Wool Market Overview in Hungary
Market Overview
In 2019, the Hungarian wool market decreased by -
% to $, falling for the second consecutive year after four years of decline. In general, consumption saw a abrupt contraction. The growth pace was the most rapid in 2010 with an increase of % against the previous year. Wool consumption peaked at $ in 2007; however, from 2008 to 2019, consumption stood at a somewhat lower figure.
% to $, falling for the second consecutive year after four years of decline. In general, consumption saw a abrupt contraction. The growth pace was the most rapid in 2010 with an increase of % against the previous year. Wool consumption peaked at $ in 2007; however, from 2008 to 2019, consumption stood at a somewhat lower figure.Consumption
In 2019, consumption of wool decreased by -% to tonnes, falling for the second consecutive year after two years of decline. Over the period under review, consumption continues to indicate a abrupt slump. The growth pace was the most rapid in 2010 with an increase of % y-o-y. Wool consumption peaked at tonnes in 2007; however, from 2008 to 2019, consumption failed to regain the momentum.
The size of the wool market in Hungary fell sharply to $ in 2019, declining by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a abrupt descent. The growth pace was the most rapid in 2010 when the market value increased by % against the previous year. Wool consumption peaked at $ in 2007; however, from 2008 to 2019, consumption remained at a lower figure.
% to tonnes, falling for the second consecutive year after two years of decline. Over the period under review, consumption continues to indicate a abrupt slump. The growth pace was the most rapid in 2010 with an increase of % y-o-y. Wool consumption peaked at tonnes in 2007; however, from 2008 to 2019, consumption failed to regain the momentum.The size of the wool market in Hungary fell sharply to $
in 2019, declining by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a abrupt descent. The growth pace was the most rapid in 2010 when the market value increased by % against the previous year. Wool consumption peaked at $ in 2007; however, from 2008 to 2019, consumption remained at a lower figure.Market Forecast
Driven by rising demand for wool in Hungary, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +% for the period from 2019 to , which is projected to bring the market volume to tonnes by the end of .
% for the period from 2019 to , which is projected to bring the market volume to tonnes by the end of .Market Structure
Wool market in Hungary consists almost entirely of imported products.
Trade Balance
Hungary remains a net importer of wool; in physical and value terms, imports consistently exceeded exports from 2007 to 2019. In 2019, there was a significant trade deficit of tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
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