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Silk Market Research Report—Global Forecast till 2030

Silk Market: Information by Type (Mulberry Silk And Non-Mulberry Silk (Eri Silk, Tussar Silk, Muga Silk, Spider Silk, And Others)), Application (Textile (Apparel, Home Interior, Medical Textiles, Footwear, And Others), Healthcare, And Personal Care & Cosmetics)and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2030

ID: MRFR/CnM/6992-CR | May 2021 | Region: Global | 235 Pages         

Silk Market

Silk Market is projected to be worth USD 14,699.3 Million by 2028, registering a CAGR of 8.53% during the forecast period (2021 - 2028).

Segmentation

By Type Mulberry Silk Non-Mulberry Silk
By Application Textile Healthcare & Personal Care Cosmetics

Key Players

  • Wensli
  • Garima Silk present
  • Anhui Silk
  • Amsilk GMBH
  • ERIS Global LLP
  • BOLT THREADS
  • WUJIANF First textile Co Ltd
  • Eastern Silk Industries
  • Shenkung Silk Manufacturing Co. ltd

Drivers

  • The high demand for silk in the textile industry
  • Continuously growing and evolving in terms of demand and supply
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Silk Market Overview


The silk market is projected to register a CAGR of 8.53% to reach USD 14,699.3 million by the end of 2028.

Silk is majorly used in the textile industry for the production of silk garments. Mulberry silk is the largest variety of silk in the silk market. This is the proteinaceous fiber that is manufactured from fibroin and is produced from the larvae of small tiny insects which are in the process of completing their metamorphosis.


COVID 19 ANALYSIS


Since the beginning of 2020, COVID has been the world’s most dangerous disease. The silk industry both in India and abroad has been hugely affected during the pandemic. The consumer market and some of the producers all across the world have been hit hard. Companies in the region of China, India, France have faced serious issues where the supply chain has been hugely hampered. COVID has caused a huge transformation in the market channels, value chain analysis, and consumption patterns. Many of the silk industry experienced shutdown and operations across the different industry was seen compromised.


The government has also taken severe steps regarding the Coronavirus. He has imposed certain rules like wearing maks regularly, maintaining social distance, and using sanitizers. If anyone found violating the rules was severely punished.


MARKET DYNAMICS


Drivers

Rise in the growth of the textile industry is the major driving force for the silk market. The use of advanced technology increases the growth of the silk market. The demand for silk in cosmetic production, textile, and business production steer up the silk market size. The development of sericulture technology is the main factor helping in the growth of the industry.

Opportunities

The rapid development of the silk industry as fewer funds are required for production. This industry does not require the use of any complex machines and gadgets for the production of silk products. The silk industry is more labor concentrated as compared to the investment focussed industry. Along with technological advances, change in fashion priorities of the customers act as a hugely influential factor for growth and development and also increases opportunities of the market.

Challenges

High costs of the silk raw materials and high dependency for the export of the raw materials is the most challenging factor for the silk market size as China has been said to be the dominant producer of silk raw goods.

Cumulative Growth

The increasing demand of the European region for textile goods acts as a driving factor for the expansion of market growth and the rise of silk market value. The advantages of silk garments rise its demand and also helps in raising the employment of silk for the manufacturing of clothes like shirts, casuals, t-shirts, formals, nightwear, and other fashionable clothes. Using sericin, a silk protein, for manufacturing anti-wrinkle and anti-aging lotions bolsters up the growth.
 
Restraints

An absence of a proper supply of the raw material is the major hampering factor for silk market size. Availability of substituted raw materials was available at reasonable price decreases the market growth. Hireliabilityity in the Chinese industry is a big blunder and a risk to our silk industry.


MARKET SEGMENTATION


By type

Based on type, the mulberry silk covers 75% of silk market share in 2018. Globally the mulberry silk segment occupies high CAGR between 2016 to 2021. Mulberry silk is obtained from bombyx Mori worms which feed on mulberry leaves and are used for producing garments like sarees, and other trendy fabrics. The non-mulberry silk includes Eri, Tasar, Muga, spider silk, and many more. Based on the end-use industry, the silk industry is categorized into the health sector and cosmetics.

In 2018, the textile industry projected at a high rate and increased the demand for silk products. Silk on blending with lyocell and polyester gives a variety of applications. This is driving the demand for silk. This segment will show growth in the upcoming years thus owing to increasing product usage thus helpful in expanding the textile market across the developing financial sectors throughout the world. Based on region, the market is dominant in the region of Asia-Pacific. The apparel from some of its regions is propelling up the market growth. From World Trade Organisation, it was marked that China holds the majority of share and is playing the role of export business in 2018 and holds USD 118.5 billion.


By technology

Advanced in technology have made the silk increase its absorbency power thus making it more comfortable to wear during warm weather. Its lightweight lustrous appearance makes it feel comfortable. Technology has made it such that the silk products have low conductivity which keeps the warm air close to the body during the winters. The manufacture of silk polypeptide has been widely used for manufacturing products like shampoos, skin lotion, skin cream, and body lotion. Companies in the developing regions are the taking help of technology to innovate certain changes, develop and transform the COVID effects and adapt in such a manner to the market changes and fight the loss of silk market revenue caused by the pandemic.


Global Silk Market Share, by Region, 2020 (%)
Silk Market Share, by Region, 2020


Sources: MRFR Analysis


REGIONAL ANALYSIS


It is expected that the Asia-Pacific region is expected to show heavy growth as silk is in high demand in the market especially in this region. This region is marked to be the largest producer of silk as the raw materials are easily available in this region. In terms of value and volume, the Asia-Pacific region covers the huge silk market share during the forecast period. Asia Pacific region includes the region of China, India, Uzbekistan, and Thailand. The high growth of the silk market in this region takes place due to the rise in population and the export of large amounts of silk products. China and India are in high demand due to their increased production of silk and impost of silk products within the country. The western European region is projected to be the next dominant market growing region holding a CAGR of 7.4% from 2016 to 2021.


COMPETITIVE LANDSCAPE


Some of the competitors of the silk market are Wensli of China, Garima Silk present in India, Anhui Silk of China, Amsilk GMBH of Germany, ERIS Global LLP of India, BOLT THREADS of the United States, WUJIANF First textile Co Ltd of China, Eastern Silk Industries of India, KRIAG BIOCRAFT LABORATORIES Inc-DRAGON SILK of the United States, Shenkung Silk Manufacturing Co. ltd of China, Jiangsu Sutoon Cocoon and Silk Co of China, JINCHENGJHIANG XIN XING SILK Co ltd of China and many more. They strategize better and make use of technology to manufacture new innovative modernized products for staying competitive in the silk market. Some of the other strategies include merging, acquisitions developing partnerships to reach the top-notch of the competition. These key players strategize the investments and capitalizing on the market investments.


RECENT DEVELOPMENTS



  • Bolt Threads Company, a startup company making spider silk from small insects has funded a huge amount of USD 123 mil in the Serieonth of November, SEC also contributed certain revenue worth USD 106 million and developed partnerships to bring more development in the silk market.

  • In December 2019, the CEO of AmSilk Company made a partnership with Omega and discovered the spider silk watch strap which made the company’s profile and made brought success.


REPORT OVERVIEW


From the report, you can analyze the market size during the forecast period of 2015 to 2021. It gives reviews about the estimation of the market and summarises the growth rate during the period from 2015 to 2021. It gives information about the classification of the market into various segments. It gives good identification of the dominant region and the segments present in the market. It gives an in-depth assessment of the drivers, restraint factor, and the challenges playing in the market. It examines the competition made by the key players by launching new products, merging, and acquisitions. It summarises the profile and the portfolio of the dominant and the leading players operating in the market to being the market to a high level. It gives information about the silk market trends and the strategies adopted by the dominant regions. It gives information about the initiatives and the funds received by the government.



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 14,699.3 Million
  CAGR   8.53% (2022–2030)
  Base Year   2021
  Forecast Period   2022–2030
  Historical Data   2020
  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   The use of silk protein, sericin in cosmetics & personal care products such as haircare and skincare promotes global market growth
  Key Market Drivers

  • The high demand for silk in the textile industry\r\n
  • Continuously growing and evolving in terms of demand and supply


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    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.