In-depth Analysis of the COVID-19 Impact on Silk Market

The global silk market is projected to be valued at USD 16.94 billion by 2021, at a CAGR of 7.8% from 2016 to 2021. In this study, 2015 has been considered the base year and 2016 to 2021, the forecast period, to estimate the global market of silk. The growing demand in the Asia-Pacific, coupled with the growing demand for textile goods is expected to drive the global silk market during the forecast period.

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Market Dynamics

Drivers

• Technological advancement in sericulture
• Low capital intensive industry

Restraints

• Higher dependency on china for raw material

Opportunities

• High demand from Indian textile industry
• Emerging spider silk

Challenges

• High Cost of Material
• Labor Intensive Industry

Textile application is driving the demand in silk market

Textile is the fastest-growing application of silk. Silk is an important contributor to the textile industry which is continuously growing and evolving in terms of demand and supply. Silk is used in textiles for its lustrous appearance, luxurious feel, lightweight, resilient, and strength. It is used in many types of apparel such as wedding dresses, gowns, blouses, scarves, neckties as well as in many household products such as pillows, wall hangings, draperies, upholstery.

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Company Information

• Detailed analysis and profiling of additional market players (Up to 3)

The global silk market is projected to reach USD 16.94 billion by 2021, at a CAGR of 7.8% from 2016 to 2021. Silk is experiencing a high demand from the Asia-Pacific region mainly from China. Asia-Pacific is the largest producer of raw silk which makes it the region with easy availability of raw material. Silk find application majorly in textile industry. Increasing demand from textile industry promoted the usage of silk. Technological development in the sericulture industry is expected to further drive the silk market.