If it’s possible to do with hair particles? Sure it is! But this looks dense, so it might get expensive performance-wise due the amount of particles needed.
You’ll need to play mainly with the roughness settings. They’re accessible when using Children. To make it clump-like enter Particle Mode, switch to
Tip particle selection mode and pull everything down to form arcs.
Here is a very quick test:
The more particles you use clumpier it’ll look, hiding the trick.
These are the values you’ll have to experiment with.
Ideally you’ll want to use two systems, one for the clumped “mass” and a secondary with sparser and rougher hair to represent individual lighter fibers sticking out of the clumps.