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Global Silk Market – Industry Analysis and Forecast

Global Silk Market was valued at US$ 11.82 Bn in 2017, and is estimated to reach US$ 20.32 Bn by 2026 growing at a CAGR of 7.01 % during forecast.

Silk market is driven by the growth of textile and cosmetic industry. Also, increase in demand of silk, technological advancement in sericulture drives the market growth. Silk market requires less investment does not need complicated machines and equipment for its production. However, higher dependence on China for the silk raw material is hampering the demand of the silk market as there are limited producers in the silk market. The major challenges faced by silk market are high price of silk raw material and labor concentrated industry. Emerging applications of silk in medical application act as a lucrative opportunity for silk market.

Mulberry silk segment is expected to lead the silk market global due to its flexibility, high strength and durability. Mulberry silk is one of the most prominent and popular forms of Silk. Mulberry silk is largely used in the manufacturing of textile such as scarves, gowns, blouses, apparel, wedding dresses, as well as in interiors such as draperies, pillows and wall hangings. Tussar silk product are used as the base material for furnishing fabrics, handicrafts, and stitched apparel. Fashion designers uses tussar silk in their creations. Eri silk was mostly used for the preparation of winter shawls for men and women. The thermal properties of eri silk makes it a suitable fabric for shawls, blankets, jackets and bed spreads.

Textile industry is leading application segment of silk market owing to rise in demand of silk products in the textile industries of Asia-Pacific and Europe. Silk has its wide use in textile industry as it is lightweight, lustrous, resilient, strong, stain-resistant and luxurious. Development of the textile industry in the Asia-Pacific is contributing in the increased demand of mulberry. In cosmetic industry, silk powder is used in some cosmetics. Silk powder is luxurious under makeup primer that helps to absorb excess oil- but not quite as much oil as our primer.

Asia Pacific region dominated the silk market in 2017 both in terms of value & volume and is estimated to lead the market during the forecast period as well owing to increasing population, growing disposable incomes and growing textile industries in emerging economies like China, India etc. China is the biggest producer of the silk. Italy has been traditionally the largest importer, processor and exporter of silk products in Europe. France is another country with a considerable silk processing industry.

The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Silk market dynamics, structure by identifying and analyzing the market segments and project the market size. Further, the report also focuses on a competitive analysis of key players by product, price, financial position, Product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Silk market.

The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.