silk market size was close to USD 19.7 billion by revenue at the end of 2020 and is estimated to rise at a current CAGR of about 8% to reach a total of USD 28.71 billion by 2025.
silk Market Overview
Silk is a natural protein fiber majorly made out of fibroin and is obtained from particular insect larvae to form cocoons. The process of making silk by cultivating the silkworms is generally known as sericulture. Silk is majorly produced by the larvae of insects that are in the process of completing metamorphosis, but a few insects like web spinners and raspy crickets produce silk during their lives. The shining texture of silk is owing to the triangular prism-like figure of the silk fiber that helps silk cloth to refract incoming light at many angles, thereby producing various colors. Apart from the textile market, silk also finds application in medical and cosmetics.
The silk market needs less investment as it does not require complicated machines and equipment for its production. It is more labor-intensive when compared to the other complex industries. These factors boost the expansion of the global silk market. High demand from textile, cosmetic, and medical business make way for development opportunities in the silk market. Nevertheless, the high prices of raw silk mainly restrain the global silk business.
The mulberry silk sector led the global silk market on the basis of value and volume and is estimated to maintain its lead in the next five years. Tussar silk sector is the second-biggest type of silk employed after mulberry silk.
Textile is the quickest developing application of silk. Silk is a significant contributor to the textile business that is continuously developing and growing on the basis of demand and supply. In recent years, silk has become a part of cosmetics and medical industries, offering several applications.
Drivers and Restraints:
The enhancing quality of silk is estimated to increase the demand for mulberry silk and thereby drive the global silk market towards prosperity. Because silk has a crucial application in the textile market, the fast-expanding textile business mutually assists in the global silk market expansion. Development in sericulture technology has a direct effect on the silk market; therefore, it acts as a significant driver to the global silk market. The rapidly increasing fashion industry around the world is equally creating a growth opportunity for the silk business and the players within the market. The expanding applications of silk in sectors like medical and healthcare are also promoting sales in the global silk market. Cosmetics is another promising area that is predicted to offer lucrative growth possibilities for the development of the worldwide silk market in the coming years.
On the flip side, the availability of different alternative materials at more affordable prices are slowing down the growth of the silk business to some extent.
Marked Segmentation based on the region:
Silk is a consolidated market with Asia-Pacific countries catering to the significant share of demand and supply. All around the world, China and India are the first and second biggest producers of silk respectively. The sericulture business has a history of over 6,000 years in China. China is also a key exporter of silk in the world. The key type of silk produced in China are mulberry silk and Tussar silk.The Asia Pacific silk market is also estimated to expand with a steady growth rate in the coming years.
The European silk market is the second to that of Asia Pacific and is estimated to have a continuous expansion considering the economic scenario in the region and balanced demand and supply chain mainly in countries such as U.K, Italy and France.
The key players operating in the global silk market are Anhui Silk Co. Ltd. (China), Wujiang First Textile Co., Ltd. (China), Zhejiang Jiaxin Silk Co., Ltd. (China), Sichuan Nanchong Liuhe(Group) Corp. (China), ShengKun Silk Manufacturing Co., Ltd. (China), Jiangsu Sutong Cocoon & Silk Co. (China), Wensli Group Co. Ltd. (China), China Silk Corporation (China), WujiangWanshiyi Silk Co. Ltd. (China), and JinchengjiangXinxing Cocoon Silk Co., Ltd. (China).
Recent Developments and Trends
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Mulberry Silk
5.1.3 Tussar Silk
5.1.4 Eri Silk
5.1.6 Y-o-Y Growth Analysis, By Type
5.1.7 Market Attractiveness Analysis, By Type
5.1.8 Market Share Analysis, By Type
5.2.6 Y-o-Y Growth Analysis, By Application
5.2.7 Market Attractiveness Analysis, By Application
5.2.8 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Type
22.214.171.124 By Application
6.1.4 Market Attractiveness Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Product
184.108.40.206 By Application
6.1.5 Market Share Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Type
22.214.171.124 By Application
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 China Silk Corporation
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Anhui silk Co. Ltd.
8.3 Kraig Biocraft Laboratories, Inc.
8.4 Wujiang First Textile Co.,Ltd
8.5 Wujiang Wanshiyi silk Co.
8.6 Zhejiang Jiaxin silk Corp., Ltd.
8.7 Sichuan Nanchong Liuhe
8.8 ShengKun Silk Manufacturing Co., Ltd
8.9 Jiangsu Sutong Cocoon & Silk Co
8.10 Wensli Group Co. Ltd.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures