The global Fleece Knitting Yarn market has garnered revenue of around USD 835 million in 2020 amid a significant drop due to the outbreak of COVID 19. However, the Fleece Knitting Yarn industry is expected to post a lucrative CAGR of over 8%, backed by the strong recovery in demand and targeted to reach around USD 1,521 million in 2027.
Fleece Knitting Yarn is made from the fleece sheared from the sheep. It is processed into coarse, fine, and medium wool for making apparel, active wears blankets, household products, and athleisure garments.
Woolen Clothes are Trending
The change in weather has augmented the demand for wool-based garments, blankets, and other household products. The growing trend of fine wool-based clothing is fueling the demand for Fleece Knitting Yarn. The higher demand for Fleece Knitting Yarn in the apparel industry is attributed to the strong demand for winter clothing, outdoor clothing, activewear, and athleisure garments. The demand for blankets remains steady as climate change has caused extreme cold weather in many regions.
Moreover, medium and coarse wool demand is also growing for blankets and other household goods. However, the availability of other synthetic fabrics is one of the major challenges to the growth of this industry. Additionally, raw materials availability is another major concern for the manufacturers of Fleece Knitting Yarn.
The downturn in Demand Due to COVID 19 Pandemic
The economic downturn was clearly evident in 2020 on account of the outbreak of COVID 19 pandemics around the world. Towards the end of the first quarter of 2020, the world was on the verge of shutting down to arrest the spread of the COVID 169 virus. Most of national governments sealed their boundaries, bringing the world to a standstill. This, in turn, affected global trade, and costs declined in GDP by 2% to the economy. Consequently, there was a significant decline in per capita income, rise in unemployment, drop-in production activities, and gross consumer demand. Fleece knitting yarn was no exception to the above situation with disruption in raw material supplies, difficulties in carrying out production activities with limited resources, and no lift for end-product.
The Asia Pacific has Remained at the Center of the Fleece Knitting Yarn Industry.
The Asia Pacific has remained one of the major markets for Fleece Knitting Yarn over the past few years. Even during the COVID 19 pandemic situation, the huge population has come to rescue the Asia Pacific economy with its robust demand for end-products. As a result, Asia Pacific recorded over 30% share in total revenue gathered by the global Fleece Knitting Yarn industry in 2020. Despite being the origin of COVID 19, China, and the wide spread of COVID 19, India has remained at the center of mobilizing the demand for Fleece Knitting Yarn in the region. Going forward, economies such as Vietnam, Indonesia, Malaysia, and Thailand are likely to contribute to the demand for Fleece Knitting Yarn in the region.
However, Europe and North America have also poised to play an important role in global Fleece Knitting Yarn. Slow but promising recovery in the economy and increasing speed of vaccination is bringing the lifestyle on track in these regions. This is expected to result in the growing demand for Fleece Knitting Yarn.
Fleece Knitting Yarn manufacturers are focusing on the improvement of their supply chains in order to overcome the setback offered by the pandemic in 2020. In addition, key players are focusing on increasing their geographic reach to expand their foothold in the global marketplace. In the quest to achieve growth in this highly competitive and dynamic market, the players are bidding on their production capacities. The price of the Fleece Knitting Yarn has remained another major factor where competitors are trying to win the market. Certain players have achieved pricing power in the industry through correctly targeted growth policies and their practical implementation.
Frequently asked questions about global Fleece Knitting Yarn industry
Significant impact of COVID 19 outbreak has been witnessed by the global Fleece Knitting Yarn industry with drop in production volume, declining consumer demand and disruption of supply chain affecting the raw materials supply and inventory management.
The report enlist the global leading manufacturers of Fleece Knitting Yarn manufacturers including Artyarns, Blacker Yarns, Brown Sheep Company, Erdos Group, Hengyuanxiang, Karbel Group, etc. The report has mapped the top players based on their latest annual revenue, sales volume and production capacities. Moreover, the report also pin points the comparative strength by offering product benchmarking, competitive landscape, etc.
Apparels is one of the leading outlets for the Fleece Knitting Yarn industry with maximum revenue being stemmed form this industry.
Asia Pacific has currently held the pivotal position in global Fleece Knitting Yarn industry owing to its strong and steady demand. The region is also anticipated to major driving force for the growth of Fleece Knitting Yarn market.
The global Fleece Knitting Yarn market is expected to exhibit CAGR of around 8.3% during the span of analytical period.
