The growing demand for sustainable and eco-friendly textile goods, the rise in consumer awareness about the product benefits, and the quickly expanding alpaca fiber fashion outlets that allow simple access to the products drive the global alpaca fiber market growth.
PORTLAND, Ore., April 7, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Alpaca Fiber Market by Type (Huacaya Fiber, Suri Fiber ), by Application (Flooring, Textile, Industrial Felting, Others), by Grade (Ultra Fine, Superfine, Fine, Medium, Intermediate): Global Opportunity Analysis and Industry Forecast, 2021-2031” According to the report, the global alpaca fiber industry was valued at $846.5 million in 2021 and is estimated to generate $1.2 billion by 2031, witnessing a CAGR of 3.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
The increasing demand for sustainable and eco-friendly textile goods, increasing consumer awareness about the product benefits, and quickly expanding alpaca fiber fashion outlets that allow simple access to the products drive the alpaca fiber market. However, the high cost of production of alpaca fibers hinders the global market growth. On the other hand, versatility of alpaca fibers and the increase in R&D to improve the quality and consistency of alpaca fibers will present new growth opportunities for the global alpaca fiber market in the coming years.
The impact of COVID-19 on the alpaca fiber had been negative. The market witnessed a decline, owing to the lockdowns and restrictions imposed by governments across the globe, which led to a decline in consumer spending on luxury items, including alpaca fiber products.
Consequently, there was reduced demand for alpaca fibers and the revenue for businesses operating in the alpaca fiber industry also declined. Many business operations were shut down globally, leading to severe economic losses.
Moreover, border closures and limits on foreign travel caused interruptions in the supply chains of alpaca fiber products. Hence, there were delays and higher expenses in the manufacture and delivery of raw materials and final goods.
The textile segment to dominate the market during the forecast period
Based on application, the textile segment contributed to the largest share of more than half of the global alpaca fiber market in 2021 and is expected to dominate the market during the forecast period. The same segment is expected to witness the fastest CAGR of 3.7% from 2022 to 2031. The textile sub-segment accounted for a dominant market share in 2021 and is projected to have a dominant market share during the forecast period. The textile sector is one of the most important segments of the alpaca fiber market, since alpaca fiber is used to make a variety of high-quality fabrics.
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The huacaya fiber segment to maintain its leadership during the forecast period
Based on type, the huacaya fiber segment grabbed the highest share of more than 90% of the overall alpaca fiber market in 2021 and is projected to maintain its dominance in 2031. Moreover, the same segment is expected to witness the fastest CAGR of 3.6% from 2022 to 2031. Huacaya fiber is a type of fiber derived from the Huacaya alpaca breed, which is endemic to South America. This fiber is widely recognized for its softness, warmth, and insulating characteristics, which make it a popular choice for textiles and garments.
The superfine segment to maintain its leadership during the forecast period
Based on grade, the superfine segment grabbed the highest share of nearly one-third of the overall alpaca fiber market in 2021 and is projected to maintain its dominance in 2031. Moreover, the same segment is expected to witness the fastest CAGR of 3.7% from 2022 to 2031. Superfine grade alpaca fiber is used in the creation of high-end household textiles such as blankets and throws.
LAMEA to dominate the market by 2031
Based on region, the market in LAMEA was the largest in 2021, accounting for more than two-thirds of the global alpaca fiber market and is likely to dominate in terms of revenue in 2031. The same market in is likely to show the fastest CAGR of 3.9% during the forecast period. The LAMEA region is home to many alpaca farms, particularly in countries, such as Peru, Bolivia, and Chile, which are major producers of alpaca fiber.
Leading Market Players
THE ALPACA YARN COMPANY
The Natural Fibre Company
Zeilinger Wool Co.
Alpaca Owners Association, Inc.
Plymouth Yarn Company, Inc.
Mary Maxim Inc.
The report analyzes these key players of the global alpaca fiber market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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