Global Silk Market Size Likely to Expand at a CAGR of 6.8% By 2033

As per the current market research conducted by the CMI Team, the global Silk Market size is expected to record a CAGR of 6.8% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 22,917.3 Million. By 2033, the valuation is anticipated to reach USD 41,428.9 Million.

Silk Market: Growth Factors and Dynamics

• Increasing Demand for Luxury Textiles: The silk market is driven by the growing demand for luxury textiles and apparel globally. Silk is highly valued for its softness, sheen, and luxurious feel, making it a preferred choice for high-end fashion brands and consumers seeking premium-quality fabrics.

• Rising Disposable Income: As disposable income levels rise, particularly in emerging economies, there is an increase in spending on luxury goods, including silk clothing and home textiles. This growing purchasing power contributes to the expansion of the silk market, especially in regions with a burgeoning middle class.

• Innovations in Silk Production: Advancements in sericulture practices, breeding techniques, and silk processing technologies have led to improved yields, quality, and sustainability in silk production. Innovations such as eco-friendly silk production methods and bioengineered silk fibers are driving market growth and expanding the application areas of silk.

• Shift Towards Sustainable and Eco-friendly Fabrics: With increasing environmental awareness, consumers are seeking sustainable and eco-friendly alternatives to conventional fabrics. Silk, being a natural and biodegradable material, is gaining popularity as a sustainable choice, driving demand in the market.

• Expanding Application in Non-Textile Industries: Silk’s unique properties, such as strength, biocompatibility, and biodegradability, have led to its use in various non-textile industries. Silk-based biomaterials are increasingly used in medical devices, tissue engineering, cosmetics, and even electronics, contributing to the diversification and growth of the silk market.

• Growing Global Trade and Silk Road Initiatives: Initiatives such as China’s Belt and Road Initiative (BRI) and the Silk Road Economic Belt are boosting international trade and connectivity, facilitating the exchange of silk products between regions. This promotes market expansion and creates opportunities for silk-producing countries to capitalize on export markets and strengthen their presence in the global silk trade.

• Cultural Significance and Heritage Preservation: Silk holds significant cultural and historical value in many regions, particularly in countries with a rich tradition of silk production such as China, India, and Italy. Government efforts to preserve traditional sericulture practices and promote silk as part of cultural heritage contribute to market growth, as consumers increasingly value authenticity and craftsmanship in their purchases. This cultural appreciation for silk drives demand for premium-quality silk products and supports the sustainability of the silk industry.

Silk Market: Partnership and Acquisitions

• In 2022, Kraig announced a joint venture with MtheMovement, a division of Kings Group, to launch an eco-friendly luxury streetwear apparel line. Through this partnership, MtheMovement will market Kraig’s spider silk fibers, branded as SpydaSilk, catering to the growing demand for sustainable fashion.

• In 2021, Spiber Inc. announced the establishment of two subsidiaries in the US, Spiber Holdings America Inc. and Spiber America LLC, as part of its expansion strategy in the region. This move aims to strengthen the company’s presence and advance its operations in the US market.

• In 2020, AmSilk announced a partnership with Omega to integrate spider silk watch straps, a product that had previously brought the company significant success. This collaboration underscores the growing recognition of spider silk’s exceptional properties in high-performance applications like luxury watchmaking.

Report Scope

Silk Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the Silk Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Disruption in Supply Chains: The COVID-19 pandemic disrupted global supply chains, including those for silk production. Lockdown measures, transportation restrictions, and labor shortages hindered silk harvesting, processing, and distribution, leading to supply chain disruptions and delays in fulfilling orders.

• Decline in Demand: Economic uncertainties and changes in consumer behavior during the pandemic resulted in a decline in demand for luxury goods, including silk products. Reduced consumer spending on non-essential items, such as high-end apparel and home textiles, negatively impacted the silk market, leading to decreased sales and revenue for silk producers and retailers.

• Shift to Online Sales Channels: Silk producers and retailers can leverage e-commerce platforms to reach a broader customer base and offset the decline in brick-and-mortar sales during the pandemic. Investing in online marketing, virtual try-on tools, and seamless payment options can enhance the digital shopping experience for consumers and drive sales growth in the post-pandemic era.

• Diversification of Product Offerings: To adapt to changing consumer preferences, silk manufacturers can diversify their product offerings beyond traditional apparel and home textiles. Introducing silk-based accessories, activewear, loungewear, and sustainable fashion lines can attract new customers and cater to evolving lifestyle trends, thereby expanding market opportunities and revenue streams.

• Promotion of Sustainable and Ethical Practices: Highlighting the sustainability and ethical production practices associated with silk cultivation and processing can appeal to environmentally conscious consumers. Certification programs, labeling initiatives, and transparency in the supply chain can build trust and credibility, encouraging consumers to choose ethically sourced and sustainable silk products.

• Investment in Research and Innovation: Continued investment in research and innovation is crucial for the long-term growth and competitiveness of the silk market. Research into advanced sericulture techniques, eco-friendly silk production methods, and innovative applications of silk biomaterials can drive product differentiation, technological advancements, and market innovation, positioning silk as a versatile and sustainable material in various industries.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Silk Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the Silk Market:

• Anhui Silk Co. Ltd.
• Wujiang Silk Co. Ltd.
• Jiangsu Sutong Cocoon & Silk Co. Ltd.
• Wensli Group Co. Ltd.
• Zhejiang Jiaxin Silk Co. Ltd.
• Jiangsu Xinmin Textile Science & Technology Co. Ltd.
• Shengkun Silk Manufacturing Co. Ltd.
• China Silk Corporation
• Hangzhou Cocomo Silk Co. Ltd.
• Sichuan Nanchong Liuhe (Group) Corp.
• Guangzhou Yunyin Silk Factory
• Zhejiang Zhuji Sanren Xinyuan Silks Co. Ltd.
• Jiangsu Tiansheng Group Co. Ltd.
• Suzhou Hengrun Import & Export Corp.
• Zhejiang Cathaya International Co. Ltd.
• Others

The Silk Market is segmented as follows:

By Type

• Mulberry Silk
• Tussar Silk
• Eri Silk
• Muga Silk
• Spider Silk
• Others

By Process

• Cocoon Production
• Reeling
• Throwing
• Weaving
• Dyeing
• Others

By Application

• Textiles
• Home Textiles
• Cosmetics and Medical
• Industrial
• Others

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America