EU: Wool Market 2024

Wool Market Size in the EU

The EU wool market fell to $X in 2022, which is down by -7.4% against the previous year. Over the period under review, consumption continues to indicate a pronounced downturn. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Wool Production in the EU

In value terms, wool production dropped slightly to $X in 2022 estimated in export price. In general, production saw a abrupt setback. The pace of growth was the most pronounced in 2014 when the production volume increased by 16%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Wool Exports

Exports in the EU

In 2022, shipments abroad of wool decreased by -2.5% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports continue to indicate a mild setback. The most prominent rate of growth was recorded in 2021 with an increase of 31%. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, wool exports fell to $X in 2022. Over the period under review, exports recorded a pronounced descent. The pace of growth appeared the most rapid in 2013 with an increase of 18% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Germany (X tons) and Belgium (X tons) represented roughly 49% of total exports in 2022. Spain (X tons) held the next position in the ranking, followed by France (X tons), Portugal (X tons) and Italy (X tons). All these countries together took approx. 36% share of total exports. Latvia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Latvia (with a CAGR of +21.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest wool supplying countries in the European Union were Germany ($X), Belgium ($X) and Italy ($X), together comprising 67% of total exports. Spain, France, Portugal and Latvia lagged somewhat behind, together accounting for a further 24%.

Among the main exporting countries, Latvia, with a CAGR of +14.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in the European Union amounted to $X per ton, dropping by -4.1% against the previous year. In general, the export price showed a slight shrinkage. The pace of growth was the most pronounced in 2016 when the export price increased by 13%. Over the period under review, the export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Italy ($X per ton), while Portugal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+1.0%), while the other leaders experienced mixed trends in the export price figures.

Wool Imports

Imports in the EU

Wool imports dropped modestly to X tons in 2022, declining by -4.2% against the year before. Overall, imports showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 41% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, wool imports rose remarkably to $X in 2022. In general, imports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2021 with an increase of 30%. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The purchases of the three major importers of wool, namely Italy, Lithuania and Germany, represented more than two-thirds of total import. Portugal (X tons) held an 8.4% share (based on physical terms) of total imports, which put it in second place, followed by Belgium (5.4%) and Poland (5%). France (X tons) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Lithuania (with a CAGR of +4.3%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Italy ($X) constitutes the largest market for imported wool in the European Union, comprising 37% of total imports. The second position in the ranking was taken by Lithuania ($X), with an 18% share of total imports. It was followed by Germany, with a 17% share.

From 2012 to 2022, the average annual growth rate of value in Italy totaled -3.1%. The remaining importing countries recorded the following average annual rates of imports growth: Lithuania (-1.4% per year) and Germany (-4.5% per year).

Import Prices by Country

The import price in the European Union stood at $X per ton in 2022, picking up by 13% against the previous year. Over the period under review, the import price, however, saw a pronounced setback. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($X per ton), while Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (-0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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