Global Silk Market to Generate $34,102.5 Million in the 2022–2031 Timeframe Due to Rising Profitability in Silk Production for Farmers
Silk is a natural fiber rich in fibroin protein and is produced by certain insects while they are in their larvae-cocoon phase. While there are quite a few insects capable of producing silk like mayflies, leafhoppers, spiders, thrips, beetles, etc., the larva of mulberry silkworm is the best-known insect for producing fine-quality silk. Silk has a wide applicability in the textile sector and apart from silk textiles, it is also used to manufacture shirts, haute couture garments, formal dress suits, robes, sundresses, etc.
Forecast Analysis of the Market
A rising trend is being witnessed wherein sericulture, i.e., silk farming is becoming profitable for the farmers. The growing profitability of sericulture is predicted to assist the silk market to register huge growth in the coming years. Along with this, since the silk sector isn’t a capital-intensive sector, many farmers are taking up this profession; which is expected to boost the market further. Furthermore, the growing use of silk in the manufacturing of different apparels is predicted to offer numerous growth opportunities to the market in the analysis timeframe. However, changing silk material prices may hamper the growth of the silk market in the 2022-2031 timeframe.
Regionally, the silk market in the Asia-Pacific region is expected to be the most dominant in the forecast period. The presence of prominent silk producing countries like India, China, Thailand, etc. is expected to be the primary growth driver of the market in this region.
As per a report by Research Dive, the global silk market is expected to reach a revenue of $34,102.5 million in the 2021–2031 timeframe, thereby growing at a stunning CAGR of 8.2% by 2031. Some prominent market players include Anhui Silk Co. Ltd., Sichuan Nanchong Liuhe (Group) Corp., Xuzhou Shengkun Silk Manufacturing Co., Ltd., AMSilk GmbH, China Silk Group Co. Ltd., Spiber Technologies, EntoGenetics Inc., Zhejiang Jiaxin Silk Co., Ltd, Libas Textiles Ltd., Bolt Threads, and many others.
Covid-19 Impact on the Silk Market
The Covid-19 pandemic and the subsequent lockdowns have had a catastrophic impact on various businesses and markets worldwide. The silk market, too, faced a similar impact. Travel restrictions and shortage of labor caused a massive decline in the supply of raw silk to silk processing and manufacturing companies. Further, the shutdown of industries and import-export restrictions caused a massive decline in the sale of silk textiles which plummeted the growth rate of the market substantially.
Significant Market Developments
The key players of the market are adopting various business strategies such as partnerships, mergers & acquisitions, and launches to gain a leading position in the market, thus helping the silk market to flourish. For instance:
- In December 2020, Freudenberg Performance Materials, a leading textiles supplier, announced that it was partnering with Ratti, an Italian fashion textile company. The partnership is aimed at establishing a process for reusing manufactured silk textiles and producing high-performance thermal insulation materials.
- In January 2021, The Chatterjee Group (TCG), an Indian conglomerate, announced the acquisition of Garden Silk Mills Ltd., a famous silk saree manufacturer in India. This acquisition is expected to boost the market share of the acquiring company, i.e., The Chatterjee Group in the coming period.
- In February 2022, Benu Balc, a beauty product supplier based in France, announced that it was collaborating with Sericyne, a French textile company. The collaboration is aimed at weaving and manufacturing silk textiles and creating high-end silk products. This collaboration is expected to help both companies immensely.
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