Silk Market Report
Silk Market by Type (Mulberry Silk, Tussar Silk, Eri Silk, and Others), Application (Textile and Cosmetics & Medical), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028
Global Silk Market Analysis
According to the global silk market forecast, the market size is expected to reach up to $11,353.6 million by 2028, surging from $6,621.5 million in 2020, at a noteworthy CAGR of 7.1%.
Silk Market Insights
Technological innovations in the sericulture to create enormous impact on the global silk market
However, high cost of raw silk may hamper the global silk market growth.
According to the regional analysis of the silk market, Asia-Pacific region is anticipated to surge at a CAGR of 7.3%, by registering a revenue of $10,286.4 million, during the forecast period.
Silk Market Outlook
Silk is the insect fiber, with excellent strength and luster. It has exquisite qualities such as the inherent affinity for vibrant colors & dyes, natural sheen, light weight, high absorbance, excellent drape, resilience, and others. Because of such features, silk is known as the ‘queen of textiles’ worldwide. Silk is made up of proteins secreted in the liquid state by a silkworm, a caterpillar. There are around 40+ nations namely China India, Japan, Brazil, and others who are the leading supplier of silk globally.
Covid-19 Impact on Silk Market
In response to the Covid-19 pandemic, businesses like hospitality, retail, and tourism industry have been forced to reconsider their business policies and models. Also, global silk market has witnessed declined growth, throughout the pandemic period mainly because; the difficulties in accessing transportation facilities. Furthermore, owing to the uncertainty in the market, domestic and international buyers suspended or cancelled their orders, adding to the woes of the industry. Such elements have negatively affected the global market for silk fibers, in the outbreak period.
On the other hand, governmental statutory bodies are coming up with strategic steps in order to uplift the silk industry. For example, in September 2021, Khadi and Village Industries Commission (KVIC), Indian ministry of micro, small, and medium enterprises, announced to build Odisha’s 1st silk yarn production center in order to accelerate the local silk production as well as create employment. This project will generate local employment, ensure availability of tussar silk, and help minimize the silk manufacturing cost. Such effective initiatives may further boost the global silk market, after COVID-19 crisis.
Technological Innovations in the Sericulture to Create Enormous Impact on the Global Silk Market
Sericulture is the agro-based artisanal industry which has enormous potential in raising employment and sustainable income particularly across the developing region. The adoption of technology in the sericulture sector has witnessed to have greater impact mainly on the improvisation of the productivity. Further, besides upgrading the technology for enhancement in the quality and productivity, government bodies are also monitoring and controlling all the activities for the growth & development of sericulture segment. Such factors may help contribute to foster the global silk market, in the forecast period.
In addition to this, startup firms operating in the global silk industry are coming up with novel innovations that may also positively impact the industry, throughout the analysis period. For example, ReshaMandi, Karnataka-based agro-tech startup, is enabling silk producers improve the quality of silk and increase overall revenue by utilizing technological interventions. In May 2021, the company provided an advanced ‘AI & IoT led ecosystem tools’ which helped 5500 Silk farmers to increase income by 30%. Such incorporation of technologies may further drive the global silk market.
To know more about global silk market drivers, get in touch with our analysts here.
High Cost of Raw Silk may obstruct the Growth of the Global Silk Market
However, the high cost of raw silk is one of the major restraining factors of the global silk market. Thus, the developed as well as emerging nations like India, Japan, and Italy are highly dependent on China for raw silk. Such elements are creating negative impact on the silk industry worldwide.
The Rising Popularity of Vegan Silk Worldwide to Create Enormous Opportunities for the Global Market in the Future
Normal silk production boils silkworms alive in their cocoons, on the other hand vegan silk, enables the worm to emerge out of the cocoon during the silk production process. Vegan silks are breathable and also highly eco-friendly, as they do not require finishing chemicals to be produced. Moreover, in September 2021, Spiber, notable agro-based Japanese startup raised $314 million in order to create a global sustainable materials market that depends on microbial fermentation of silk, wool, and other fibers. Such launch of innovative startups in the production of vegan silk may create enormous opportunities in the global market.
To know more about global silk market opportunities, get in touch with our analysts here.
Source: Research Dive Analysis
The mulberry silk sub-segment is expected to have the dominating share as well as lucrative growth in the global market and register a revenue of $7.430.2 million by 2028.
The mulberry silk is expected to be the dominating type in the silk market, throughout the analysis period mainly owing to its huge notable in the textile industry. Furthermore, mulberry silk is one of the highest quality silks with pure white in color along with it, it is fully natural and odorless silk. Owing to such unique features, there’s huge demand for mulberry silk, in the global market.
Further, novel and innovative product launches are also propelling the mulberry silk’s sub-segment. For instance, in June 2020, MayfairSilk, London-based significant silk product company, announced the official launch of elegant 100% mulberry silk bed linen and sleep accessories collection. This collection provides customer with excellent resistance against mould, mildew, and dust mites, enabling to maintain strict levels of cleanliness and hygiene. Such product developments can create positive impact on the mulberry silk sub-segment.
The others sub-segment is second fastest type of silk after mulberry silk, and it is expected to register a revenue of $653.9 million by 2028. The other sub-segment is mainly comprised of spider and muga silk. Spider silk is rich in glycine and alanine which makes the textiles extremely strong. Further, the textile produced from the spider silk has the excellent elasticity and stretchability properties. Whereas muga silk is most commonly used to make products like sarees and other traditional Indian garments because of its fine texture and natural golden gloss. Such unique features may create exponential growth to the other’s sub-segment during the analysis period.
Source: Research Dive Analysis
The textile sub-segment of the global silk market is expected to grow at the healthy CAGR and cross $9,745.8 million by 2028, with the increase from $5,624.8 million in 2020.
Textile is the rapidly growing application of silk as it is crucial contributor to the textile industry owing to its remarkable features like luxurious feel, lustrous appearance, light weightiness, and great strength. Moreover, silk plays a key role in the production of surgical suture, clothing, silk comforter, and parachutes, which is further projected to propel the sub-segment, over the analysis timeframe.
Global Silk Market, Regional Insights:
The silk market was investigated across North America, Europe, Asia-Pacific, and LAMEA.
Source: Research Dive Analysis
The Market for Silk in Asia-Pacific to be the Most Dominant as well as Lucrative
Silk market for Asia-Pacific region is highly competitive and leading companies in the market are preferring numerous strategies to garner prominent Asia-Pacific silk market share. Asia-Pacific silk market accounted $5,906.4 million in 2020 and is expected to register a revenue of $10,286.4 million by 2028. Asian countries such as India, Thailand, China, and Uzbekistan are the prominent players of silk in the Asia-Pacific region. The demand for silk is significantly attributed to the growing population worldwide along with increasing number of startups with their novel innovations.
Competitive Scenario in the Global Silk Market
Type launches and mergers & acquisitions are common strategies followed by major market players.
Source: Research Dive Analysis
Some of the leading silk market players are Anhui Silk Co. Ltd., Amsilk GmbH, EntoGenetics inc., Bolt Threads, Sichuan Nanchong Liuhe (Group) Corp., China Silk Group Co.,Ltd., Zhejiang Jiaxin Silk Corp.,Ltd, Shengkun Silk Manufacturing Co.,Ltd, Spiber Technologies AB, and Libas Textiles Ltd.
Porter’s Five Forces Analysis for the Global Silk Market:
- Bargaining Power of Suppliers: The suppliers operating in the global silk industry are high in number and are much larger and more globalized. So, there will be less threat from the supplier.
Thus, the bargaining power of the supplier is low.
- Bargaining Power of Buyer: Buyers demand effective silk in lower cost. This has increased the pressure on the multiple manufacturers to offer the innovative silk products in a cost-effective way. Thus, many suppliers have started offering best yet cost –effective silk. This gives the buyers the option to freely choose silk that best fits their preference.
Thus, the bargaining power of the buyer is high.
- Threat of New Entrants: The companies entering the global silk market are adopting technological innovations to attract customers. Also, these companies are implementing various effective strategies and there is government support in some countries.
Thus, threat of the new entrants is high.
- Threat of Substitutes: Bamboo lyocell, cupro, and recycled satin can be the alternative fabric for the silk.
Thus, the threat of substitutes is moderate.
- Competitive Rivalry in the Market: The competitive rivalry among the industry leaders is rather intense, especially between the global players including Spiber Technologies AB and Libas Textiles Ltd.. These companies are launching their value-added services in the international market and strengthening the footprint worldwide.
Therefore, the competitive rivalry in the market is high.
Historical Market Estimations
Base Year for Market Estimation
Forecast timeline for Market Projection
North America, Europe, Asia-Pacific, LAMEA
Segmentation by Type
Segmentation by Application
Key Countries Covered
U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, China, Japan, India, Australia, South Korea, Rest of Asia-Pacific, Brazil, Saudi Arabia, United Arab Emirates, Rest of LAMEA
Key Companies Profiled
Q1. How big is the silk market?
A. The global silk market size was over $6,621.5 million in 2020 and is projected to reach $11,353.6 million by 2028.
Q2. Which are the major companies in the silk market?
A. Anhui Silk Co. Ltd., Amsilk GmbH, and EntoGenetics inc. are some of the key players in the global Silk Market.
Q3. Which region possesses greater investment opportunities in the coming future?
A. The Asia-Pacific region possesses great investment opportunities for the investors to witness the most promising growth in the future.
Q4. What is the growth rate of the Asia-Pacific market?
A. Asia-Pacific silk market is anticipated to grow at 7.3% CAGR during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. Capacity expansion, type development, along with joint ventures are the key strategies opted by the operating companies in this market.
Q6. Which companies are investing more on R&D practices?
A. Bolt Threads and Sichuan Nanchong Liuhe (Group) Corp. are investing more on R&D activities for developing new types and technologies.
Q7. What is silk material?
A. Silk material is the strongest natural protein fiber made up of fibroin which is mainly known for a luxurious fabric.
Q8. What is a silk short answer?
A. Silk is a natural fiber made by the silk worm cocoon.
Q9. What is silk known as?
A. Silk is known as the ‘Queen of all textile fibers’ mainly due to its luster and sheen.
Q10. What is a silk easy definition?
A. Silk is the light and smooth fabric that is primarily made up of fibers from silkworm cocoons.
Q11. What is spider silk made of?
A. Spider silk mainly consists of proteins that possess large amount of hydrophobic and nonpolar amino acids such as alanine or glycine.
Q12. What is silk fabric?
A. Silks are mainly light- to medium-weight and luxurious fabrics with the lustrous and shiny finish.
Q13. What are the different types of silk?
A. Spider silk, sea silk, tussar silk, eri silk, artificial silk, lotus silk, muga silk, and art silk; these are the several types of silk.
1.2.Real time insights and validation
1.4.Assumptions and forecast parameters
2.2.by type trends
2.3.by application trends
3.1.Market segmentation & definitions
3.2.1.Top investment pockets
3.2.2.Top winning strategies
3.3.Porter’s five forces analysis
3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market
3.9.Market value chain analysis
3.9.1.Stress point analysis
3.9.2.Raw material analysis
188.8.131.52.Raw material suppliers
4.Silk Market, by Type
4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028
4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028
4.3.1.Market size and forecast, by region, 2020-2028
4.3.2.Comparative market share analysis, 2020 & 2028
4.4.1.Market size and forecast, by region, 2020-2028
4.4.2.Comparative market share analysis, 2020 & 2028
5.Silk Market, by Application
5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028
5.2.Cosmetics & Medical
5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028
6.Silk Market, by Region
6.1.1.Market size and forecast, by type, 2020-2028
6.1.2.Market size and forecast, by application, 2020-2028
6.1.3.Market size and forecast, by country, 2020-2028
6.1.4.Comparative market share analysis, 2020 & 2028
184.108.40.206.Market size and forecast, by type, 2020-2028
220.127.116.11.Market size and forecast, by application, 2020-2028
18.104.22.168.Comparative market share analysis, 2020 & 2028
22.214.171.124.Market size and forecast, by type, 2020-2028
126.96.36.199.Market size and forecast, by application, 2020-2028
188.8.131.52.Comparative market share analysis, 2020 & 2028
184.108.40.206.Market size and forecast, by type, 2020-2028
220.127.116.11.Market size and forecast, by application, 2020-2028
18.104.22.168.Comparative market share analysis, 2020 & 2028
6.2.1.Market size and forecast, by type, 2020-2028
6.2.2.Market size and forecast, by application, 2020-2028
6.2.3.Market size and forecast, by country, 2020-2028
6.2.4.Comparative market share analysis, 2020 & 2028
22.214.171.124.Market size and forecast, by type, 2020-2028
126.96.36.199.Market size and forecast, by application, 2020-2028
188.8.131.52.Comparative market share analysis, 2020 & 2028
184.108.40.206.Market size and forecast, by type, 2020-2028
220.127.116.11.Market size and forecast, by application, 2020-2028
18.104.22.168.Comparative market share analysis, 2020 & 2028
22.214.171.124.Market size and forecast, by type, 2020-2028
126.96.36.199.Market size and forecast, by application, 2020-2028
188.8.131.52.Comparative market share analysis, 2020 & 2028
184.108.40.206.Market size and forecast, by type, 2020-2028
220.127.116.11.Market size and forecast, by application, 2020-2028
18.104.22.168.Comparative market share analysis, 2020 & 2028
22.214.171.124.Market size and forecast, by type, 2020-2028
126.96.36.199.Market size and forecast, by application, 2020-2028
188.8.131.52.Comparative market share analysis, 2020 & 2028
6.2.10.Rest of Europe
184.108.40.206.Market size and forecast, by type, 2020-2028
220.127.116.11.Market size and forecast, by application, 2020-2028
18.104.22.168.Comparative market share analysis, 2020 & 2028
6.3.1.Market size and forecast, by type, 2020-2028
6.3.2.Market size and forecast, by application, 2020-2028
6.3.3.Market size and forecast, by country, 2020-2028
6.3.4.Comparative market share analysis, 2020 & 2028
22.214.171.124.Market size and forecast, by type, 2020-2028
126.96.36.199.Market size and forecast, by application, 2020-2028
188.8.131.52.Comparative market share analysis, 2020 & 2028
184.108.40.206.Market size and forecast, by type, 2020-2028
220.127.116.11.Market size and forecast, by application, 2020-2028
18.104.22.168.Comparative market share analysis, 2020 & 2028
22.214.171.124.Market size and forecast, by type, 2020-2028
126.96.36.199.Market size and forecast, by application, 2020-2028
188.8.131.52.Comparative market share analysis, 2020 & 2028
184.108.40.206.Market size and forecast, by type, 2020-2028
220.127.116.11.Market size and forecast, by application, 2020-2028
18.104.22.168.Comparative market share analysis, 2020 & 2028
22.214.171.124.Market size and forecast, by type, 2020-2028
126.96.36.199.Market size and forecast, by application, 2020-2028
188.8.131.52.Comparative market share analysis, 2020 & 2028
6.3.10.Rest of Asia Pacific
184.108.40.206.Market size and forecast, by type, 2020-2028
220.127.116.11.Market size and forecast, by application, 2020-2028
18.104.22.168.Comparative market share analysis, 2020 & 2028
6.4.1.Market size and forecast, by type, 2020-2028
6.4.2.Market size and forecast, by application, 2020-2028
6.4.3.Market size and forecast, by country, 2020-2028
6.4.4.Comparative market share analysis, 2020 & 2028
22.214.171.124.Market size and forecast, by type, 2020-2028
126.96.36.199.Market size and forecast, by application, 2020-2028
188.8.131.52.Comparative market share analysis, 2020 & 2028
184.108.40.206.Market size and forecast, by type, 2020-2028
220.127.116.11.Market size and forecast, by application, 2020-2028
18.104.22.168.Comparative market share analysis, 2020 & 2028
22.214.171.124.Market size and forecast, by type, 2020-2028
126.96.36.199.Market size and forecast, by application, 2020-2028
188.8.131.52.Comparative market share analysis, 2020 & 2028
7.1.Anhui Silk Co. Ltd.
7.1.4.Recent strategic moves & developments
7.2.4.Recent strategic moves & developments
7.3.4.Recent strategic moves & developments
7.4.4.Recent strategic moves & developments
7.5.Sichuan Nanchong Liuhe(Group) Corp.
7.5.4.Recent strategic moves & developments
7.6.China Silk Group Co., Ltd.
7.6.4.Recent strategic moves & developments
7.7.Libas Textiles Ltd.
7.7.4.Recent strategic moves & developments
7.8.Zhejiang Jiaxin Silk Corp.,Ltd
7.8.4.Recent strategic moves & developments
7.9.Shengkun Silk Manufacturing Co.,Ltd
7.9.4.Recent strategic moves & developments
7.10.Spiber Technologies AB
7.10.4.Recent strategic moves & developments
Since around 4000 years, silk has seized the title as the ‘Queen of Textiles’. It is the absolute luxurious fabric for individuals with astute taste. Oscar de la Renta, a Dominican fashion designer says, “Silk does for the body what diamonds do for the hand".
Silk is a string that silkworms knit to form their cocoons – the outer covering that protects them in the pupal stage. However, most of the insects that are used to produce silk do not live after this stage; this is because, they are boiled or gassed alive within their cocoons to produce silk. This causes the cocoons to unravel, and then the silk strings can be easily obtained. Around 6,600 silkworms are slayed to produce only 1 kilogram of silk.
The Current Face of the Silk Market
Currently, as many people have raised concern on using products that are made by harming living creatures, the silk industry is digging out some cruelty-free ways to produce silk. People who are against the conventional silk making process have switched to seemingly, cruelty-free options such as “peace silk” or “ahimsa silk”. In addition, sericulture is another concept that is trending in the silk industry. The industry is greatly focusing on technological advancements in the sericulture arena for enhancing the quality and productivity of silk production. Besides this, government divisions are taking initiatives for monitoring and controlling the activities in the sericulture sector, which is thrusting the growth of the global silk market.
Besides this, there is a significant hype around vegan silk fabrics, owing to their cruelty-free production. The surging adoption of vegan silk products across the world is likely to offer a heap of opportunities for the global silk industry in the coming future, states a report by Research Dive. This is because while producing vegan silk the worms are allowed to get out of the cocoon. Also, this type of silk is breathable and highly eco-friendly, as it does not need finishing chemicals in its production. The report also claims that the global market for silk is expected to garner a revenue of to $11,353.6 million by 2028.
Recent Trends in the Silk Industry
Companies functioning in the silk sector are inventing innovative products that are likely to positively impact the industry. Some of the foremost silk market players are Amsilk GmbH, Spiber Technologies AB, EntoGenetics inc., Anhui Silk Co. Ltd., Bolt Threads, Zhejiang Jiaxin Silk Corp.,Ltd, China Silk Group Co.,Ltd., Shengkun Silk Manufacturing Co.,Ltd, Libas Textiles Ltd., Sichuan Nanchong Liuhe (Group) Corp., and others.
These players are concentrating on emerging strategies such as product development, mergers & acquisitions, partnerships, and collaborations to obtain a foremost position in the market. For instance,
- In June 2020, Siyaram, one of the leading fashion textile brands in India, launched a new range of anti-coronavirus fabrics to curb the spread of COVID-19 pandemic. The fabrics have been tested by the World Health Organization-approved labs.
- In August 2020, Kessi Fabric, an online platform to buy world class and unique ladies garments, launched a novel product - Parnita Vol 3 Jam silk fabric with embroidery work suit.
- In August 2020, Varni Fabrics, the manufacturer & exporters of branded suits, kurtis, gowns, and saree catalogs, launched Hansika Silk Art Silk Fabric fancy wear saree.
Impact of Covid-19 on the Silk Market
The abrupt outbreak of the coronavirus pandemic has drastically impacted the global silk market mainly owing to the closure of production and transportation industries in the lockdown during the pandemic. Besides, due to the volatility in the silk market, domestic as well as global buyers postponed or cancelled their orders, thus fueling the loss of silk manufacturers. All these factors have adversely affected the global market for silk in this crisis period. So, what does the future look like for the silk industry? This completely depends on the strategies the silk producers will undertake to recuperate the market.
Currently, governmental constitutional bodies are taking strategic steps to elevate the silk industry from losses. Thus, as and when the pandemic relaxes and the silk manufacturing resumes, the demand for silk products is likely to magnify, thus boosting the market growth remarkably.