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.
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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.
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
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