Global Silk Market – Industry Trends and Forecast to 2029

Global Silk Market, By Production Process (Cocoon Production, Reeling, Throwing, Weaving and Dyeing), Type (Mulberry Silk, Tussar Silk, Eri Silk and Spider Silk), Application (Textile, Cosmetics and Medicine) – Industry Trends and Forecast to 2029

Market Analysis and Size

Over the last few years, there has been immense growth in the textile industry due to which the silk has witnessed increased demand over the forecast period. Additionally, the silk market requires less investment because it does not require complex machines and equipment to produce. It is more labor-intensive than investment-intensive industries. These factors contribute to the market's expansion.

Global Silk Market was valued at USD 16.94 billion in 2021 and is expected to reach USD 32.06 billion by 2029, registering a CAGR of 8.30% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Report Scope and Market Segmentation

Market Definition

Silk is a natural fiber that is obtained from cocoon of silk worms. Thus, the process of growing silk worms to obtain and produce silk is called sericulture. In the past, silk was used to make parachutes but now it is used to make clothes. The protein fiber of silk is composed of fibroin. The best silk is obtained from cocoons of the larvae of a mulberry silkworm Bombyx mori. Real silk is very expensive as it takes around 10,000 cocoons to obtain that quality of silk. Silk can also be employed in unexpected ways such as bicycle tires, medicine and so on. Summer is the best weather to wear silk because of its absorbent nature and has low conductive properties. Silk offers comfort, is extremely soft and adds elegance. Textile has emerged to be the quickest and the largest application of silk. The mulberry silk has dominated the market and will continue to flourish on the basis of worth and volume.

Silk Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• High Demand Across Textile Applications

Silk's fastest-growing application is textile. Silk is an important component of the textile industry, which is constantly expanding and changing in terms of demand and supply. Silk is used in textiles because of its lustre, luxurious feel, lightweight, resilience, and strength. It is used in many different types of clothing, including wedding gowns, gowns, blouses, scarves, and neckties, as well as pillows, wall hangings, draperies, and upholstery.

Furthermore, the absorbency of silk makes it very comfortable to wear, especially in hot weather. During cold weather, its low conductivity keeps warm air close to the skin. Silk is increasingly being used in clothing such as shirts, ties, formal dresses, high fashion clothes, lingerie, pajamas, robes, dress suits, sun dresses, and kimonos. Silk is also used in India to make sarees, which are a traditional outfit.

The increasing awareness about the advantage of using lubricant-based products due to their corrosion resistant, nonflammable, and nontoxic properties will further propel the growth rate of silk market. Additionally, the growth in trade by air transportation will also drive market value growth. The expansion of the automotive industry along with the increase in defense budgets are other market growth determinants which are projected to bolster the growth of the market.

Opportunities

• Development and Advanced Products

Furthermore, rapid development of the silk industry as fewer funds are required for production further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the increasing development of technologically advanced products by manufacturers in sericulture further expand the future growth of the silk market.

Restraints/Challenges

• High Material Costs

Silk is one of the basically very expensive material. Additionally, silk clothes are not easy to clean as they usually need to be dry cleaned. Moreover, it can get damaged by excessive sun and water exposure. This makes it all the more expensive for the ultimate consumers. The overall high cost of silk will create hindrances for the growth of the silk market.

• Presence of Substitutes

Also, the availability of substitutes at comparatively lower prices will prove to be a demerit for the silk market. Therefore, this will challenge the silk market growth rate.

Moreover, the high dependency over China for silk and its raw materials is also expected to hamper growth of the global silk market.

This silk market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the silk market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Silk Market

The recent outbreak of coronavirus had a negative impact on the silk market. During the COVID-19 period, the Silk industry faced a variety of production, cocoon and raw silk price fluctuations, transportation issues, a shortage of skilled workers, a decline in the sale of raw silk and silk products, declining working capital and cash flow, reduced export/import orders, and other restrictions. Orders and supply in the last few months showed a declining trend in silk production during the peak COVID-19 period, which is now significantly improving. The pandemic has also caused changes in silk marketing channels and consumption patterns. Companies in the region of China, India, and France have faced serious problems with their supply chains. COVID has had a significant impact on market channels, value chain analysis, and consumption patterns. Many silk industries were shut down, and operations in various industries were seen to be jeopardized.

Simultaneously, many companies have made efforts to combine the Internet and new technologies in order to innovate and develop, transform and upgrade in order to adapt to market changes, thereby combating the economic crisis caused by the pandemic.

Global Silk Market Scope

The silk market is segmented on the basis of production process, type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Production Process

• Cocoon Production
• Reeling, Throwing
• Weaving and Dyeing

Type

• Mulberry Silk
• Tussar Silk
• Eri Silk
• Spider Silk

 Application

• Textile
• Cosmetics and Medicine

Silk Market Regional Analysis/Insights

The silk market is analyzed and market size insights and trends are provided by country, production process, type and application as referenced above.

The countries covered in the silk market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the high demand for silk products and raw materials from China and India within the region.

North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the rapid expansion of textile industry in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Silk Market Share Analysis

The silk market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to silk market.

Some of the major players operating in the silk market are

• Anhui Silk (China)
• Eastern Silk Industries Ltd. (India)
• ERIS GLOBAL (India)
• Wujiang First Textile Co., Ltd. (China)
• Kraig Biocraft Laboratories, Inc. (U.S.)
• Zhejiang Jiaxin Silk Co., Ltd. (China)
• Ongetta srl (Italy)
• Sichuan Nanchong Liuhe (Group) Corp. (China)
• ShengKun Silk Manufacturing Co., Ltd. (China)
• Jiangsu Sutong Cocoon & Silk Co. (China)
• Wensli (China)
• Wujiang Wanshiyi Silk Co. Ltd. (China)