The global silk market is projected to grow at approximately 9.24 per cent CAGR from 2024-28, as per a report by Technavio. During this period, the value of this market is likely to expand by 5.00 billion, as per the report.
This growth will be primarily driven by the increasing demand for silk in the textile industry, alongside a rising trend in research and development focused on spider silk. However, challenges such as health hazards associated with silkworm rearing pose obstacles to the market's expansion.
Known for its exceptional strength, resilience, and flexibility, Spider silk has become a focal point of intensive research due to its remarkable toughness. In this regard, KraigBiocraft Laboratories has secured the exclusive rights to patented genetic sequences for silk proteins. These advancements hold the potential for creating ballistic-resistant materials that are lighter, thinner, and more flexible than steel. As research activities in spider silk advance, the global silk market is expected to experience significant growth, with spider silk's unique properties making it an ideal material for life-saving applications across various industries.
The silk industry is also seeing a surge in trends, with sundresses being a popular choice among fashion-forward consumers. Driven by the demand for sericulture by-products like dipeptides and tripeptides, Silk production continues to expand.
These products are being increasingly used in the pharmaceutical, nutraceutical, and cosmetics industries. Besides, the silk protein market is also growing, with applications spanning textiles, surgical sutures, and personal care products.
