The global alpaca fiber market is estimated to garner significant revenue by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the escalating inclination of the people towards fancy designer clothes, and the significant utilization in the automotive industry. Alpaca wool is utilized in applications that require heat retention and it is one of the major reasons for its utilization automotive industry. For instance, the automotive industry in 2017 was valued at approximately USD 75 million. As of 2018, about 65 million cars were manufactured across the globe. Alpaca fibers are utilized to make interior equipment such as, seat and seat cover, flooring, and others in cars. Alpaca fiber is soft and doesn’t feel scratchy, therefore, people choose alpaca wool over sheep wool. Furthermore, rising breeding of Alpacas is also anticipated to foster the growth of the market during the forecast period. All these factors are projected to influence the growth of the market positively over the forecast period.
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The market is segmented by wool type into Huacaya and Suri, out of which, the Suri segment is anticipated to hold the notable revenue share in the global alpaca fiber market during the forecast period on account of the high prices of the Suri fiber in the market. Suri fibers have cylindrical locks that look like dreadlocks. Such factors are anticipated to hike the growth of the segment during the forecast period.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global alpaca fiber market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness noteworthy growth over the forecast period on the back of significant availability of Alpacas in the region and higher demand for woolen clothing owing to the long-lasting winter. For instance, the presence of about 50,000 alpacas is observed solely in the United States. Additionally, Americans are more inclined toward fashionable pieces of woolen clothing. Since alpaca wool feels soft against the skin, people tend to choose alpaca wool over other types. Based on the data provided by Ag Marketing Resource Center (AGMRC) it was stated that 17 million pounds of greasy shorn wool were produced in the United States in 2020.
Furthermore, the global alpaca fiber market is also projected to grow at a remarkable pace in the Europe region during the forecast period on account of the similar growth drivers, such as, a higher inclination toward comfortable and trendy woolen clothing and a long-lasting winter season. Such factors are anticipated to hike the growth of the market over the forecast period in the region.
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The global alpaca fiber market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global alpaca fiber market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing inclination of the people toward fancy woolen clothes and rising utilization in the automotive industry are the major factors driving the growth of the alpaca fiber market.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 - 2031.
The major players in the market are Altifibers S.A., The Natural Fibre Company, Zeilinger Wool Co., Stichting Agriterra, Berroco, Inc., Mary Maxim Inc., Alpaca Owners Association, Inc., Plymouth Yarn Company, Inc., and P & J Okell Ltd.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by wool type, grade, application, and by region.
The Suri segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
The availability of alternative wool in the market is estimated to hamper the market growth.
North America region will provide more business opportunities for the growth of the alpaca fiber market in the future on the back of long-lasting cold days.
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