Silk is the natural fiber which is produced from the insect’s larva which forms cocoons. The best quality of Silk is obtained from these cocoons. Silk is soft, shimmering and shiny fiber used by the cosmetic, medicine and textile industry for the production of clothes. The global silk market is estimated to grow with 7.8% CAGR during the year 2016 – 2023. Farming of silk is known as sericulture. Sericulture industry plays an important role for the enhancement of the overall demand of the silk market. The driving factors for the growth of the silk market are the low capital-intensive industry, growth of cosmetic industry,increase in demand of silk, technological advancement in sericulture. Silk market requires less investment as it does not need complicated machines and equipment for its production. However, higher dependency on China for the silk raw material is hampering the demand of the of the silk market as there are limited producers in the silk market. The major challenges faced by silk market are high cost of silk raw material and labor intensive industry.
The global silk market is classified on the basis of type and application. The type is sub segmented into spider silk, mulberry silk, eri silk and tussar silk. The mulberry silk segment is expected to lead the silk market worldwide due to its flexibility, high strength and durability. Mulberry silk is primarily 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. The development of the textile industry in the Asia-Pacific is also contributing in the increased demand of mulberry silk in the Asia-Pacific. The application is sub segmented into textile and cosmetics & medicine. Textile is the expected as the largest segment of the silk market, due to rise in demand of silk products in the textile industries of Asia-Pacific and Europe. Silk is applied in the textile industry as it is lightweight, lustrous, resilient, strong, stain-resistant and luxurious.
Geographically, the silk market is bifurcated into North America, Asia-Pacific, Europe, and Rest of the World (RoW). Asia Pacific is the dominating and fastest growing region during forecast period 2016 to 2023. The driving factor which is responsible for the growth of the silk market in Asia Pacific is technological advancement in the sericulture and easy availability of raw silk in Asian counties such as China, India etc. According to international sericulture commission, China is the biggest producer of the silk. According to international trade center the annual turnover of the China National Silk Import and Export was of $ 2-2.5 billion in 2016.North America is expected to account for the highest revenue share of the global silk market in 2016. The driving factors of the silk market is required of low capital in this industry and increase in the requirement of silk in the textile industry.
The major players in the silk system market are Anhui Silk Co. Ltd. (China), Wujiang Wanshiyi Silk Co. Ltd. (China), Wujiang First Textile Co., Ltd. (China), Zhejiang Jiaxin Silk Co., Ltd. (China), Entogenetics, Inc. (U.S.), Bolt Threads Inc. (U.S.) and many more. These leading players are adopting different strategies to grow their market share and trying to penetrate the markets in developing economies.