Silk Market Expected to Reach $34.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Silk Market," The silk market was valued at $15.6 billion in 2021, and is estimated to reach $34.1 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.

Silk is the insect fiber, with excellent strength and luster. Innate affinity for vivid colors and dyes, natural sheen, light weight, high absorbency, excellent drape, resilience, and other exquisite qualities. Due to these qualities, silk is referred to as the ‘queen of textiles’ throughout the world. A silkworm, a caterpillar, secretes liquid proteins that make up silk. China is the world's top supplier of silk, followed by India, Japan, Brazil, and more than 40 other countries worldwide.

Textile is the fastest growing application 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 utilized in a wide range of textiles, including cushions, wall hangings, draperies, upholstery, wedding gowns, gowns, blouses, scarves, and neckties. Silk is also quite comfortable to wear, especially in hot weather. Its low conductivity keeps warm air near to the skin during chilly conditions. More items, including shirts, ties, formal dresses, high design garments, lingerie, pajamas, robes, dress suits, sun dresses, and kimonos, are made of silk. Silk is also used in India to make sarees, which is a traditional outfit.

Basically, silk is one of the expensive material. Silk clothes are not easy to clean as they usually need to be dry cleaned. Moreover, silk material can get damaged by excessive sun and water exposure. The overall high price of silk is estimated to limit the silk market growth in the upcoming years.

The rapidly increasing demand for silk protein in sectors such as cosmetics and personal care, textile, pharmaceutical, and nutraceuticals is the main factor fueling the expansion of the global silk market. 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 are expected to see an increase in demand from manufacturers of cosmetics and medical industry during the forecast years.

The global silk market is segmented based on type, end user, and region. By type, it is classified into mulberry silk, tussar silk, eri silk, and others. By end user, it is classified into textile and cosmetic & medical. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the silk market report include 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, and Libas Textiles Ltd.

The report offers a comprehensive analysis of the global silk market trends by thoroughly studying different aspects of the market including major segments, market statistics, silk market share, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the silk market analysis in terms of present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market. Additionally, the analysis of silk market forecast will help the industry players in analyzing the growth potential and gaining complete insights on growth opportunities.

Impact of COVID-19 on the Global Silk Industry

• Since the start of 2020, COVID-19 has been fierce, severely impacting both the global silk market size and the consumer demand. The outbreak had a significant negative impact on Brazil, Italy, China, France, and other major producers and consumers of silk.
• The upstream and downstream silk industries are going through a severe crisis. Businesses in various nations have faced more difficulties with epidemic prevention, return to work, ordering, and markets. However, changes in silk marketing channels and consumption habits are also being brought on by the COVID-19 epidemic.
• To combat the economic crisis brought on by the epidemic, many businesses are utilizing the Internet and new technologies to innovate, develop, transform, and modernize in response to market changes

Key Findings of the Study

• Based on type, the era silk sub-segment emerged as the global leader in 2021 and mulberry silk sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on end user, the textile sub-segment emerged as the global leader in 2021 and is forecasted to be the fastest growing during the estimated period
• Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period