Growing demand for silk in the textile industry
Market Research Future (MRFR) will be publishing a cooked research report on “Global Silk Market” that contains the information from 2017 to 2028.
MRFR recognizes the following companies as the key players in the global Silk market—AM Silk GmbH, Anhui Silk, Kraig Biocraft Laboratories, Inc., WUJIANG FIRST TEXTILE CO., LTD., Eris Global LLP, Bolt Threads, Spiber Inc., and Sharda Group of Indian Silk Industries.
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Silk Market Overview
The global Silk Market is projected to be valued at USD 14,699.3 million by the end of 2028, registering a CAGR of 8.53% during the forecast period.
Silk is an animal fiber produced by certain insects and arachnids as a building material for cocoons and webs, some of which can be used to make fine fabrics. In commercial use, silk is almost entirely limited to filaments from the cocoons of domesticated silkworms. Silk is a natural protein-based high molecular weight polymer spun into fibers by arthropods, mainly silkworms, mites, and spiders. The best type of silk is obtained from the cocoons of silkworms (Bombyx mori).
Silk fibers are extensively used in the textile industry because of their excellent dyeing affinity and high luster. Additionally, to diversify the applications of the product, silk is often blended with lyocell and polyester.
Market Dynamics
Changing fashion trends coupled with the emergence of new small businesses worldwide has led to the growth of the textile industry, in turn aiding the growth of the silk market. In addition to this, the use of silk protein, sericin in cosmetics & personal care products such as haircare and skincare promotes global market growth.
However, the high cost of silk is expected to hamper the market growth during the forecast period.
The introduction of plant-based silk fibers on account of the rapid adoption of veganism is a key challenge faced by the players in this market.
Segment Analysis
The globalSilk Market has been segmentedon the basis oftype, application, and region.
Based on type, the global silk market has been segmented into mulberry silk, non-mulberry silk. The non-mulberry silk is further classified as eri silk, tussar silk, muga silk, spider silk, and other. Among these, the mulberry silksegment accounted for thelargest market share of more than 60% in 2019. Mulberry silk is one of the most important and affordable types of silk fabrics. It comes from the silkworm, Bombyx mori L, which solely feeds on the leaves of the mulberry plant. These silkworms are completely domesticated and reared indoors. The mulberry silk segmentis expected to register around 7% CAGR during the forecast period.
On the basis of application, the market is categorized into textile, healthcare, and personal care & cosmetics.The textile application segment is further bifurcated into – apparel, home interior, medical textiles, footwear, and others. In apparel, silk is widely used in the production of high-performance activewear, sarees, aesthetic apparel, wedding dresses, gowns, blouses, scarves, etc. Home interiors include pillows, house linens, bedsheets, curtains, etc. The footwear segment includes active sports footwear clothing. The textile segment held the largest market share of more than 70% in 2019 and is projected to register a CAGR of over 8% during the forecast period. The textile segment is followed by healthcare application, which was valued at USD 1,576.4 million.
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Key Findings of the Study:
- Global Silk Market is projected to reach a value of USD 14,699.3 million by 2028 with a CAGR of around 8.53% during the forecast period.
- Asia-Pacific accounted for the largest market share and emerged as the fastest-growing regionalsilk market. The market growth can be attributed to the growing textile industry in developing countries such as China and India. For instance, according to India Brand Equity Foundation (IBEF), the textile industry in India contributed 7% to the industry output in 2018-2019, in terms of value. The Indian government is also engaged in initiatives for the textile sector, positively impacting the growth of the textile industry, boosting the growth of the silk market.
- Based on type, mulberry silk accounted for the highest market share, followed by non-mulberry silkin 2019.Non-mulberry silks are commercially available silks that are produced from regional and wild silkworms. Some of the non-mulberry silks include tussar silk, Eri silk, spider silk, muga silk, and others. Tussar silk is produced from the genus Antheraea such as the Chinese tussar silkworm Antheraepernyi Guerin is one of the largest non-mulberry silk producers in the world.
- Some of the leading players operating in the silk market are AMSilk GmbH, Anhui Silk, Kraig Biocraft Laboratories, Inc., WUJIANG FIRST TEXTILE CO., LTD., Eris Global LLP, Bolt Threads, Spiber Inc., and Sharda Group of Indian Silk Industries
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