The price of wool has seen a significant increase of over 70% in the last year, reaching a 10-year high. This rise is partly due to a smaller British sheep flock and the depletion of global stockpiles accumulated during the Covid-19 pandemic.
In the most recent sale, a kilogram of clean shorn wool fetched £2.54 on average, a notable increase from less than £1.50 a year ago. While this may impact shoppers looking for wool products, it helps farmers cover shearing costs.
Wyn Williams, a sheep farmer in Powys, stated that the increased demand and price help cover expenses such as professional shearers and wool wrappers. Farmers like Williams primarily rear sheep for meat and breeding, but shearing is essential for animal welfare and health.
Gareth Jones from British Wool confirmed that the price boom is a result of supply and demand, with fewer sheep in the UK and globally. He also noted a resurgence in worldwide interest for wool, with China, South Korea, and Japan identified as important markets.