The forecast for wool production at the farm gate in Australia indicates a relatively stable trend from 2024 to 2028, with slight decreases in value. For context, in 2023, wool production stood at $2.28 billion. Over the next five years, the value shows a marginal reduction of -0.44% CAGR. The year-on-year variations are minimal, with no significant changes projected beyond a slight annual decrease starting from 2026. For instance, the industry will notice a -0.4% decrease in 2026 and subsequent years.
Future trends to watch for include the impact of climate change on wool quality and yield, fluctuations in global demand, and shifts in consumer preferences towards sustainable textiles. Additionally, technological advancements in farming practices could drive efficiencies and potentially stabilize or boost production values.
