LONDON--(BUSINESS WIRE)--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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