Valued at $15.6 billion in 2021, the global silk market is projected to grow at a CAGR of 8.2 per cent to reach $34.1 billion by 2031, as per a report by Allied Market Research.
Titled, ‘Silk Market by Type (Mulberry Silk, Tussar Silk, Eri Silk, Others), by End User (Textile, Cosmetics, and Medical): Global Opportunity Analysis and Industry Forecast, 2021-2031,’ this report offers insights into major market segments, statistics, dynamics, regional outlook, investment opportunities, and the efforts of top players in driving market growth. It also highlights current trends and future developments that are expected to fuel market expansion.
The report identifies key challenges and restraints that could hinder market growth, alongside a Porter's five forces analysis to elucidate the competitive landscape, buyer and supplier bargaining power, threats from new entrants, and the emergence of substitutes. This analysis aims to help industry players understand growth potential and identify opportunities.
Textiles represent the fastest-growing application for silk, with the material being valued for its luster, soft feel, lightweight, durability, and strength. Silk is used in various textiles, including cushions, wall hangings, draperies, upholstery, wedding gowns, blouses, scarves, and neckties. Its comfort, especially in hot weather, makes it a preferred choice in the textile industry.
The growing demand for silk protein in cosmetics, personal care, pharmaceuticals, and nutraceuticals is a primary driver of the global silk market. Silk protein, rich in oligopeptides and amino acids, is increasingly used in cosmetic products like body lotion, shampoo, creams, and serums, spurring demand in the cosmetics and medical sectors.
As per the report, the global silk market is segmented by type into mulberry silk, tussar silk, eri silk, and others, and by end user into textile and cosmetic and medical sectors. Regionally, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA.
Despite challenges posed by the COVID-19 pandemic, including disruptions in the upstream and downstream silk industries, the market is witnessing the rise of new marketing channels and consumption habits, adds the report.
