What is the value of silk in the global market?
In the textile industry, silk is an important contributor and its demand and supply is constantly increasing. Due to lustrous appearance, luxurious feel, lightweight, resilient, and strength silk has a wide range of application in clothing such as wedding dresses, gowns, blouses, scarves, neckties, etc and in home textiles such as pillows, wall hangings, draperies, upholstery.
The majority of the silk produced globally is produced from mulberry which is called mulberry silk. Although the climatic conditions of India are the most favorable ones for silk production, China is the largest producer of silk fabric and silk products in the whole world followed by India. The global silk market accounted for USD 13.54 billion in 2018 whereas in 2019 it was around USD 19 billion. Silk has a small percentage of the global textile market which is less than 0.2% but its production is spread over more than 60 countries in the world.
The global silk market is segmented into 3 segments:
• Based on type of market: Based on the different varieties of silk, the global silk market is divided into mulberry silk, eri silk, tasar silk, muga silk and other types.
• Based on Application: Based on application, the global silk market is divided into textiles, cosmetics, medicine and others.
• Based on geography: The global silk market is divided into North America, South America, Europe, Asia Pacific and rest of the World. Among these regions, Asia Pacific dominates the overall silk global market.
The major silk producing countries in the world are; China, India, Uzbekistan, Brazil, Japan, Republic of Korea, Thailand, Vietnam, DPR Korea, Iran, etc while the major silk consumers of the world are; USA, Italy, Japan, India, France, China, United Kingdom, Switzerland, Germany, UAE, Korea, Vietnam, etc.
The major manufacturers of silk in the global silk market are Anhui silk Co. Ltd. (China), Kraig Biocraft Laboratories, Inc. (US), Wujiang First Textile Co., Ltd. (China), Zhejiang Jiaxin silk Corp., Ltd. (China), Bolt Threads Inc (US), Sichuan Nanchong Liuhe (Group) Co. Ltd (China), etc.