The global silk market has always been a lucrative business sector around the world. A recent report from markets and markets says, global silk market is projected to reach $16.94 billion by 2021, growing a CAGR of 7.8 per cent from 2016 to 2021. Growth can be attributed to technological advancements in sericulture, which directly increases the yield of silk, thereby affecting the silk market. Moreover, silk is a low capital investment industry, in terms of technology and labor, which is driving the silk market globally.
The Asia-Pacific region is the largest market for silk. This can be attributed to the presence of a large number of textile manufacturers, rise in export of textile goods, and growing demand from the domestic market. China dominates the silk market in the Asia-Pacific region followed by India due to easy availability of raw silk in the two countries. China is the largest producer of silk yarn and textile products.
Based on type, mulberry silk segment is projected to lead the silk market. Owing to its high strength, durability, and flexibility, mulberry silk is used in the production of textile such as apparel, wedding dresses, gowns, etc as well as in interiors such as pillows, wall hangings, and upholstery. The growing textile industry in the Asia-Pacific region is driving the demand for mulberry silk in the Asia-Pacific region.
Although demand for silk products is growing in Europe and North America, the Asia-Pacific region still remains the fastest-growing market for silk in terms of value and volume, and this trend is expected to continue till 2021. Demand for silk in China, India, Uzbekistan, and Thailand is primarily driven by increasing population and export of textile goods in these countries.