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The silk market size is estimated to grow at a CAGR of 8.39% between 2022 and 2027. The market size is forecast to increase by USD 4,140.33 million. The growth of the market depends on several factors such as the increasing requirement for silk in the textile industry, the changing fashion trends, and the growing purchasing power in emerging countries and government initiatives.
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This silk market report extensively covers market segmentation by Type (mulberry, tussar, and eri), Application (textile, cosmetics, and medicine), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 - 2021.
The mulberry segment is estimated to witness significant growth during the forecast period. Mulberry is an essential part of the sericulture industry as the majority of the commercial silk manufactured across the world is derived from mulberry silk. Mulberry silk is mainly sourced from silkworms known as Bombyx mori L.
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The mulberry segment was the largest segment and was valued at USD 5,066.82 million in 2017. There are several government initiatives being introduced to increase the manufacturing of Mulberry silk due to its rising demand. Even though, China is the leading producer of silk, climatic condition for the manufacturing of Mulberry silk is mostly favorable in India. Furthermore, mulberry cultivation takes place in both traditional and non-traditional sericulture states, but the growth of Mulberry cultivation in non-traditional states is higher. There si an increasing investment in Mulberry sericulture due to its better benefit-cost ratio when compared to other competing crops. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
A key factor shaping the silk market growth is the increasing R&D on spider silk. Several fibers which are available in nature have unique characteristics such as strength, resilience, and flexibility. There is increasing investment in R&D on spider silk due to its incredible toughness.
Moreover, the manufacturing of spider silk in commercial quantities can lead to its use in life-saving ballistics-resistant materials. One of the main reasons for the increasing adoption of spider silk in ballistics-resistant material is due to its characteristics such as being lighter, thinner, more flexible, and tougher than steel. Hence, such R&D activities are positively impacting the market, which in turn will drive market growth during the forecast period.
Health hazards during silkworm rearing are one of the key challenges hindering the silk market growth. Several workers involved in the sericulture industry are prone to many health hazards. Additionally, several reproductive factors and menstrual risk factors for endometrial cancer are evident in women workers in the sericulture industry.
Moreover, the sericulture industry is known for its labor-intensive nature and the handling of diseased worms and their excreta with bare hands are significantly contributing to the health hazards. Furthermore, other health hazards such as skin irritation, ulcers, sensitization, and allergies are caused by the use of formalin and bleaching powder for disinfection and chromium to fix silk dyes. Hence, such factors are expected to hinder market growth during the forecast period.
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APAC is estimated to contribute 65% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Some of the major countries which are significantly contributing to the global silk market in APAC are China and India. Silk has always been an essential part of Chinese culture as it was used by the Chinese emperors for their own use as well as to gift to others, then it gradually expanded through Chinese culture and trade, both geographically and socially, and further to various regions in APAC.
Moreover, in India, silk is considered an integral symbol of royalty, and almost 95% of raw silk is manufactured in key Indian states such as Karnataka, Andhra Pradesh, Assam, Tamil Nadu, and West Bengal. Furthermore, factors such as the rise in disposable income and growing purchasing power due to the increased employment of women are fuelling the demand for silk in the region. Hence, such factors are expected to drive market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global silk market witnessed a significant slowdown as it severely affected major silk-producing countries such as China, Italy, France, and Brazil. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the restoration of operations in industries in these regions. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AMSilk GmbH: The company offers silk such as Bio fabricated silk which is used for applications including yarns and fibers for textile manufacturing, as well as gels and coatings for medical devices.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Silk Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.39% |
Market growth 2023-2027 |
USD 4,140.33 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.85 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 65% |
Key countries |
US, China, India, Italy, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AMSilk GmbH, Anhui Silk, Bolt Threads, Camenzind and Co. AG, Eastern Silk Industries Ltd., Eris Global, Jinchengjiang Xinxing Cocoon Silk Co. Ltd., Kraig Biocraft Laboratories Inc., Libas Ltd., ONGETTA Srl, Qingdao Textiles Group Fiber Technology Co. Ltd., WENSLI, Wujiang First Textile Co. Ltd., Xuzhou Shengkun Silk Manufacturing Co. Ltd., and Zhejiang Jiaxin Silk Corp. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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