Allied Market Research published a new report, 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″. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. The silk market was valued at $15.6 billion in 2021, and is estimated to reach $34.1 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.
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The report offers a comprehensive analysis of the global silk market trends by thoroughly studying different aspects of the market including major segments, market statistics, silk market share, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the silk market analysis in terms of present scenario and upcoming trends & developments that are contributing to the growth of the market.
Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market. Additionally, the analysis of silk market forecast will help the industry players in analyzing the growth potential and gaining complete insights on growth opportunities.
Textile is the fastest growing application of silk. The textile business, which is continually growing and altering in terms of supply and demand, includes silk as a significant element. Due to its luster, plush feel, light weight, durability, and strength, silk is a popular material for textiles. It is utilized in a wide range of textiles, including cushions, wall hangings, draperies, upholstery, wedding gowns, gowns, blouses, scarves, and neckties. Silk is also quite comfortable to wear, especially in hot weather. Its low conductivity keeps warm air near to the skin during chilly conditions.
More items, including shirts, ties, formal dresses, high design garments, lingerie, pajamas, robes, dress suits, sun dresses, and kimonos, are made of silk. Silk is also used in India to make sarees, which is a traditional outfit.
The rapidly increasing demand for silk protein in sectors such as cosmetics and personal care, textile, pharmaceutical, and nutraceuticals is the main factor fueling the expansion of the global silk market. Oligopeptides and other advantageous ingredients, like the plentiful amino acids found in silk protein, are being quickly incorporated into the formulation of cosmetic products such as body lotion, shampoo, creams, and serum are expected to see an increase in demand from manufacturers of cosmetics and medical industry during the forecast years.
The global silk market is segmented based on type, end user, and region. By type, it is classified into mulberry silk, tussar silk, eri silk, and others. By end user, it is classified into textile and cosmetic & medical. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the silk market report include Anhui Silk Co. Ltd., AMSilk GmbH, Ento Genetics inc., Bolt Threads, Sichuan Nanchong Liuhe (Group) Corp., China Silk Group Co. Ltd, Zhejiang Jiaxin Silk Co., Ltd, Xuzhou Shengkun Silk Manufacturing Co., Ltd, Spiber Technologies, and Libas Textiles Ltd.
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Key Findings of the Study:
○ Based on type, the era silk sub-segment emerged as the global leader in 2021 and mulberry silk sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
○ Based on end user, the textile sub-segment emerged as the global leader in 2021 and is forecasted to be the fastest growing during the estimated period
○ Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period
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