PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515591
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515591
Silk Market size was valued at USD 17,657.65 million in 2023, expanding at a CAGR of 7.5% from 2024 to 2032.
Silk is synonymous with luxury and elegance. Increasing disposable incomes, particularly in emerging markets, are driving demand for luxury clothing and home furnishings. Beyond textiles and apparel, silk is finding applications in cosmetics, medicine, and biomaterials, broadening its market potential. While silk is a natural fiber, its production can have environmental impacts, including the use of pesticides in mulberry cultivation and water consumption, which may deter environmentally conscious consumers. Consumers who purchase silk products for personal use, including clothing, accessories, and home textiles. Countries that produce silk export it to markets around the world. China, India, and Thailand are among the largest producers and exporters of silk.
Silk Market- Market Dynamics
Growing consumer awareness about sustainability is boosting the demand for eco-friendly textiles
There's a rising demand for textiles made from organic cotton, hemp, bamboo, and other natural fibers. These materials are often grown without harmful pesticides and chemicals, reducing their environmental footprint. Companies are adopting more sustainable practices in their production processes, including reducing water and energy consumption, minimizing waste, and using renewable energy sources. Ultimately, initiatives are being taken by the Indian government to encourage textile industries to embrace sustainable practices through the introduction of programmes and legislation. These consist of the Production Linked Incentive (PLI) Scheme, the Scheme for Integrated Textile Parks (SITP), and the Sustainable Fashion Certification Scheme (SFCS). The concept of circular fashion, which emphasizes designing products with their end-of-life in mind, is also on the rise. This includes designing for durability, repairability, and recyclability. The market for sustainable fashion products has expanded 5.6 times faster than that of non-sustainable products, indicating the importance of this sector (HBR). 73% of millennials are prepared to pay extra for brands and products that are sustainable.
Silk Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.5% over the forecast period (2024-2032)
Based on product type segmentation, Mulberry was predicted to show maximum market share in the year 2023
Based on application segmentation, Textiles and Apparel was the leading type in 2023
Based on distribution segmentation, Direct Sales was the leading type in 2023
based on region, Asia Pacific was the leading revenue generator in 2023
The Global Silk Market is segmented based on Product Type, Application, Distribution, End User, and Region.
The market is divided into four categories based on product type: Mulberry, Tussar, Eri, and Muga. According to type, the sub-segment of mulberry silk is predicted to expand at the quickest rate throughout the analysis. This is because mulberry silk is among the best types of silk. After all, it is produced by raising silkworms in a manner that makes the silk edible to humans. One of the silkiest natural silks for nourishing your skin is this one. Atopic dermatitis can be treated with mulberry silk's antimicrobial and hypoallergenic qualities. Because of these distinctive qualities, Mulberry silk is highly sought after on the international market. During the forecast period, these are anticipated to be the primary variables influencing the size of the silk market.
The market is divided into four categories based on application: Textiles and Apparel, Medical Applications, Cosmetic Applications, and Industrial Applications. The primary end-use market for silk is the textile sector because of its exceptional qualities, which include a luxurious feel, exceptional strength, and lightweight fabric. Silk is also essential for making parachutes, clothes, comforters made of silk, and medical sutures, all of which are expected to drive the textile subsegment during the analysis. In addition to a wide range of household goods including pillows, wall hangings, draperies, and upholstery, it is utilized in a wide variety of apparel items such as gowns, wedding dresses, blouses, scarves, and neckties.
Silk Market- Geographical Insights
Silk holds cultural and historical importance in many Asia-Pacific countries, such as China, India, and Japan. Asia-Pacific countries, particularly China and India, are leading exporters of silk. The global demand for silk products ensures steady market growth for producers in the region. Traditional attire and ceremonial uses continue to sustain demand. The growing fashion and apparel industry in the region, supported by both local and international brands, fuels the demand for silk. The use of silk in high-end fashion and designer collections adds to its market value. Government initiatives and policies supporting sericulture and the textile industry play a crucial role in promoting the silk market. Subsidies, training programs, and research support enhance the industry's development. The expanding middle class in Asia-Pacific countries is driving demand for higher-quality textiles, including silk, for both everyday wear and special occasions.
Major players in the silk market are Anhui Silk, Eastern Silk Industries Ltd., Wujiang First Textile Co., Ltd., Ongetta srl, ShengKun Silk Manufacturing Co., Ltd., Jiangsu Sutong Cocoon & Silk Co. etc. There is an increasing focus on sustainable silk production, with players adopting eco-friendly practices and certifications like Organic Silk and Fair Trade. China is the largest producer of silk, accounting for over 70% of the world's silk production. Key companies include Sichuan Nanchong Liuhe (Group) Corp., Ltd, and Jiangsu Soho International Group Corp. Companies are investing in research and development to improve silk quality and introduce innovative products, such as blended fabrics and functional textiles. The adoption of advanced technologies in sericulture and silk processing is enhancing productivity and product quality. Automated reeling machines and biotechnology applications are notable trends.
In February 2024, Traceability solutions company Haelixa joined forces with sustainable, organic, and recycled silk producer Trudel Silk to bring "full" traceability and transparency to the silk production supply chain.
February 2024, Kraig Biocraft Laboratories, Inc. announced the possession of its new recombinant spider silk production center in Lam Dong Province, Vietnam. This new facility is located in the heart of Vietnam's booming silk economy and will serve as the center of operations for the Company's growing spider silk production in 2024.
GLOBAL SILK MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Anhui Silk
Eastern Silk Industries Ltd.
ERIS GLOBAL
Wujiang First Textile Co., Ltd.
Kraig Biocraft Laboratories, Inc.
Zhejiang Jiaxin Silk Co., Ltd.
Ongetta srl
Sichuan Nanchong Liuhe (Group) Corp.
ShengKun Silk Manufacturing Co., Ltd.
Jiangsu Sutong Cocoon & Silk Co.
Wensli
Wujiang Wanshiyi Silk Co. Ltd
Others