Silk Market

Silk Market Outlook from 2024 to 2034

The silk market is projected to be worth USD 20.0 billion in 2024. The market is anticipated to reach USD 44.6 billion by 2034. The market is further expected to surge at a CAGR of 8.4% during the forecast period 2024 to 2034.

Attributes	Key Insights
Silk Market Estimated Size in 2024	USD 20.0 billion
Projected Market Value in 2034	USD 44.6 billion
Value-based CAGR from 2024 to 2034	8.4%

Key Market Trends and Highlights

Emerging markets, particularly in Asia Pacific regions such as China, India, and Southeast Asia, are witnessing growing demand for silk products due to rising disposable incomes and increasing fashion consciousness among consumers.

• Innovations in blending silk with other materials and developing new applications for silk beyond traditional clothing, such as in medical textiles, technical textiles, and home furnishings, can expand the market potential for silk products.
• Silk holds significant cultural and historical value in many regions, making it a sought after material for traditional attire and ceremonial purposes. The preservation and promotion of silk making traditions and heritage can contribute to the growth of the silk market.
• Government initiatives and policies aimed at promoting sericulture and supporting silk industry development can significantly impact the growth of the silk market. Subsidies, incentives, and infrastructure development projects can facilitate silk production and trade, particularly in regions with a strong tradition of sericulture.

2019 to 2023 Historical Analysis vs. 2024 to 2034 Market Forecast Projections

The scope for silk rose at a 9.6% CAGR between 2019 and 2023. The global market is anticipated to grow at a moderate CAGR of 8.4% over the forecast period 2024 to 2034.

The silk market likely experienced steady demand growth during the historical period, driven by factors such as rising disposable incomes, fashion trends, and the increasing popularity of silk products in both traditional and emerging markets.

Advances in sericulture technology, silk processing techniques, and textile manufacturing likely contributed to improved silk quality, production efficiency, and cost effectiveness.

The silk market may have expanded into new geographical regions and diversified product offerings to meet evolving consumer preferences and market demands. Trade agreements, tariff policies, and market liberalization measures may have influenced global trade flows and market dynamics in the silk industry.

The forecast projections of the market anticipate continued growth in the silk market driven by factors such as population growth, urbanization, and changing consumer lifestyles. Innovation in silk blends, textile technologies, and product applications is expected to drive product differentiation, market competitiveness, and consumer interest in silk products.

The adoption of digital technologies, e-commerce platforms, and online retailing channels is likely to reshape the silk market landscape, enabling market players to reach a wider audience and enhance customer engagement.

Silk Market Key Drivers

Silk is often associated with luxury due to its softness, luster, and durability. The demand for luxury fabrics like silk is expected to increase, as disposable incomes rise globally, especially in emerging economies.

• Silk remains a staple in the fashion industry, with designers frequently incorporating it into their collections. Fashion trends and consumer preferences play a significant role in driving the demand for silk garments and accessories.
• Technological advancements in silk production, such as improved breeding techniques for silkworms and innovative processing methods, can lead to higher quality silk products and increased efficiency in silk production.
• The rise of e-commerce platforms and online retailing has made silk products more accessible to consumers worldwide. E-commerce platforms provide a convenient way for consumers to purchase silk products and explore a wide range of options from different suppliers.

Challenges in the Silk Market

Silk production involves labor intensive processes, including silkworm rearing, cocoon harvesting, and silk extraction. High production costs, including labor costs, feed costs, and energy expenses, can impact the profitability of silk farming and manufacturing operations.

• Silk production is sensitive to weather conditions and climate variability. Adverse weather events such as droughts, floods, and extreme temperatures can disrupt silk production cycles, reduce silk yields, and affect silk quality, leading to supply shortages and price fluctuations.
• Silkworms are susceptible to diseases, pests, and parasitic infestations that can decimate silk cocoon populations and cause significant economic losses for silk producers. Disease outbreaks, such as bacterial infections and viral diseases, can spread rapidly within silkworm colonies and jeopardize silk production outcomes.
• Silk faces competition from synthetic fibers such as polyester, nylon, and rayon, which offer comparable qualities at lower production costs. The availability of inexpensive synthetic alternatives and the growing preference for synthetic fabrics in mass market applications can pose challenges to the growth of the silk market.

Country-wise Insights

The below table showcases revenues in terms of the top 5 leading countries, spearheaded by Korea and Japan. The countries are expected to lead the market through 2034.

Countries	Forecast CAGRs from 2024 to 2034
The United States	8.5%
China	9.0%
The United Kingdom	9.2%
Japan	9.4%
Korea	9.5%

Rising Demand for Luxury Textiles Driving the Market in the United States

The silk market in the United States expected to expand at a CAGR of 8.5% through 2034. The country has a large consumer base with a growing appreciation for luxury textiles.

Silk is often perceived as a premium fabric associated with elegance and sophistication, making it desirable among consumers seeking high quality clothing, accessories, and home furnishings.

The fashion industry in the United States sets global trends and drives demand for premium textiles, including silk. American designers and fashion houses frequently incorporate silk fabrics into their collections, contributing to the popularity of silk garments and accessories among consumers in the market.

Growth of Sustainable Fashion to Accelerate Market Growth in the United Kingdom

The silk market in the United Kingdom is anticipated to expand at a CAGR of 9.2% through 2034. There is a growing trend towards sustainability and ethical fashion in the country, driven by consumer demand for environmentally friendly and socially responsible products.

Sustainable silk production methods, such as organic silk farming and cruelty free silk harvesting, align with the values of environmentally conscious consumers and contribute to the growth of the silk market.

The United Kingdom has a well-developed e-commerce infrastructure and a growing online retail market. E-commerce platforms and digital marketplaces offer a convenient and accessible channel for British consumers to purchase silk products from domestic and international brands, driving growth in the online silk market.

Tradition and Heritage Spearhead the Market in China

Silk trends in China are taking a turn for the better. A 9.0% CAGR is forecast for the country from 2024 to 2034. The country has a long standing tradition of silk production, dating back to ancient times.

Silk weaving techniques and craftsmanship have been passed down through generations, contributing to the preservation and promotion of traditional silk making skills and heritage practices. The appreciation for rich history and cultural significance of silk enhances its desirability and market appeal in China.

The rapid economic growth and rising affluence of China have led to increased consumer spending power and a growing demand for luxury goods and premium textiles. Chinese consumers have greater purchasing power to invest in high quality silk products for clothing, home furnishings, and gift giving purposes, as disposable incomes rise.

High Quality Silk Products Fueling the Market in Japan

The silk market in Japan is poised to expand at a CAGR of 9.4% through 2034. The country is renowned for its high quality silk products, including kimono fabrics, obi sashes, and traditional textiles.

Japanese silk is prized for its softness, luster, and superior craftsmanship, making it highly desirable among domestic consumers and international markets seeking premium silk products.

Japan has a strong tradition of craftsmanship and artisanal skills, which are applied to the production of silk textiles and garments. Traditional silk weaving, dyeing, and embroidery techniques are passed down through generations, preserving cultural heritage and promoting the artistry of Japanese silk craftsmanship.

Cultural Tourism Driving the Demand in Korea

The silk market in Korea is anticipated to expand at a CAGR of 9.5% through 2034. Rich cultural heritage and tourist attractions in the country, including silk museums, traditional villages, and cultural festivals, attract visitors from around the world who seek immersive experiences and authentic encounters with Korean culture.

Tourism related activities and souvenir purchases contribute to the demand for silk products and support the growth of the silk market in the country. Korean manufacturers are known for their innovation in textile blending and product development.

They create fabrics with enhanced properties such as stretch, durability, or moisture wicking capabilities, by blending silk with other fibers such as cotton, polyester, or spandex. The innovative silk blends cater to diverse consumer needs and expand the application scope of silk in various industries including fashion, sportswear, and technical textiles.

Category-wise Insights

The below table highlights how eri silk segment is projected to lead the market in terms of type, and is expected to account for a CAGR of 8.2% through 2034. Based on end user, the textile segment is expected to account for a CAGR of 8.0% through 2034.

Category	CAGR through 2034
Eri Silk	8.2%
Textile	8.0%

Eri Silk Claims High Demand for Silk

Based on type, the eri silk segment is expected to continue dominating the silk market. Increasing concerns about animal welfare and cruelty free production practices have prompted consumers to seek alternatives to conventional silk that involve the killing of silkworms during the harvesting process

. Eri silk, which allows the silkworms to live out their natural life cycle, appeals to consumers who prioritize ethical and humane treatment of animals.

Eri silk possesses unique characteristics and qualities that differentiate it from other types of silk. It is known for its softness, warmth, and durability, making it suitable for a wide range of textile applications including clothing, accessories, home furnishings, and upholstery. The distinctive texture and natural color variations of Eri silk add to its appeal among consumers and designers.

Textile Segment to Hold High Demand for Silk

In terms of end user, the textile segment is expected to continue dominating the silk market. Silk has long been associated with luxury, elegance, and prestige in the textile industry.

The textile segment, including luxury fashion houses, designer brands, and high end retailers, drives the demand for silk fabrics and garments due to their inherent qualities such as softness, luster, and drapability.

The textile segment drives demand for silk fabrics and garments by shaping fashion and design trends in the global marketplace.

Fashion designers, trend forecasters, and textile experts influence consumer preferences and purchasing decisions through runway shows, fashion collections, and design collaborations that showcase silk as a desirable and fashionable material.

Competitive Landscape

The competitive landscape of the silk market is characterized by a diverse range of players operating across the silk value chain, including silk producers, manufacturers, distributors, and retailers. The players compete based on factors such as product quality, innovation, pricing, distribution channels, and brand reputation.

Company Portfolio

• Pioneering the intersection of technology and textiles, Bolt Threads specializes in innovative silk production using bioengineering techniques. The portfolio of the company includes a range of silk based materials designed for various applications, including fashion, textiles, and technical fabrics.
• Renowned for its traditional silk manufacturing expertise, ShengKun Silk offers a diverse portfolio of silk products including raw silk, silk yarns, fabrics, and finished silk garments. Their offerings cater to both domestic and international markets, maintaining a reputation for quality and craftsmanship.

Report Scope

Attribute	Details
Estimated Market Size in 2024	USD 20.0 billion
Projected Market Valuation in 2034	USD 44.6 billion
Value-based CAGR 2024 to 2034	8.4%
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	Value in USD billion
Key Regions Covered	North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa
Key Market Segments Covered	Type, End User, Region
Key Countries Profiled	The United States, Canada, Brazil, Mexico, Germany, France, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel
Key Companies Profiled	Bolt Threads; ShengKun Silk Manufacturing Co. Ltd.; Sichuan Nanchong Liuhe (Group) Corp; Anhui Silk Co. Ltd; Zhejiang Jiaxin Silk Co., Ltd; Wujiang First Textile Co., Ltd.; Wujiang Wanshiyi Silk Co. Ltd.; Jiangsu Sutong Cocoon And Silk Co; Amsilk GmbH; Libas Textiles Ltd.

Segmentation Analysis of the Silk Market

Type:

• Eri Silk
• Mulberry Silk
• Tussar Silk
• Others

End User:

• Textile
• Cosmetics and Medical

Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• The Middle East and Africa

Frequently Asked Questions

What is the anticipated value of the Silk market in 2024?

The silk market is projected to reach a valuation of USD 20.0 billion in 2024.

What is the expected CAGR for the Silk market until 2034?

The silk industry is set to expand by a CAGR of 8.4% through 2034.

How much valuation is projected for the Silk market in 2034?

The silk market is forecast to reach USD 44.6 billion by 2034.

Which country is projected to lead the Silk market?

Korea is expected to be the top performing market, exhibiting a CAGR of 9.5% through 2034.

Which is the dominant type in the Silk domain?

Eri silk segment is preferred, and is expected to account for a CAGR of 8.2% through 2034.