Silk Market 2023: Industry Highlights by Competitive Scenario and Forecast By 2030

Market Overview

The silk market is projected to register a CAGR of 8.37% to reach USD 18,621.33 million by the end of 2030.

Silk is mostly used in the textile industry for the production of silk garments. Mulberry silk is the highest variety of silk in the silk market. This is considered to be a proteinaceous fiber that is manufactured from fibroin and is produced from the larvae of small tiny insects which are in the process of completing their metamorphosis.

Segmentation

Based on type, the mulberry silk covers 75% of the silk market share in 2018. World-Wide the mulberry silk segment occupies a high CAGR between 2016 to 2021. Mulberry silk is obtained from bombyx Mori worms which feed on mulberry leaves and are used for producing garments such as sarees, and other trendy fabrics. In 2018, the textile industry projected at a high rate and raised the demand for silk products. This is driving the demand for silk. This global market segment will show growth in the upcoming years thus owing to increasing product usage thus helpful in expanding the textile market across the developing financial sectors throughout the globe. The apparel from some of its regions is expanding up the market growth. From World Trade Organisation, it was marked that China holds the majority of share and is playing the role of export business in 2018 and holds USD 118.5 billion.

Advances in technology have made silk increase its absorbency power hence making it more comfortable to wear during warm weather. Its lightweight shiny appearance makes it feel comfortable. Technology has made it such that the silk products have lowered conductivity which keeps the warm air close to the body during the winters. The manufacture of silk polypeptide has been mostly used for manufacturing products like shampoos, skin lotion, skin cream, and body lotion.

Regional Analysis

It is expected that the Asia-Pacific region is expected to show heavy growth as silk is in high demand in the market, especially in this region. This region is marked to be the largest producer of silk as the raw materials are readily available in this region. In terms of value and volume, the Asia-Pacific region covers most of the silk market share during the forecast period. Asia Pacific region has the region of China, India, Uzbekistan, and Thailand. The huge growth of the silk market in this region takes place due to the rise in population and the export of large amounts of silk products. China and India are in wide demand due to their increased production of silk and impost of silk products within the country. The western European region is projected to be the next dominant market growing region holding a CAGR of 7.4% from 2016 to 2021.

Industry News

Bolt Threads Company, a start-up company making spider silk from small insects has funded a huge amount of USD 123 mil in the Serieonth of November, SEC also contributed certain revenue worth USD 106 million and developed partnerships to bring more development in the silk market.

Key Companies in the Silk Market

AMSilk GmbH (Germany), Anhui Silk (China), Kraig Biocraft Laboratories, Inc. (US), Wujiang First Textile Co., Ltd (China), Eris LLP (India), Bolt Threads (India), Spiber Inc. (Japan), Sharda Group of Indian Silk Industries (India)

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