The market is likely to reach 854,810 tons by the end of 2023. Earlier, the market was estimated at 794,070 tons in 2020 and 827,890 tons in 2021, according to Fibre2Fashion's market insight tool TexPro.
The wool fibre market in Europe may touch 206,480 tons by 2028 from 198,450 tons as of 2022. It may rise with an annual growth of 2.55 per cent in the coming years. The European market for the commodity was noted at 186,660 tons in 2020 and 195,740 tons in 2021. It can reach 200,230 tons by the end of this year.
According to TexPro, the North American market may grow by 3.55 per cent annually to reach 15,390 tons from 14,150 tons as of 2022. The wool consumption market in South America may witness an annual growth of 0.75 per cent to reach 24,580 tons by 2028 from 23,990 tons as of 2022. The market in the rest of the world is expected to grow up to 40,870 tons from 38,400 tons as of 2020. It was noted at 38,600 tons in 2021 and 38,900 tons in 2022 and can touch 39,230 tons in 2023. The annual growth rate is expected at 1.57 per cent over the next five years.
ALCHEMPro News Desk (KUL)
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