The Silk Market Projected to Grow at a CAGR of 8.2% and Generate a Revenue of $34,102.5 million by 2031

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The global silk market size is predicted to be valued at $34,102.5 million by 2031, surging from $15,608.3 million in 2021, at a noteworthy CAGR of 8.2%.

Impact Analysis of COVID-19 on the Silk Market

Businesses in the hospitality, retail, and tourism sectors had to re-evaluate their business models as a result of the COVID-19 pandemic. Additionally, throughout the pandemic, the global silk market saw declining growth, primarily as a result of the accessibility issues with transportation infrastructures. In addition, local and foreign purchasers postponed or cancelled their purchases because of the market uncertainty, adding to the problems faced by the sector. During the outbreak period, these factors had a negative impact on the world market for silk fibers.

However, state statutory agencies are developing strategic measures to advance the silk sector. For instance, the Indian Ministry of Micro, Small, and Medium Enterprises, Khadi and Village Industries Commission (KVIC) in September 2021 developed Odisha's first silk yarn production centre in an effort to increase local silk production and generate jobs. This project increased local employment and not only guaranteed the availability of tussar silk but also assisted in reducing the cost of silk production. After the COVID-19 crisis, such successful projects can help boost the global silk market growth further. Silk offers comfort, is extremely soft, and adds elegance. Textile has emerged as the quickest and largest application of silk. 

Global Silk Market Analysis

Silk is an insect fiber, with excellent strength and luster. Innate affinity for vivid colours and dyes, natural sheen, light weight, high absorbency, excellent drape, resilience, and other exquisite qualities are just a few of its many attributes. Due to these qualities, silk is referred to as the "queen of textiles" throughout the world. Textiles are the fastest growing applications of silk. The textile business, which is continually growing and altering in terms of supply and demand, includes silk as a significant element. Due to its luster, plush feel, light weight, durability, and strength, silk is a popular material for textiles. It is used in a wide range of textiles, including cushions, wall hangings, draperies, upholstery, wedding gowns, gowns, blouses, scarves, and neckties. All these aspects drives the market demand.

Furthermore, silk is quite comfortable to wear, especially in hot weather, owing to its absorbency. Its low conductivity keeps warm air near the skin during chilly conditions. Silk is used in an increasing number of products, such as shirts, ties, formal dresses, high-design garments, lingerie, pajamas, robes, dress suits, sun dresses, and kimonos. In addition, silk is used in India to make sarees, which are traditional outfits.

However, the availability of substitutes like artificial silk at comparatively lower prices will prove to be a demerit for the silk market trend. Therefore, this is anticipated to be a challenge for the global silk market share growth rate. Moreover, the high dependency on China for silk and its raw materials is also expected to hamper the global silk market growth.

The rapidly growing demand for silk protein in sectors such as cosmetics and personal care, textiles, pharmaceuticals, and nutraceuticals are the main factor fueling the expansion of the global silk market size. Oligopeptides and other advantageous ingredients, like the plentiful amino acids found in silk protein, are being quickly incorporated into the formulation of cosmetic products such as body lotion, shampoo, creams, and serum. The market for silk protein is expanding as a result of growing research into two types of silk, namely sericin and fibroin, for their potential use in the pharmaceutical industry. All these factors are likely to have a positive effect on global silk market opportunity in the forecast time.

Global Silk Market Value, Segmentation

The global silk market is segmented based on type, application, and region.

Type:

The type segment is further classified into mulberry silk, tussar silk, eri silk, and others. Among these, the mulberry silk segment accounted for the dominant market share in 2021. During the forecast period, mulberry silk is expected to be the dominant type in the silk market mainly, owing to its huge prominence in the textile industry. Furthermore, Mulberry silk is also one of the highest quality silks, being pure white in colour and completely natural and odourless. Owing to such unique features, there’s huge demand for mulberry silk in the global market. Furthermore, advancements in products such as pure mulberry silk bed linen are entering the market, providing customers with excellent resistance against mould, mildew, and dust mites, allowing them to maintain strict levels of cleanliness and hygiene. Such product developments can have a positive impact on the mulberry silk segment.

End user:

The end user segment is further classified into textile and cosmetics & medical. Among these, the textile segment witnessed dominant market share in 2021. Textile is the rapidly growing application of silk, as it is a crucial contributor to the textile industry owing to its remarkable features such as a luxurious feel, lustrous appearance, light weightiness, and great strength. It is utilized in a wide range of textiles, including cushions, wall hangings, draperies, upholstery, wedding gowns, blouses, scarves, and neckties.

Moreover, silk plays a key role in the production of surgical suture, clothing, silk comforter, and parachutes, which is further projected to propel the segment, over the analysis timeframe

Region:

The global silk market growth in Europe accounted for the dominant market share in 2021. The silk market for Europe is highly competitive, and leading companies in the market are pursuing numerous strategies to garner a prominent silk market share in this region. The demand for silk is significantly attributed to the growing population worldwide, along with the increase in number of startups with their novel innovations. Furthermore, the rise in global silk market growth is attributed to the increase in demand from textile industry, as clothing and apparel have been in high demand owing to the rise in population in European countries. Furthermore, government schemes launched are encouraging production and technological advancements in the market.

Key Players in the Global Silk Market

Some of the leading players in the silk market are

• Anhui Silk Co. Ltd.
• AMSilk GmbH
• EntoGenetics Inc.
• Bolt Threads
• Sichuan Nanchong Liuhe (Group) Corp.
• China Silk Group Co. Ltd.
• Zhejiang Jiaxin Silk Co., Ltd.
• Xuzhou Shengkun Silk Manufacturing Co., Ltd.
• Spiber Technologies
• Libas Textiles Ltd.

In January 2022, AMSilk GmbH, a world leader in supplying innovative high-performance bio-based silk materials, announced that it had entered into a partnership with Mercedes-Benz for the development of novel, sustainable car door pulls as part of the car manufacturer’s latest technology program, the VISION EQXX.