Global Silk Market Expected to Surpass $34,102.5 Million and Grow at 8.2% CAGR in the 2022-2031 Timeframe [250-Pages] | Disclosed by Research Dive

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21 Feb, 2023, 11:59 GMT

The global silk market is expected to grow by 2031 due to the increasing profitability of sericulture. The textile class sub-segment is expected to be the most dominant. The market in the Asia-Pacific region is expected to be highly lucrative.

NEW YORK, Feb. 21, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Silk Market by Type (Mulberry Silk, Tussar Silk, Eri Silk, and Others), End user (Textile and Cosmetics & Medical), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2031".

According to the report, the global silk market is predicted to register a revenue of $34,102.5 million by 2031, growing at a healthy CAGR of 8.2% during the forecast period 2022-2031.

Dynamics of the Market

Drivers: An increase in profitability for farmers engaging in sericulture, i.e., silkworm rearing, is predicted to boost the silk market in the forecast period. Additionally, the initial investment required for silkworm rearing is quite less, which is expected to drive the market forward.

Opportunities: Wide use of silk in the manufacturing of different apparel and clothing is predicted to offer numerous growth opportunities to the market in the forecast period. Along with this, increasing the profit margin of farmers engaging in silk production is expected to propel the market forward.

Restraints: According to market analysts, the changing silk material prices, however, may become a challenge in the growth trajectory of the silk market.

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Covid-19 Impact on the Market

Since the outbreak of the Covid-19 pandemic, strict lockdowns and travel restrictions were put in place by various governments across the world. This negatively impacted several industries and businesses causing disruptions in supply chains and manufacturing processes. The silk market faced a similar situation wherein there was a massive shortage of raw materials i.e., raw silk due to shortage of labor. Additionally, import-export restrictions led to a decline in the sales of manufactured silk garments, which affected the growth rate of the market.

Segments of the Market

The report has fragmented the silk market into a few segments based on type, end user, and regional analysis.

  • by type, mulberry silk sub-segment of the silk market is anticipated to have a dominating market share by 2031. mulberry silk, being one of the highest quality silks, is widely used in the manufacturing of different apparel. this growing applicability is predicted to boost the growth of this sub-segment in the forecast period.
  • by end user, the textile sub-segment is anticipated to have the highest market share by 2031. the increasing use of silk by various textile companies to manufacture various garments and clothing products is projected to augment the growth rate of this sub-segment in the forecast period.
  • by regional analysis, the silk market in the asia-pacific region is estimated to be the most profitable in the forecast period. the presence of prominent silk-producing countries like india, china, thailand, etc. is estimated to help the market grow substantially.

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Prominent Market Players

Some prominent market players are

  • Anhui Silk Co. Ltd.
  • Sichuan Nanchong Liuhe (Group) Corp.
  • Xuzhou Shengkun Silk Manufacturing Co. Ltd.
  • AMSilk GmbH
  • China Silk Group Co. Ltd.
  • Spiber Technologies
  • EntoGenetics Inc.
  • Zhejiang Jiaxin Silk Co. Ltd
  • Libas Textiles Ltd
  • Bolt Threads

These players are building several strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist market growth.

For example, in January 2021, The Chatterjee Group (TCG), a prominent Indian business house, announced that it was signing an acquisition agreement with Garden Silk Mills Ltd., an Indian silk saree manufacturing company. This acquisition is expected to help the acquiring company to cater to the demands of the market in a more comprehensive way in the coming period.

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The report also sums up various crucial facets including financial performance of the global market players, SWOT analysis, product portfolio, and the latest strategic developments.

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