Silk Market Size, Competitive Landscape and Market Forecast - 2029
Global Silk Market is segmented By Type (Mulberry Silk, Eri Silk, Tasar Silk, Muga Silk, Others), By Application (Textile, Cosmetics, Medicine, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Market Overview
The Global "Silk Market" is expected to grow at a high CAGR of 3.2% during the forecasting period (2022-2029).
Globally majority of the commercial silk produced is from mulberry and is referred to as mulberry silk. Governments are taking initiatives to increase the production of mulberry silk due to its increasing demand. Although China is the major producer of silk, the climatic conditions of India are more favorable for mulberry silk production.
The silk market is segmented by type, application and geography. The market is segmented into mulberry silk, eri silk, Tasar silk, Muga silk, and other types. By application, the market is further segmented by textiles, cosmetics, medicine and others. Whereas by geography, the market is divided into North America, South America, Europe, Asia Pacific and the Rest of the World.
Growing the textile industry in developing economies, improving people's spending power coupled with user-friendly properties of silk will aid the growth of silk consumption over other material types.
The global silk market is partially consolidated with the presence of major, medium and small range companies. The majority of the companies are located in the Asia Pacific region, especially in China and India.
Market Dynamics
Increasing requirement of silk in the textile industry, Changing fashion trends and increasing purchasing power in emerging countries to boost the silk demand.
The major growth drivers of the global silk market will be the developing economies, mainly China and India, both growing in double digits. China will become a major apparel market in the coming days, while India will be the second most attractive apparel market.
Silk is a completely natural fabric; hence it is a completely sustainable product. Moreover, it is an all-climate fabric, skin sensitive, durable and healthy. Therefore, the growing textile industry in developing economies, improving people's spending power and user-friendly properties of silk, will aid the growth of silk consumption over other material types.
Higher dependency on China's raw material and high cost of silk over other material types will likely act as restraints to the global silk industry.
Type Segment Analysis
The silk market is classified into mulberry silk, eri silk, Tasar silk, Muga silk, and other product types based on type. Among the types, mulberry silk is the dominant segment which accounts for XX% of the market.
The bulk of the commercial silk produced in the world comes from this variety, and silk generally refers to mulberry silk. This silk variety is popular around the world, especially in China, Japan, and Korea.
Mulberry silk comes from the silkworm Bombyx mori L. which solely feeds on the leaves of the mulberry plant. Silk production involves the killing of the worms in their cocoons to extract the silk fiber.
Handspun mulberry silk is used in making comforters and sleeping bags. Other variety fabric materials like dupions, plain silk, deluxe, satin, chiffon, chignons, crepe, brocades are made from mulberry silk. Carpet, furnishing, curtains, draperies, cushion covers, and sofa covers wall hanging. However, the disadvantage of using mulberry silk is that it requires extra care to maintain its smooth texture.
Textile Application Segment Analysis
Based on application, the silk market is classified into textile, cosmetics, medicine, and others. Currently, industrial textiles are the dominant segment, and it accounts for approximately XX% of the market.
Textile is the fastest-growing application of silk. Silk is an important contributor to the textile industry, which is continuously growing and developing in demand and supply.
Silk is the strongest of the natural fiber comfortable to wear and drapes admirably resistant and companion of women worldwide. Moreover, environmentally friendly, healthy textile fiber. Silk is used in dress material for women, for men also like ties, shirts, jerkins, socks, t-shirts.
Silk is widely used in apparel garments which is soft, shiny, flexible, and comfortable feel. The absorbent quality is an added advantage in silk cloth which keeps the body comfortable in all types of weather. All types of garments like sarees, shirts, skirts, blouses, suits, gowns and more are made up of silks. Moving forward, growth in the textile industry to drive the silk market.
Geographical Analysis:
The Asia Pacific silk market size was worth USD XX million in 2018 and is estimated to reach USD XX million by 2026, at a CAGR of XX% during the forecast period. Asia Pacific region is expected to grow with high CAGR during the forecast period due to the
Silk is majorly produced in the Asia Pacific region; mulberry type silk is 90 percent produced from this region, whereas non-mulberry silk is completely produced from this region.
Global major silk producers are from this region, namely China is the global major producer and chief supplier of silk to the world markets. In comparison, India is the global second-largest producer. In India, the major mulberry silk-producing states are Karnataka, Andhra Pradesh, West Bengal, Tamil Nadu, and Jammu & Kashmir, which together account for 92 % of the country's total mulberry raw silk production.
In India, the silk industry is completely different even though the country second major producer of silk; however, this country is one of the major importers of silk to fulfill the domestic demand. India's silk consumption is much higher than the domestic demand. The same situation is witnessed in the Asia Pacific countries such as China and Vietnam.
Some of the major players include Eastern Silk Industries, Eris Global LLP, The Ethical Silk Company, Hellenic Silk Company, Chamundi Textiles, Hangzhou Zhigeng Silk Co., Ltd, Anhui Silk, Zhejiang China Ting Jincheng Silk Co. Ltd, Ongetta Srl unipersonale, and Bolt Threads Inc.
Statistics from China Silk Association certify that the China Ting Group continues to lead silk manufacturing and export within the country.
To capture the market share, existing market players are implementing product launch and acquisition strategies. For instance, Givaudan has announced a few months back that it has reached an agreement to acquire the cosmetics business of AMSilk GmbH. At the same time, Bolt Threads Inc has started making products from spider silk.