Wool prices show encouraging growth

British Wool has confirmed a strengthened market for wool with prices at their highest levels for four years.

Since the start of the season, British Wool’s auction prices have increased by 20% which equates to an average improvement of 17p per kilo.  This equates to approximately 40p per fleece.

Andrew Hogley, British Wool’s CEO, said: “It’s encouraging to see the market strengthening and prices improving.  Since the start of the season, prices for British Wool have increased by 20%.  Average prices for 2024 season wool have increased for every core grade of British Wool.”

“The team has been working on a number of initiatives to support demand for British wool and deliver better prices.  In addition, the tests we run on each sale lot confirm that the wool this season has higher yields.  The incessant rain over the last year means that there is less dirt and grease in each fleece.  This is also helping to support improved prices.”

British Wool has been working with manufacturers to strengthen demand for wool to deliver better wool prices and now has more than 160 brand partners on its licensee scheme.

In the same vein, British Wool has made a strategic investment in Nexgen Tree Shelters to help bring wool based biodegradable tree shelters to market.  This innovative product should drive demand for mountain wools over the medium to long-term and take single use plastic out of the environment.

A Shaun the Sheep marketing campaign has been launched to support wool carpet sales through UK retailers.  This is intended to increase the market share of wool carpets in the residential carpet sector.  The promotion is being rolled out to more than 2,000 carpet retailers.

873 shearers and wool handlers have been trained on British Wool’s courses this year with almost 700 being awarded a coveted Blue, Bronze, Silver or Gold Seal.

Andrew concluded: “With the initiatives we have in place, and feedback from the market, we are confident the recent price gains are sustainable.  Prices need to increase further, but this is a positive step in the right direction. Our depots and drop off sites remain open and ready to receive wool.”