United Kingdom: Wool Market 2024

Wool Market Size in the UK

The UK wool market shrank significantly to $X in 2022, with a decrease of -36.9% against the previous year. In general, consumption saw a deep downturn. Wool consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Wool Production in the UK

In value terms, wool production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 26% against the previous year. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Wool Exports

Exports from the UK

In 2022, overseas shipments of wool increased by 13% to X tons, rising for the second consecutive year after three years of decline. Overall, exports continue to indicate strong growth. The growth pace was the most rapid in 2014 with an increase of 79%. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, wool exports expanded sharply to $X in 2022. In general, exports saw a slight increase. The pace of growth appeared the most rapid in 2014 when exports increased by 107%. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Lithuania (X tons), China (X tons) and India (X tons) were the main destinations of wool exports from the UK, together comprising 60% of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +44.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for wool exported from the UK were Lithuania ($X), China ($X) and India ($X), with a combined 49% share of total exports.

In terms of the main countries of destination, India, with a CAGR of +35.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average wool export price stood at $X per ton in 2022, dropping by -5.9% against the previous year. Overall, the export price saw a deep reduction. The most prominent rate of growth was recorded in 2014 an increase of 16%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Egypt ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Portugal (-2.9%), while the prices for the other major destinations experienced a decline.

Wool Imports

Imports into the UK

In 2022, imports of wool into the UK contracted dramatically to X tons, with a decrease of -21.6% compared with 2021 figures. Overall, imports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 431% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, wool imports declined remarkably to $X in 2022. Over the period under review, imports, however, posted a buoyant increase. The growth pace was the most rapid in 2014 with an increase of 626% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, New Zealand (X tons) constituted the largest wool supplier to the UK, with a 42% share of total imports. Moreover, wool imports from New Zealand exceeded the figures recorded by the second-largest supplier, Turkey (X tons), twofold. The third position in this ranking was taken by China (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from New Zealand amounted to -4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-7.9% per year) and China (+130.7% per year).

In value terms, New Zealand ($X) constituted the largest supplier of wool to the UK, comprising 49% of total imports. The second position in the ranking was held by Australia ($X), with a 21% share of total imports. It was followed by Turkey, with an 8.3% share.

From 2012 to 2022, the average annual growth rate of value from New Zealand amounted to -10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+0.8% per year) and Turkey (-16.9% per year).

Import Prices by Country

In 2022, the average wool import price amounted to $X per ton, approximately equating the previous year. In general, the import price, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2014 an increase of 37% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+132.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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