonised (+0.2%), while the other products experienced a decline in the export price figures.

Export Prices By Country

The average wool export price stood at $2,806 per ton in 2022, rising by 1.8% against the previous year. Over the period under review, the export price, however, continues to indicate a deep slump. The growth pace was the most rapid in 2014 an increase of 4.7%. The global export price peaked at $4,733 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Australia ($8,548 per ton), while Syrian Arab Republic ($844 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+1.8%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform