Silk Market

The Global Silk Market was valued at USD 17.2 Billion in 2022 and is projected to reach a value of USD 28.53 Billion in 2030 at a CAGR (Compound Annual Growth Rate) of 7.5% over the forecast period.

Premium Insights

Silk is a natural protein fiber. Some forms of Silk can be woven into textiles and used for further production. The protein fiber of Silk is composed primarily of fibroin and can be produced by certain insects' larvae to form cocoons. The global Silk market is expected to be driven by rising sericulture's technological development and an expanding textile sector. Since Silk does not require sophisticated machinery and equipment, it can often be produced at a lower cost. These factors are expected to propel the growth of the global Silk market growth during the forecast period.

Silk has many applications, including bicycle tires, pharmaceuticals, and apparel. Additionally, Silk possesses absorbent and low conductive qualities. Studies have indicated that clothes produced from Silk are the best apparel for summer. The triangular prism-like structure of the Silk strand can enable sill clothes to refract the incoming light at different angles and produce a variety of diverse hues. This produces a shimmering appearance. These factors are expected to contribute to the global Silk market to a greater extent.

Silk has found increased utilization within the cosmetic and medicinal fields. Additionally, textiles are a primary consumer of various Silk-based products. Studies have revealed that clothes produced by Silk are extremely comfortable to wear during all seasons and are often preferred by consumers. A popular form of traditional clothing in India, known as sarees, is often produced from Silk. Silk also produces bridal dresses, evening gowns, scarves, and pillows. These factors will add to the sustainable market growth of the global Silk market.

The presence of dipeptides and tripeptides will account for a rising usage of Silk during the forecast period. Various components, such as amino acids in Silk protein, make them highly desirable for cosmetics and supplement manufacturing applications. However, the fluctuating prices of Silk can limit the growth of the global Silk market. Additionally, factors such as an unorganized and inadequate marketplace and the lack of transportation options will further hinder the global market growth. Countries such as India, Brazil, and Uzbekistan suffer from lower transportation options.

Economic Insights

Politicians, economists, and market experts were divided on whether the global economy would enter a slump in the summer of 2022. The American Federal Reserve has stated that it will continue to raise interest rates until the sky-high inflation rate falls. Since February 2014, Russia and Ukraine have been at odds. However, it became more intense in February 2022 when Russian soldiers invaded Ukraine after establishing a sizable military presence near the Ukrainian border. After a few days, Russia launched a full-scale operation during a live broadcast, heralding the start of a large-scale invasion of Ukraine. As a result, the Russian economy has been subjected to several sanctions, and many European countries have avoided doing business with the country.

Top Market Trends

1. Rising Number of Startups: The global Silk market has grown tremendously over the last decade. Since Silk production requires less machinery and initial capital cost, more startups have entered the space.

2. Rising Investment by Developing Players: New companies in the global Silk industry is developing novel ideas expected to have a favorable effect. For instance, in May 2022, ReshaMandi, a market leader in the agro-tech business, enabled Silk growers to raise total revenue and improve their Silk quality through technological interventions. ReshaMandi offered "cutting-edge" AI & IoT-led ecosystem technologies that assisted more than 5,500 Silk producers in raising their income by 30%.

3. Expanding Textile Industry: Textile is the fastest-growing application wherein Silk is the most utilized, growing continuously. Studies have indicated that the cycle of demand and supply in terms of volumes of Silk has risen. Silk provides a lustrous appearance and is extremely lightweight. Additionally, it is extremely resilient. These factors are expected to expand its utilization within the textile industry, fuelling the growth of the global Silk market during the forecast period.

4. Integration of Silk During Warmer Environments: Silk is used widely in many variations of clothing all over the globe. The absorbency makes Silk clothes extremely comfortable, especially in countries where warm weather is appreciated.

5. Expanding Utilization of Silk for Various Clothing Apparel: ilk is used within shirts, ties, high fashion clothes, lingerie, pajamas, robes, dress suits, sun dresses, and kimonos. They can also produce pillows, wall hangings, draperies, and upholsteries.

Market Segmentation

The global Silk market can be categorized into Types, End Users, and Region. Based on Types, the market can be segmented into Mulberry Silk, Tussar Silk, Eri Silk, and Other Types. Based on the End Users, the market can be further fragmented into Textile, Cosmetics, and Medical. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Types

Mulberry Silk to Dominate Largest Market Share Due to Increased Utilization within Textile Industry

The Mulberry Silk segment is expected to contribute the largest market share in revenue and sales. Factors such as mulberry Silk's rising utilization for garments such as sarees and other trendy outfits are expected to increase segmental growth. Additionally, a budding textile sector is expected to increase mulberry Silk demand. Blended with lyocell and polyester, Mulberry Silk can further be integrated for various applications and segmental fuel growth. Eri Silk will grow with the fastest growing CAGR during the forecast period owing to rising utilization within creating men's and women's shawls and fashion designers increasing usage in their trendy creations.

Based on the End Users

Textile to Occupy Largest Market Share While Cosmetics & Medical to Grow with the Fastest Growing CAGR

Textiles are the leading consumer of various kinds of Silk as they offer incredible properties, including lightweight, a luxurious feel, and great strength. Additionally, textiles are continuously used to produce wedding dresses, gowns, blouses, scarves, and neckties combined with other domestic items, including pillows, wall hangings, draperies, and other upholstery items. These factors are expected to add to the segmental growth during the forecast period. Medical and cosmetics will grow with the fastest growing CAGR during the forecast period due to the production of surgical sutures, clothing, Silk comforter, and parachutes.

Based on Region

Asia Pacific to Reign Dominance Due to the Presence of Prominent Players

The global Silk market is expected to be dominated by the region of Asia Pacific due to the presence of numerous dominant players combined with the rising number of aggressive marketing strategies. Additionally, rising demand for Silk from emerging economies such as India, Thailand, and Uzbekistan will further propel the growth of a budding Silk market in the Asia Pacific. Data from various government agencies indicated that in 2021, India produced nearly 26,500 metric tons of Silk from major Silk-producing states, including Andhra Pradesh, Bihar, Assam, Karnataka, and Gujarat, among others. Additionally, the rising demand for Silk from Asia Pacific is expected to be supported by the rising population boom and the rising number of start-ups entering the space.

Europe is expected to hold the second-largest market share in sales and revenue. The European market is expected to be dominated by Italy as it is a major importer of Silk from China. Due to its increased focus on clothes and other apparel, France will also be a major contributor to the European Silk market.

Competitive Landscape

The global Silk industry is extremely competitive due to the presence of many dominant players. Players focus on managing their supply chains to create an effective manufacturing process with standardized SOPs. Additionally, these players aim for aggressive marketing practices to widen their product portfolios and reach the maximum number of consumers.

The key players in the global Silk market include - Anhui Silk Co. Ltd. (China), AmSilk GmbH (Germany), Wujiang First Textile Co. Ltd. (China), Zhejiang Jiaxin Silk Co. Ltd. (China), Sichuan Nanchong Liuhe (Group) Corp. (China), ShengKun Silk Manufacturing Co. Ltd. (China), Wujiang Wanshiyi Silk Co. Ltd. (China), Libas Textiles Ltd (Bangladesh), Bolt Threads (U.S.), Jiangsu Sutong Cocoon And Silk Co. (China) among others.

Recent Market Developments

· March 2020: Bolt Threads, a startup in the spider Silk industry, announced they received a huge amount of USD 123 million. The SEC also contributed a contribution of USD 106 million.

· December 2019: AmSilk announced they were partnering with Omega to integrate spider Silk watch straps that had previously brought incredible company success.

· March 2017: Bolt Threads Inc. announced they began producing spider Silk.

· September 2016: AMSilk GmbH announced that they were entering into a distribution agreement with Korea-based company Hanjoo C&C to distribute products in the Asian Market.

· June 2016: AMSilk GmbH announced that they agreed with RAHN AG, a Zurich-based company, to distribute two ingredients from AMSilk, Silk gel, and Silk gels.

Segmentation of the Global Silk Market