Changing Fashion Trends to Boost the Global Silk Market | Technavio

LONDON–The global silk market is expected to grow at a CAGR of more than 7% from 2017-2021, according to a new market research report by Technavio.

Global silk market segmentation by application and type

Technavio’s report on the global silk market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by application, which includes segments such as textile, cosmetics, and medicine.

Based on type, the global silk market has been segmented into Mulberry, Tussar, and Eri. As of 2016, close to 81% of the market share came from Mulberry.

“Most of the commercial silk produced in the world comes from Mulberry and is referred to as Mulberry silk. Governments are taking initiatives to increase the production of Mulberry silk due to its increasing demand. Although China is the major producer of silk, the climatic conditions of India are more favorable for Mulberry silk production,” says Mohd Shakeel Iqbal, a lead analyst at Technavio for bio-chemicals and bio-materials research.

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Silk market: competitive vendor landscape

The global silk market is fragmented with the presence of many major and minor vendors. The market is mainly dominated by the global vendors such as AMSilk, Anhui Silk, Shengkun Silk Manufacturing, Kraig Biocraft Laboratories, and Wujiang First Textile. The major players are implementing several business strategies such as new product development, expansions, and M&A to capture an additional market share and to strengthen their foothold in the global silk market.

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Other topics covered in the report:

Market drivers:

  • Increasing requirement of silk in the textile industry
  • Changing fashion trends and increasing purchasing power in emerging countries

Market challenges:

  • Health hazards during silkworm rearing
  • Increasing consumption of man-made fiber

Market trends:

  • Increasing use of silk in medical applications
  • Increasing demand for Eri and Muga silk

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About the Author: Carrie Brunner

Carrie Brunner grew up in a small town in northern New Brunswick. She studied chemistry in college, graduated, and married her husband one month later. They were then blessed with two baby boys within the first four years of marriage. Having babies gave their family a desire to return to the old paths – to nourish their family with traditional, homegrown foods; rid their home of toxic chemicals and petroleum products; and give their boys a chance to know a simple, sustainable way of life. They are currently building a homestead from scratch on two little acres in central Texas. There’s a lot to be done to become somewhat self-sufficient, but they are debt-free and get to spend their days living this simple, good life together with their five young children. Carrie writes mostly on provincial stories.
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