Wool production in the US has been on a declining trend from 2013 to 2023, with the value standing at 10.78 thousand metric tons in 2023. The year-on-year variation has generally been negative, showing a consistent decrease in production. Notably, from 2019 to 2023, the production decreased marginally each year, reflecting a stabilized decline compared to previous periods. The average Compound Annual Growth Rate (CAGR) over the last five years is -0.53%, indicating a slower rate of decline recently.
The forecast data from 2024 to 2028 suggests the decline will continue at a very slow pace with a forecast 5-year CAGR of -0.12% and a forecast 5-year growth rate of -0.62%.
Future trends to watch for include technological advancements in sheep farming, potential shifts in global wool demand, and environmental policies that could impact wool production. Monitoring these factors will be crucial for predicting further changes in US wool production.
