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The global silk market has always been a relatively small but lucrative business sector around the world. Today, Silk is considered one of the most notable luxury fibres for textile and apparel products around the world, thanks to its natural characteristics. With the growing demand for silk products across the world, the global silk market is expected to achieve further growth over the next few years.
According to a recent report from MarketsandMarkets, the global silk market is projected to reach USD 16.94 Billion by 2021, growing at a CAGR of 7.8% from 2016 to 2021. The biggest growth is expected from the Asia-Pacific region, mainly in China, while increasing demand for silk from the textile industry has promoted the usage of silk. Moreover, technological advancements in the sericulture industry, which directly increases the yield of silk, are also helping the growth of the silk products and therefore to drive the silk market.
Asia-Pacific is currently the largest producer of raw silk with easy availability of raw materials in the region. Specifically, China accounts for 70% of the world’s silk production and 90% of the world’s silk exports. India is the second-largest producer of silk in the world, accounting for about 18% of the world’s raw silk production. Vietnam is the third largest silk producing country in Asia and sixth largest in the world, producing approximately 450 metric tonnes of silk annually.
When it comes to silk type, the mulberry silk segment is projected to lead the silk market from 2016 to 2021. Mulberry silk is majorly used in the textile industry. Mulberry silk is used in blends made with other natural fibers such as cotton to enhance the properties of the base fiber. The improving quality of silk is expected to increase the demand for mulberry silk and drive the silk market in the future. Tussar silk is the second-largest type of silk used after mulberry silk.
Although the demand of silk products is growing in Europe and North America, the Asia-Pacific region still remains as the fastest-growing market for silk in terms of value and volume, and this trend is expected to continue till 2021. China, India, Uzbekistan, and Thailand are lucrative markets of silk in the Asia-Pacific region. The demand for silk in these region is primarily driven by increasing population and export of textile goods in these countries. In addition, the domestic demand for silk in China and India is also significantly influencing the demand of the global silk market.
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