Fine wool production in China has exhibited a declining trend over the past decade, with the production standing at 94.24 thousand metric tons in 2023. From 2013 to 2018, production fluctuated but showed an overall decrease. Since 2019, production has decreased consistently, with significant year-on-year declines. The year-on-year decrease for 2022 and 2023 were -1.99% and -2.04%, respectively. The compound annual growth rate (CAGR) over the past five years has been -4.38%, indicating a steady decline. Future projections suggest a continued drop, with an expected CAGR of -1.7% and a forecasted total reduction of -8.21% by 2028.
Future trends to watch for include:
- Technological advancements in wool production.
- Shifts in global demand for fine wool.
- Environmental policies affecting wool production practices.
- Potential economic impacts from trade relations and tariffs.
