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(Health-NewsWire.Net, September 16, 2019 ) Market Overview
• Globally majority of the commercial silk produced is 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.
• Global silk market is partially consolidated with the presence of major, medium and small range companies, majority of the companies are located in the Asia Pacific region especially in the China, and India.
Market Dynamics
• Increasing requirement of silk in the textile industry, Changing fashion trends and increasing purchasing power in emerging countries to boost the silk demand.
• The major growth drivers of the global silk market will be the developing economies, mainly China and India, both growing in double digits. China will become major apparel market in coming days while India will be the second most attractive apparel market.
• Silk is complete natural fabric, hence it is a completely sustainable product. Moreover it is all climate fabric, skin sensitive, durable and healthy. Therefore growing textile industry in developing economies, improving spending power of people coupled by user friendly properties of silk will aid growth of silk consumption over other material types.
• Higher dependency on China raw material and high cost of silk over other material types will likely to act as restraints to the global silk industry.
Market Segmentation
• Based on type, silk market is classified into mulberry silk, eri silk, tasar silk, muga silk and others product types. Among the types mulberry silk is the dominant segment which accounts to XX% of the market.
• The bulk of the commercial silk produced in the world comes from this variety and often silk generally refers to mulberry silk. This silk variety is popular around the world, especially in China, Japan, and Korea.
• Mulberry silk comes from the silkworm, Bombyx mori L. which solely feeds on the leaves of mulberry plant. The production of the silk involves the killing of the worms in their cocoons to extract the silk fiber.
• Hand spun mulberry silk is used in making comforters and sleeping bags. Other variety fabric materials like dupions, plain silk, deluxe, satin, chiffon, chinnons, crepe, broacades are made from mulberry silk. Carpet, furnishing, curtains, draperies, cushion covers and sofa covers wall hanging. However, the disadvantage of using mulberry silk is that it requires extra care to maintain its smooth texture.
• Based on application, the silk market is classified into textile, cosmetics, medicine, and others. Currently industrial textiles is the dominant segment and it accounts for approximately XX% of the market.
• Silk is widely used in apparel garments which is soft, shiny, flexible , and comfort feel. The absorbent quality is an added advantage in silk cloth which keeps the body comfortable in all types of weather All types of garments like sarees, shirts, skirts, blouse, suits, gown and more are made up of silks. Moving forward growth in the textile industry to drive the silk market.
Geographical Analysis:
• The Asia Pacific silk market size was worth USD XX million in 2018 and is estimated to reach USD XX million by 2026, at a CAGR of XX% during the forecast period. Asia Pacific region is expected to grow with high CAGR during the forecast period due to the
• Silk is majorly produced in the Asia Pacific region, mulberry type silk is 90 percent produced from this region, whereas non mulberry silk is completely produced from this region.
• While global major silk producers are from this region namely China is the global major producer and chief supplier of silk to the world markets. Whereas India is the global second largest producer. In India, the major mulberry silk producing states are Karnataka, Andhra Pradesh, West Bengal, Tamil Nadu and Jammu & Kashmir which together accounts for 92 % of country's total mulberry raw silk production.
• In India the silk industry is completely different even through the country second major producer of silk, however this country is one of the major importer of silk in order to fulfill the domestic demand, India silk consumption is much higher than the domestic demand. The same situation is witnessed in the Asia pacific countries such as China and Vietnam.
Competitive Analysis
• Some of the major players include Eastern Silk Industries, Eris Global LLP, The Ethical Silk Company, Hellenic Silk Company, Chamundi Textiles, Hangzhou Zhigeng Silk Co., Ltd, Anhui Silk, Zhejiang China Ting Jincheng Silk Co. Ltd, Ongetta srl unipersonale, and Bolt Threads Inc.
• Statistics from China Silk Association certify that the China Ting Group continues to lead the industry of silk manufacturing and export within the country.
• In order to capture the market share, existing market players are implementing product launch and acquisition strategies for instance Givaudan has announced few months back that it has reached an agreement to acquire the cosmetics business of AMSilk GmbH. while Bolt Threads Inc has started making products from spider silk.
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