Portland, OR, Oct. 18, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global silk market generated $15.6 billion in 2021 and is estimated to hit $34.1 billion by 2031, registering a CAGR of 8.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $15.6 billion |
| Market Size in 2031 | $34.1 billion |
| CAGR | 8.2% |
| No. of Pages in Report | 305 |
| Segments covered | Type, End User, and Region |
| Drivers | Increase in demand for silk protein in sectors such as cosmetics and personal care, textile, medical, pharmaceutical, and nutraceuticals |
| Beneficial properties of silk such as excellent strength and luster, affinity for vivid colors and dyes, natural sheen, light weightiness, high absorbency, resilience, and less conductivity | |
| Less investment required for silk production as it does not need complex machines and equipment | |
| Opportunities | Development of novel ideas by the market players |
| Restraints | High cost of silk |
| Inadequate transport infrastructure and storagefacilities | |
| Silk is prone to damage due to excessive sun and water exposure |
Covid-19 scenario-
- The global silk market witnessed a declining growth during the pandemic, owing to accessibility issues due to lack of transportation infrastructures, fluctuating prices of silk raw material, crash in cocoon production, and unavailability of skilled workers. These factors affected the silk demand, cash flow, and reduced the working capital significantly.
- Local and foreign purchasers postponed or cancelled their import-export orders due to the market uncertainty and restrictions laid down by various countries, compounding to the problems faced by the sector.
- However, state statutory agencies developed strategic measures to advance the silk sector. For instance, the Indian Ministry of micro, small, and medium enterprises (KVIC) developed Odisha's first silk yarn production center in September 2021 in an effort to increase local silk production and generate jobs. This project increased local employment, guaranteed the availability of tussar silk, and helped reduce the cost of silk production.
The report offers a detailed segmentation of the global silk market based on type, end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on type, the mulberry silk segment accounted for more than two-thirds of the overall silk market in 2021, and is likely to lead the trail by the end of 2031. The same segment would cite the fastest CAGR of 8.6% throughout the forecast period. The report also discusses tussarsilk, erisilk, and others segments.
Based on end user, the textile segment contributed to more than four-fifths of the global silk market in 2021, and is expected to maintain its dominance through 2031. The same segment would grow at the fastest CAGR of 8.4% from 2022 to 2031. The report also offers an analysis of cosmetics and medical segments.
Based on region, the market across Asia-Pacific contributed to nearly three-fourths of the overall silk market in 2021, and is expected to maintain its dominance during the forecast period. The same segment would grow at the fastest CAGR of 8.5% from 2022 to 2031. The other provinces discussed in the report include North America, Europe, and LAMEA.
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The key market players analyzed in the global silk market report include Anhui Silk Co. Ltd., AMSilk GmbH, EntoGeneticsInc., Bolt Threads, Sichuan NanchongLiuhe (Group) Corp., China Silk Group Co. Ltd., Zhejiang Jiaxin Silk Co., Ltd., Xuzhou Shengkun Silk Manufacturing Co., Ltd., Spiber Technologies, and Libas Textiles Ltd.
The report provides a detailed analysis of these key players of the global silk market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
