Silk Market Projected to Grow at a 7.6% CAGR During the 2024-2030 Period

The Silk Market size was valued at US$ 19.51 Bn. in 2023 and the total revenue is expected to grow at 7.6 % through 2024 to 2030, Global Silk market is reaching nearly US$ 32.59 Bn. by 2030.

Silk Market Overview:

The global silk market is experiencing significant expansion, with projections indicating a rise from USD 19.51 billion in 2023 to approximately USD 32.59 billion by 2030, reflecting a compound annual growth rate (CAGR) of 7.6%. This growth is driven by increasing demand across various sectors, including textiles, cosmetics, and medical applications. Silk's unique properties, such as its natural luster, durability, and eco-friendliness, contribute to its enduring appeal in both traditional and emerging markets.

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Silk Market Dynamics:

The silk industry is witnessing a surge in demand, particularly from the textile sector, fueled by evolving fashion trends and rising consumer purchasing power in developing regions. Notably, countries like China and India are at the forefront of this growth, with China leading in production and export, and India emerging as a significant producer and importer due to robust domestic demand. The labor-intensive nature of sericulture aligns with the workforce availability in these regions, further bolstering production capacities.

Silk Market Outlook and Future Trends

The future of the silk market appears promising, with anticipated advancements in sustainable sericulture practices and technological innovations in silk processing. Emerging applications of silk in medical textiles and technical fabrics are expected to open new avenues for growth. Additionally, the increasing consumer preference for eco-friendly and luxurious materials is likely to sustain the upward trajectory of silk demand globally.

Key Recent Developments:

Vietnam:

Vietnam has been enhancing its silk production capabilities, contributing notably to the global silk arena. The country's textile market plays a pivotal role in the global silk trade, with efforts to increase exports and improve production quality.

Thailand:

In September 2024, the Thai government announced plans to promote Thai silk as a key economic driver. Initiatives include enhancing local silk production quality and increasing exports, aiming to elevate Thailand's cultural heritage while boosting rural livelihoods and tourism.

Japan:

Japan is renowned for its high-quality silk products, including traditional textiles like kimono fabrics. The country's emphasis on superior craftsmanship and innovation in silk blends contributes to its strong market presence.

South Korea:

South Korea's silk market is projected to grow at a CAGR of 9.5% through 2034. The country's rich cultural heritage and focus on innovation in textile blending are key factors driving this growth.

Singapore:

While specific recent developments in Singapore's silk industry are limited, the country's strategic position as a global trade hub facilitates the import and export of silk products, supporting regional market dynamics.

United States:

The U.S. silk market is expanding, driven by increasing demand for luxury textiles and sustainable fabrics. Consumers' growing preference for high-quality, eco-friendly materials is fostering innovation and market growth.

Europe:

Italy remains a significant player in the silk market, both as a leading importer and exporter. In 2023, Italy imported silk worth USD 343.36 million, underscoring its role in processing and re-exporting high-end silk products across Europe.

Silk Market Segmentation

by Product

Mulberry silk
Tussar silk
Eri silk
Others

by Application

Textile
Cosmetics
Medical
Others

by Production Process

Cocoon Production
Reeling, Throwing
Weaving and Dyeing

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Some of the current players in the Silk Market are:

1. Wujiang First Textile Co., Ltd.
2. Anhui Silk
3. Shengkun Silk Manufacturing Co., Ltd.
4. Zhejiang Jiaxin Silk Co., Ltd.
5. AM Silk GmbH
6. China Silk Corporation
7. Jinchengjiang Xinxing Cocoon Silk Co., Ltd.
8. Bolt Threads Inc.
9. Kraig Biocraft Laboratories, Inc.
10. Entogenetics Inc
11. Wensli Group Co. Ltd.
12. Sichuan Nanchong Liuhe
13. Wujiang Wanshiyi Silk Co. Ltd.
14. Silk India international Ltd.
15. Global Silk Mills Pvt. Ltd.

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