ID: MRFR/CnM/6992-CR | May 2021 | Region: Global | 235 pages
The global silkmarket is projected toregister a CAGR of 8.53% to reach USD 14,699.3 million by the end of 2028.
Silk is a protein-based high molecular weight polymer thatis spun into fibers by arthropods, mainly silkworms, mites, and spiders. The best type of silk is obtained from the cocoons of silkworms (Bombyx mori). Silk fibers are extensively used in the textile industry because of their excellent dyeing affinity and high luster. Additionally, to diversify the applications of the product, silk is often blended with lyocell and polyester. Besides, silk also finds a wide variety of applications in the healthcare and personal care & cosmetics industries. For instance, silk is used as a biomaterial for sutures and other surgical implants due to its high biocompatibility.
The prime drivers of the global silk market include its extensive demand in the textile industry for apparel, home interiors, and footwear. It is widely used for making wedding dresses, gowns, blouses, and neckties, among others. The constantly changing fashion industry with improved economic conditions has resulted in the high growth of the textiles industry, which drives the global silk market. Another major driver of the global market is the use of sericin, a silk protein, in cosmetics and personal care products. The growing popularity of health-promoting and self-care products, increasing interest in the power of regimens and routines, and social media empowerment to simplify the unusually complex choices consumers have when they interact with skincare brands along with factors such as pollution, sun, workplace stress, and poor eating habits are promoting the sales of cosmetics and personal care products.
However, the high cost of silk acts as a restraint for market growth. Nevertheless, the technological advancements in sericulture and the increasing use of silk in healthcare applications are likely to open new growth avenues for players in this market.
The outbreak of COVID-19 has had an adverse effect on the production of silkowing to the disruption in the supply chain across the world. The companies in the market have restricted travel and face-to-face meetings for the employees, to protect workers from the spread of the novel coronavirus. The global economy is projected to contract by around 3% or more instead of registering 2.5% growth projected by the World Economic Situation and Prospects report 2020, as per the United Nations.
The companies are working aggressively towards safeguarding the health and wellbeing of its employees while also supporting government goals of maintaining critical business activities in healthcare, power generation, and food production. Manufacturers have witnessed a decline in revenue during the first half of 2020 with that of 2019. The decline in revenue is mainly attributed to the minimum workforce, disruption in raw material procurement, and trade restrictions across the globe. China, Italy, France, Brazil, and other major silk producers/consumers have been severely affected by the epidemic.
The supply scenario faces a few issues due to the restrictions on travel and the lockdown of cities; however, the sourcing teams are working closely with the suppliers to manage the supply of raw materials proactively. Companies are closely monitoring and managing the extent and duration of any local requirements impacting their physical locations. The companies are working remotely and supporting their customers, maintaining a strong relationship with their end users. Furthermore, with the ease of lockdown in various regions, manufacturers are now coping up and are managing to fulfill customers’requirements at a similar level as the pre-COVID times.
Silk is an important contributor to the textile industry and continuously growing and evolving in terms of demand and supply. It is used in textiles for its lustrous appearance, luxurious feel, lightweight, resilience, and strength. Widely used in wedding dresses, gowns, blouses, scarves, and neckties along with household products, such as pillows, wall hangings, draperies, and upholstery, the demand for silk is expected to increase during the review period. It has emerged as a commonly used fabric due to its luster, softness, lightweight, isothermal properties, an outstanding affinity for dyes, durability, and aesthetic values. Hence, the high demand for silk in the textile industry is fueling the growth of silk market.
Silk is a natural fiber harvested from silkworms. The natural process requires good care supervision for cultivation. The production of silk is a long, continuous, expensive, and labor-intensive process.
Just like cashmere, there are many different types of silk, with the price varying from USD 8 to USD 80 per yard. The price differences depend on silk farms and how they manage their silk supplies. Organic silk tends to be more expensive as the price to manage sustainably may be higher. Moreover, the worms used for silk production are rare and hard to find. The life cycle of a silkworm is about twomonths. They eat mulberry leaves and nothing else. Each cocoon consists of a single thread that is about 1,300 meters long – that is 1,420 yards or 8/10 miles. One thread is too fragile for weaving; therefore,eightthreads are weaved together during the unraveling process.
The abovementioned factors are expected to hamper the market growth during the review period.
The global silkmarket has been segmented on the basis oftype, application, and region.
The global silkmarket has been categorized based on type intonon-mulberry silk and mulberry silk. Non-mulberry silk is further bifurcated into tasar silk, eri silk, muga silk, spider silk and others.The mulberry segment held the largest market share in 2019 and is projected to register the CAGR of over 6% during the forecast period. This is attributed to the growing demand from the textile industry.
Global Silk Market Revenue, by Application, 2020 (USD Million)
Sources: MRFR Analysis
Based on application, the global market has been segmented intotextile, healthcare, and personal care & cosmetics. Textile application is further classified as apparel, home interior, footwear, medical textiles and others. In terms of value, the textilesegment dominated the global market with more than 65%market share in 2019and is anticipated to register a CAGR of around 8%. Textile application segment is followed by healthcare that is expected to register a CAGR of over 7% during the forecast period.
Global Silk Market Share, by Region, 2020 (%)
Sources: MRFR Analysis
The global silkmarket has been studied across five regions:Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The market in Asia-Pacific held the largest market share of more than40% market share in 2019 and is expected to grow at a faster pace during the forecast periodand is expected to be the leading market during the forecast period. The robust growth of the textile and cosmetics industries in China, India, and Indonesia fuels the demand for silk.
The players account for a major market share owing to their large production capabilities, global revenue base, availability of raw materials (reserves of minerals), and global distribution network. Additionally, the adoption of various strategies such as expansions, R&D, agreements, joint ventures, partnerships, and product launches is expected to help these players gain maximum revenue and long-term growth during the review period. Key players operating in the global silkmarket include AMSilk GmbH, Anhui Silk, Kraig Biocraft Laboratories, Inc., WUJIANG FIRST TEXTILE CO., LTD., Eris Global LLP, Bolt Threads, Spiber Inc., and Sharda Group of Indian Silk Industries.
January 2021: Kraig announced a joint venture with MtheMovement, a part of Kings Group, an eco-friendly luxury streetwear apparel line. Under this joint venture, MtheMovement will develop and sell Kraig’s spider silk fibers under the trade name SpydaSilk.
October 2020: Spiber Inc partnered with Archer Daniels Midland Company (ADM) to expand its production of brewed protein polymer for apparel and other consumer products.
November 2019: AMSilk partnered with Airbus intending to develop new generation composite fibers specially designed for the aerospace industry.
July 2019: Spiber Inc began the construction of a mass production facility of brewed protein material in Thailand. With this, the plant will have a production capacity of several hundred tons per year. The construction of this plant is expected to be complete by 2021.
Global SilkMarket, by Type
Global SilkMarket, by Application
Global SilkMarket, by Region
|Market Size||2028: USD 14,699.3 million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||AMSilk GmbH, Anhui Silk, Kraig Biocraft Laboratories, Inc., WUJIANG FIRST TEXTILE CO., LTD., Eris Global LLP, Bolt Threads, Spiber Inc., and Sharda Group|
|Key Market Opportunities|
|Key Market Drivers|
Frequently Asked Questions (FAQ) :
Silk market is projected to grow at approximately 7.91% CAGR during the assessment period (2019-2025).
Silk market is estimated to reach a valuation of approx. USD 22.78 BN by the end of 2025.
High demand from the textile industry and the growing use of sericin, a silk protein to produce anti-aging lotions and cosmetic products, are major tailwinds pushing the growth of the global Silk market.
Asia Pacific holds the largest share in the global Silk market, followed by North America and Europe, respectively.
Anhui Silk (China), Kraig Biocraft Laboratories, Inc., (US), AMSilk GmbH (Germany), Wujiang First Textile Co., Ltd. (China), Bolt Threads (US), Garima Silks (India), Jinchengjiang Xinxing Silk Co., Ltd (China), Eris Global LLP (India), WENSLI (China), Eastern Silk Industries (India), and Sichuan Nanchong Liuhe (Group) Corp. (China), are some of the top players operating in the global Silk market.