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

Alpaca fiber or fleece is a natural fiber collected from alpaca, a camel-like animal found in the Latin Americas. Alpaca fiber is more durable and stronger than natural wool and has a smoother texture than wool. Moreover, since the diameter of alpaca fiber is smaller than its counterpart, it has become the primary raw material for manufacturing of luxury clothing items. Additionally, alpaca fleece has certain unique advantages of temperature regulation and water resistance which has further increased its popularity in the textile industry in the last few years.

Forecast Analysis of Alpaca Fiber Market

Growing applications of alpaca fiber in the global textile manufacturing industry is predicted to be the primary growth driver of the global alpaca fiber market in the forecast period. Additionally, increasing usage of alpaca fiber in manufacturing of luxury clothing items is anticipated to push the market forward. Along with this, rapid adoption of innovative manufacturing processes to improve alpaca fiber quality is projected to offer numerous growth and investment opportunities to the market in the analysis timeframe. However, limited production and supply of alpaca fiber is estimated to create hurdles in the full-fledged growth of the alpaca fiber market in the coming period.

Regionally, the alpaca fiber market in the LAMEA region is expected to be the most dominant by 2031. Growing interest in sustainable and eco-friendly clothing materials has led to a rise in demand for natural fibers which is expected to be the leading factor behind the growth of the market in this region.

According to the report published by Research Dive, the alpaca fiber market is expected to gather a revenue of $1,201.5 million by 2031 and grow at 3.5% CAGR in the 2022-2031 timeframe. Some prominent market players include AHA Bolivia, Altifibers S.A., Mary Maxim Inc., The Alpaca Yarn Company, Alpaca Owners Association, Inc., Berroco, Inc., The Natural Fibre Company, Plymouth Yarn Company, Inc., Stichting Agriterra, Zeilinger Wool Co., and many others.

Covid-19 Impact on the Alpaca Fiber Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The alpaca fiber market, too, faced a negative impact of the pandemic. The disruptions in the global supply chains immensely affected the regular supply of raw materials which affected the production cycles of the majority of textile manufacturing companies. This brought down the growth rate of the market in the pandemic period.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the alpaca fiber market to flourish. For instance:

• In June 2021, Textile Exchange, a non-profit organization, announced the launch of the Responsible Alpaca Standard which aims to set certain criteria for sustainable collection of alpaca yarn. The standard is expected to streamline all operations related to alpaca yarn manufacturing and will push the market players to establish and manage their global supply chains responsibly.
   
• In October 2021, Consinee Group, a global luxury yarn producer, announced a partnership with South American alpaca industry. Through this partnership agreement, Consinee Group aims to expand their alpaca yarn production by 30% in five years. This collaboration is expected to offer all the partners huge growth opportunities in the next five years as they will be able to consolidate their lead in the luxury textile industry.
   
• In January 2022, Bast Fiber Technologies, a specialty natural fibers manufacturer, announced the acquisition of Lumberton Cellulose LLC (LC), a North Carolina-based natural fiber processing company. This acquisition is predicted to increase the footprint of Bast Fiber Technologies substantially in the coming period.