Silk Market

Silk Market Size-(2023-2028)

Silk Market size was close to USD 24.83 billion by revenue at the end of 2022 and is estimated to rise at a current CAGR of about 11.32% to reach a total of USD 39.12 billion by 2028.

The silk industry needs limited funds as it does not require complex machines and gadgets for its manufacturing. It is more labor concentrated when contrasted to investment-focused industries. These factors boost the development of the sector. High call from the textile, cosmetic, and medical businesses paves the way for advancement opportunities in the silk industry.

Nevertheless, the high prices of raw silk mainly hamper the silk industry. The rising call in Europe, combined with the increasing request for textile goods, is projected to drive the worldwide silk industry during the estimated period. Silk's absorbency makes it a lot more comfortable to wear, mainly, in warm weather. Its less conductivity lets warm air close to the skin throughout cold weather. This raises the employment of silk for clothing like shirts, formals, high fashion clothing, pajamas, robes, suits, and sundresses.  Silk is a habitual protein fiber highly made out of fibroin and is produced from specific insect larvae to form cocoons. 

The manufacturing of silk by nurturing silkworms is known as sericulture. Silk is highly made by the larvae of insects that are in the procedure of finishing metamorphosis, but some of the insects like web spinners and raspy crickets create silk throughout their lives. Textile is the quickest-developing application of silk. Silk is a significant giver to the textile firm that is persistently advancing and developing on the basis of call and supply. The radiant look of silk is owing to the triangular prism-like shape of the silk fiber that assists silk cloth to refract approaching the light at numerous angles, thereby creating various colors. Besides the textile market, silk also has uses in medical and cosmetics. The mulberry silk sector has ruled the market on the basis of worth and volume and is projected to continue its lead in the coming years.

Impact of Covid – 19 on the Silk Market

For the silk business, each danger is also a moment of truth that can encourage innovative advancement and change. In 1845, Bombyx mori pebrin disease first broke out in Vaucluse, France, and then spread throughout the world. This has led to a devastating blow to production in significant sericulture nations. Under the efforts of the well-known microbiologist Louis Pasteur and other scientists, using the breeding method to control microbial infections, the risk rate for silkworm disease in most sericultural countries increased from 20% in the middle of the century which has renewed confidence in the silk industry.

COVID-19 has been fierce since the beginning of 2020, the international silk industry and the consumer market have been hit hard. The nations of China, Italy, France, Brazil, and other significant silk producers and customers have been highly impacted by the outbreak. Companies in various countries have faced more challenges in epidemic prevention, return to work, ordering and markets, and the upstream and downstream silk industries are facing a serious crisis. However, the COVID-19 epidemic is also causing changes in silk marketing channels and consumption patterns. Many companies are combining the Internet and new technologies to innovate and develop, transform and modernize to adapt to market changes, fighting the economic crisis caused by the epidemic.

To fully understand the impact of COVID-19 on the international silk industry, and study future trends in the silk industry and consumption, from March 11 to April 10, 2020, the International Silk Union (ISU) has launched an investigation into the impact of COVID -19 on the international silk industry and consumer market trends. The questionnaire covers basic business information and the impact of COVID-19 on the international silk business and industry.

Silk Market Drivers & Restraints:

The recent improvements in the quality of silk are likely to drive the demand for mulberry silk, supporting the expansion of the global silk market. The rapid development of the textile sector where silk plays a vital role is also promoting the growth of the silk business around the world. The ongoing developments in sericulture technology are also encouraging growth in this market. Textile is the fastest-growing application of silk. Silk is a significant contributor to the textile market, which is significantly growing and rising on the basis of demand and supply. High call from sectors like textile, cosmetic, and medical business creates various development opportunities in the silk market. Low funds required for the manufacture of this specific product, is estimated to drive the market expansion further. The silk market involves comparatively fewer investments as it does not need complicated machines and equipment for making. It is more labor-intensive when compared to investment-intensive businesses. These factors boost the expansion of the market. 

The high expense of raw silk mainly restrains the global silk market. The lack of proper sales channels in some parts of the developing countries also limits the overall business expansion.

Opportunities in the Silk Market:

Cosmetics is a promising area, which is estimated to provide tremendous expansion opportunities for the advancement of the global silk market in the future years. The increasing technological advances and the changing fashion preferences of consumers are supposed to create huge growth potential for the development of this industry across the globe.

Challenges in the Silk Market

The availability of various substitute materials at more affordable prices is estimated to hamper the expansion of the silk market in the future years. Also, the high reliance on the Chinese market can be a threat to the market.

SILK MARKET REPORT COVERAGE:

Silk Market Segmentation:

Silk Market-By Type:

• Mulberry silk
• Tassar Silk
• Eri silk 
• Muga silk

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. 

Silk Market - By Application:

• Textile

• Cosmetics

• Medical

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 the cosmetics and medical industries, offering several applications. 

Silk is considered a consolidated market with the major share of supply and demand contributed from the Asia-Pacific countries. In the Asia Pacific area, China and India are the leading manufacturers and exporters of silk. The sericulture business in China has a history of over 6,000 years. The different types of silk produced in China are mulberry silk and Tussar silk.

Silk Market - By Region:

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

Based on region, the global silk market is studied across the North America silk Industry, Europe silk Industry, Asia Pacific silk Industry, MEA silk Industry, and LAM silk Industry. Of these, the Asia Pacific region is expected to grow at the fastest rate during the outlook period of 2022 - 2027. This high growth rate is attributed to the growing demand for silk and its product from countries like China, India, and Uzbekistan. The high population of these countries is driving the demand for silk products. The textile industry is also flourishing in the Asia Pacific region.

Europe Silk Market holds the second largest growth. The market in Europe is supposed to grow at a CAGR of 7% during the foreseen period of 2020 to 2025. Italy is considered the largest importer of silk in the European Union. The majority of silk imports in this nation are from China, which tops silk production across the globe. However, these imports witnessed a decline in the last few years. France is another country that has a significantly big silk processing industry globally. For domestic consumption, Lyon has been producing the highest quality silk fabrics. The majority of the imports in France are from the US.

Although the outbreak of coronavirus has impacted the exports and imports of silk across the world, the market is supposed to return to its normal stage within a short time.

The key players operating in the Silk Market:

• Anhui Silk Co. Ltd.
• Wujiang First Textile Co., Ltd. 
• Zhejiang Jiaxin Silk Co., Ltd. 
• Sichuan Nanchong Liuhe(Group) Corp.
• ShengKun Silk Manufacturing Co., Ltd. 
• Jiangsu Sutong Cocoon & Silk Co.
• Wensli Group Co. Ltd. 
• China Silk Corporation 
• WujiangWanshiyi Silk Co. Ltd. 
• JinchengjiangXinxing Cocoon Silk Co., Ltd.