New York, USA, May 23, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global alpaca fiber market. According to the report, the global market is projected to surpass $1,201.5 million and grow at a CAGR of 3.5% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the alpaca fiber market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Alpaca Fiber Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global alpaca fiber market. The pandemic affected the world's supply chain, making it more challenging to locate and ship alpaca fiber and products. Travel restrictions and shutdowns had made it more difficult for farmers and industries to reach markets and customers. However, many people have changed their purchasing behaviors, favoring internet shopping and putting comfort and sustainability above everything else. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Alpaca Fiber Market Growth
The key factor boosting the growth of the global alpaca fiber market is a significant rise in the need for alpaca fiber due to the rising demand for textile products that are environmentally friendly and sustainable. Furthermore, the growing use of new innovative manufacturing methods to enhance the quality of alpaca fiber is estimated to unlock lucrative opportunities for market growth in the forecast period. However, limited supply and production of alpaca fiber and a high cost of fiber production are anticipated to deter the market’s growth.
The report segments the global alpaca fiber market into type, application, grade, and region.
Huacaya Fiber Sub-Segment to Grab a Foremost Share of the Market
The huacaya fiber sub-segment of the type segment is foreseen to observe leading growth in the forecast period. This growth is mainly because huacaya fibers are highly valued for their softness, crimp, and insulating properties in the textile industry.
Textile Sub-Segment to Witness Rapid Growth
The textile sub-segment of the application segment is predicted to grow enormously in the forecast period. This growth is mainly because alpaca yarn may be used to make a variety of textile items, such as shawls, caps, scarves, and sweaters.
Superfine Sub-Segment to Witness Rapid Growth
The superfine sub-segment of the grade segment is predicted to grow enormously in the forecast period. This growth is mainly owed to customers who want high-quality, sustainable, and environmentally friendly products that are also pleasant and luxurious to the touch.
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LAMEA Alpaca Fiber Market to Perceive Maximum Growth
The report analyzes the global Alpaca Fiber market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the LAMEA market is projected to observe significant growth in the estimated period. This growth is mostly due to the increasing interest in sustainable and eco-friendly materials and the growing demand for natural fibers, such as those derived from alpacas in this region.
Key Players of the Alpaca Fiber Market
The report states some of the foremost players operating in the global market including
- AHA Bolivia
- The Natural Fibre Company
- The Alpaca Yarn Company
- Zeilinger Wool Co.
- Alpaca Owners Association Inc.
- Altifibers S.A.
- Plymouth Yarn Company Inc.
- Mary Maxim Inc.
- Stichting Agriterra
- Berroco Inc
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in October 2021, Consinee Group, the industry leader in luxury yarn production and China's top cashmere yarn exporter, announced it would boost its alpaca yarn production by 30% over the next five years.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players functioning in the global market.
More about Alpaca Fiber Market:
- Why Alpaca Fibers Have Become Luxury Clothing Manufacturers’ Most Preferred Choice?
- Global Alpaca Fiber Market to Generate $1,201.5 Million by 2031, Owing to An Increase in Applications of Alpaca Fiber in the Textile Industry
