Wool Yarn Market

Wool Yarn Market: Crossbreeding to Unlock New Avenues of Growth

End users in the textile industry are developing a proclivity for high-quality wool, and the competition is getting stronger with higher yields and better styles. The hunt for wool yarn with improved quality and properties, such as lightweight and comfort, continues to raise the bar, not only for manufacturers but also for sheep farmers, to innovate and grow their presence in the textile industry.

In the wool yarn industry, where purebred products translate into the classic and traditional benchmark for wool quality, manufacturers are breaking the rules of the industry by introducing crossbred wool yarns.

The wool yarn landscape is emerging from its chrysalis with crossbreeding, and is opening doors to new opportunities in transseasonal apparel and a wider range of other applications.

The expansion of scope for innovation underscores the potential for crossbred wool yarn in the textile industry, which warrants an exclusive study. Persistence Market Research (PMR) conducted a comprehensive assessment of the future trends and growth prospects of the wool yarn market.

In its latest offering, PMR offers a 360-degree viewpoint on how the future of the wool yarn landscape will shape up through 2019-2029, which can arm decision-makers to build value-based strategies to amplify their gains in the textile and clothing ecosystem.

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Rising from the Years of Sluggishness toward an Optimistic Outlook

The year 2019 marks a milestone for wool yarn manufacturers, as the market has not only recovered from a new low during 2014-2018, but has upped to a level where market players can take an attacking stance to boost their sales.

The wood yarn landscape has been sluggish in the past five years, as its valuation plummeted from nearly US$ 49 billion in 2014 to just over US$ 33 billion in 2018.

The growth parameters were mainly affected by the supply-demand imbalance, as demand was upped dramatically, while wool supply remained unchanged until 2018.

The wool yarn market has been reborn to gain stability through the volatility of wool pricing, tariffs & taxation, and dynamic end-user demands, and reach new heights in the coming decade. Manufacturers are likely to shift their focus on joining forces with sheep farmers, to ensure direct access to raw materials, and bank on innovations to boost the quality of wool yarn so as to capitalize on new opportunities in the market.

In addition, leading market players are likely to shift their focus on capitalizing on the increasing growth of the fashion and clothing industry by introducing specific properties in wool yarn to meet the application-specific requirements of their customers.

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Woolen Apparel to Account for Half the Wool Yarn Sales

The textile industry’s penchant for woolen fabrics has expanded the application range for wool yarn, including apparel, upholstery fabrics, blankets, and flooring. In 2018, nearly 50% of the wool yarn sales were attributed to its adoption in apparel, including blazers, jackets, and other types of sports apparel.

The unwavering trend of the growing demand for wool yarn in apparel is expected to shape the salient business strategies of market players in the coming years.

The modern textile industry is shaping up with the emerging trend of adding wool yarn materials in sports apparel, which includes clothing as well as shoes. The sales of wool yarn for the manufacturing of athleisure apparel accounts for nearly half of the sales of wool yarn in the sports apparel industry, and the trend of using wool in athletic shoes is opening new opportunities for wool yarn manufacturers in the sports fashion landscape.

Leading players in the wool yarn landscape are likely to build their upcoming strategies based on the changing trends in the apparel industry and its verticals, as well as dynamic consumer requirements.

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Consumer Preference for Natural and Sustainably-Produced Wool Yarn

The veganism movement is no more bound to the food industry, but has forayed into the textiles and clothing landscape too, triggering tectonic shifts in manufacturers’ strategies in the wool yarn market.

Increasing concerns about animal-cruelty are getting wool yarn manufacturers and retailers into knots, forcing them to take up a cruelty-free approach, coupled with plans to boost the sustainability of the supply chains in this landscape.

Along with strategies to market the breathability and biodegradability of wool yarn, businesses are also putting efforts into promoting their sustainability policies and ethics to establish a new brand image, not only in the wool yarn market but also in its end-use industries.

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Competitive Analysis for the Wool Yarn Landscape

In a moderately fragmented market such as for wool yarn, leading companies and their competitors hold approximately 65% revenue share of the global market, and emerging players account for the rest of the market share.

Taking into consideration the significant rise in the demand for worsted wool yarn, leading market players are investing heavily in this segment of the market through collaborations and acquisitions, especially in Europe and East Asia.

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.

In the coming years, small companies and start-ups in regional markets for wool yarn are likely to benefit from the 'shop local' movement adopted in various countries, including the United States and China.

Realizing that outsourcing raw materials to other countries is no longer cost-effective, new entrants in the wool yarn landscape are developing a network of local yarn producers and distributors to gain an edge in the market.

Analysts’ Viewpoint

The authors of this study are of the opinion that, the wool yarn market will discern steady growth in the coming years, and its demand will be triggered by the growing applications of innovative fabrics in the apparel industry.

As the textile and clothing ecosystem has been growing at the rate of knots, wool yarn is expected to witness healthy demand in the coming years. However, consumer perception of wool and changing mindset toward animal cruelty will force wool yarn manufacturers to knit themselves a fresh image to survive in this market.

Innovation will remain the key for wool yarn market players to gain a competitive edge in this landscape, where demand for lightweight and smooth fabrics will only grow in the foreseeable future.

Global Wool Yarn Market – Key Research Findings

• The global wool yarn market is expected to be valued at nearly US$ 33,500 Mn in 2019, and is projected to grow at a CAGR of over 4% over the period of 2019–2029.
• On the basis of end use, East Asia and Europe are estimated to record high market value and volume growth in the wool yarn market over the forecast period.
  • Significant growth is being witnessed in textile industries, such as those dealing in apparel and upholstery fabrics, especially in countries such as China and India. The primary factor propelling the growth of the wool yarn market is the growth of the apparel and textile industry. Increasing demand for sportswear, blazers, etc., is also surging the demand for fine wool yarn, as it is consumed on a large scale for their production.
• The North America market is estimated to experience moderate growth in the wool yarn market.
  • Increasing consumption of apparel such as jackets and blazers is expected to create substantial demand for wool yarn from the clothing industry, owing to the changing fashion trends and the increasing inclination of youth towards sportswear.
  • The increasing demand from upholstery interior is also boosting the demand for wool yarn, as it is excessively used for the manufacturing of carpets, curtains, and other interiors.
• Rising disposable income of the middle-class population is propelling the use of natural fiber-based fabrics.
  • The demand for wool yarn is expected to increase as a result of rising urbanization, growing middle-class population, and increasing awareness towards sustainability. With growing GDP and increasing per capita spending, people are inclining towards the use of natural fiber-based fabrics that were earlier unaffordable. This, in turn, has resulted in an increase in the demand for various wool yarn types such as cashmere, merino, etc. The significant growth of textile industries is expected to drive the demand for wool yarn over the forecast period.

 Key Factors Driving Wool Yarn Market Growth

Prominence in Apparel and Upholstery Fabric Applications

• Wool yarn is an important yarn in the manufacturing of apparel and textiles. Wool yarn is blended with other yarns, owing to the increasing demand for various apparel such as jackets, socks, sweatshirts, and others. Merino wool is widely used for apparel manufacturing, due to its properties such as lightweight, heat-resistance, etc. The increasing inclination of consumers towards upholstery fabrics to enhance to appearance of their homes is also creating a lucrative impact on the wool yarn market, as wool yarn is largely used in the manufacturing of curtains, carpets, etc.
• Wool yarn is also used in offices and homes for flooring purposes, creating significant growth opportunities for the wool yarn market. Extensive growth is also being observed in the womenswear category, which is expected to lead the growth of the wool yarn market. Such wide applications of wool yarn are anticipated to drive market growth in the coming years. The growth of the consumer markets in developing regions is expected to result in driving the growth of the raw material market, such as the raw wool market for the textile industry.

Favorable Trade Policies and Investments by Governments

Favorable trade policies and production of quality wool yarn are driving textile exports, owing to the growing textile industry. This is expected to create a significant impact on the wool yarn market, as wool yarn is widely consumed in textile production.

Investments made by governments to expand the production of textiles, due to the high demand for wool yarn from the textile industry, are driving market growth.

Wool Yarn Market Structure Analysis

• The global wool yarn market is a considerably fragmented market, due to the presence of unorganized local manufacturers.
• Moreover, uncertainties in raw material prices for wool yarn have been observed in developed and developing regions, due to changes in weather conditions and the availability of suitable land for sheep growers, while the increasing consumption of alternatives such as cotton, polyester, and other blended yarns is hampering the demand for wool yarn in the market.
• Some of the key market participants operating in the global wool yarn market include Indorama Ventures, Woolyarn Limited, Sudwolle Group, and Woolmark Company, among others.
• Several key players are maintaining strategic focus on the East Asia and Europe markets, due to rising textile industries and urbanization in these regions.

What are the Key Segments of the Wool Yarn Market?

PMR’s study on the wool yarn market divides information into four broader categories-yarn type, wool type, application, and region. This report offers detailed information about how growth will discern for the wool yarn market, by understanding the influence of important dynamics and growth prospects associated with the aforementioned segments.

What are the Key Questions Answered in PMR’s Wool yarn Market Report?

• How will the pricing change in the wool yarn market during the forecast period?
• Who are the leading players in the wool yarn market?
• What are the key strategies of manufacturers in the wool yarn market to strengthen their foothold in emerging economies?
• What are the current trends that are boosting the growth of the wool yarn market in Europe and North America?
• How will positive growth prospects of the oil & gas industry influence trends in the wool yarn market?