Silk Market to grow by USD 4.14 billion from 2022 to 2027 | Increasing requirement for silk in the textile industry to boost the market growth - Technavio

NEW YORK, Oct. 19, 2023 /PRNewswire/ -- The silk market is estimated to grow by USD 4.14 billion from 2022 to 2027, growing at a CAGR of 8.39%. The silk market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer silk market are 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. The report provides a full list of key companies, their strategies, and the latest developments. Buy report! 

Company Offering:

• AMSilk GmbH: The company offers silk such as Bio bio-fabricated silk which is used for applications including yarns and fibers for textile manufacturing, as well as gels and coatings for medical devices.
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By Geography, the market is classified as APAC, Europe, North America, South America, and Middle East and Africa. APAC will have the largest share of the market.

APAC accounts for 65% of the growth of the global market during the forecast period. China and India are some of the key countries which are signficantly contributing to the silk market in APAC. In addition, silk plays an instrumental part in Chinese culture as it was extensively used by Chinese emperors for their own use as well as to gift to others. As a result, silk gradually expanded through Chinese culture and trade, both geographically and socially, and further to different regions in APAC. Furthermore, silk is considered an essential symbol of royalty, and almost 95% of raw silk is manufactured in key Indian states including Karnataka, Andhra Pradesh, Assam, Tamil Nadu, and West Bengal. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.

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• Impactful driver- Increasing requirement for silk in the textile industry
• Key Trend - Increasing R&D on spider silk
• Major Challenges - Health hazards during silkworm rearing

 Market Segmentation

The market share growth of the mulberry segment is significant during the forecast period. Mulberry is an integral part of the sericulture industry as most of the commercial silk produced across the world is derived from mulberry silk. One of the main sources of mulberry silk is the silkworms known as Bombyx mori L. There is an increasing demand for mulberry silks, and as a result, several government initiatives are being launched to increase the manufacturing of Mulberry. Even though mulberry production takes place in both traditional and non-traditional sericulture states. There is a growing investment in Mulberry sericulture due to its better benefit-cost ratio when compared to other competing crops. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.

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TOC:

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 Market Segmentation by Geography

9 Customer Landscape

10 Geographic Landscape

11 Drivers, Challenges, and Trends

12 Company Landscape

13 Company Analysis

14  Appendix

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SOURCE Technavio