Nearly 5 billion farm animals, including waterfowl, cattle, sheep, goats, and alpacas, are being affected by the fashion industry. There is an urgent need for a system that evaluates their welfare. The rise in public interest on the topic of animal welfare is leading to the creation of different textile standards or certification schemes, which can give us an overview of the general state of expectations in terms of animal welfare within the textile industry. We therefore created a risk assessment tool and applied it to 17 different textile standards. Our results showed that only one of the standards reached a score in the “Acceptable” animal welfare risk category, and the rest of the standards had even lower scores of risks for animal welfare. In general, industry standards have not demanded sufficient requirements for higher levels of animal welfare. While the current risk assessment gave us a good idea of what is considered acceptable within the industry, it is also not necessarily representative of the risks for the majority of farm animals that are part of the textile industry. Only a small number of animal-derived materials are certified with some form of animal welfare standards, even though these standards can play an important role in improving the standard of care for animals. To evaluate the actual welfare states of the animals in fibre production, further research is needed to apply the proposed tool to actual farms.