The biggest factor holding back the future growth on the wool industry is production, according to Chris Wilcox, from the International Wool Textile Organisation.
The world-wide supply of wool is currently at a 70-year low and although it will rise in the next decade, experts say it won't be by much.
Mr Wilcox says the growing trend to produce sheep for meat is making it hard to build demand, and could jeopardise higher prices.
"We're seeing an increase in sheep numbers, both here in Australia and elsewhere around the world, but there's a shift to dual purpose and meat sheep, and as a result wool production won't be increasing by much," he said.
"That will be a big constraint, but it's an opportunity."
Mr Wilcox also achnowledges drivers at the retail end which will affect the demand for wool.
"Consumer incomes and population growth, both in aggregate but also which countries will see growth, so the combination will drive wool and fibre demand," he said.
"It is very difficult because things change, as we've seen in the past ten years, things that you totally don't expect happen.
"We've seen terrorist attacks, financial crises of various natures, we've had natural disasters. All of them have ultimately affected the demand for wool.
"What we can look at is what's happened in the last 20 years, in terms of production levels, in terms of processing levels, in terms of income and population growth and then look forward for the next ten years and see where it will take us, and that's the best we can do."
At the consumer end, Mr Wilcox says there are real growth opportunities in China, as long as the industry can grow the demand per person.
"As well there are growth opportunities in Turkey, in Russia and the central European countries of Czech Republic, Poland, Bulgaria, Romania, all of which have that same European sensitivity to wool and fashion sensibilities."