Since around 4000 years, silk has seized the title as the ‘Queen of Textiles’. It is the absolute luxurious fabric for individuals with astute taste. Oscar de la Renta, a Dominican fashion designer says, “Silk does for the body what diamonds do for the hand”.
Silk is a string that silkworms knit to form their cocoons – the outer covering that protects them in the pupal stage. However, most of the insects that are used to produce silk do not live after this stage; this is because, they are boiled or gassed alive within their cocoons to produce silk. This causes the cocoons to unravel, and then the silk strings can be easily obtained. Around 6,600 silkworms are slayed to produce only 1 kilogram of silk.
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The Current Face of the Silk Market
Currently, as many people have raised concern on using products that are made by harming living creatures, the silk industry is digging out some cruelty-free ways to produce silk. People who are against the conventional silk making process have switched to seemingly, cruelty-free options such as “peace silk” or “ahimsa silk”. In addition, sericulture is another concept that is trending in the silk industry. The industry is greatly focusing on technological advancements in the sericulture arena for enhancing the quality and productivity of silk production. Besides this, government divisions are taking initiatives for monitoring and controlling the activities in the sericulture sector, which is thrusting the growth of the global silk market.
Besides this, there is a significant hype around vegan silk fabrics, owing to their cruelty-free production. The surging adoption of vegan silk products across the world is likely to offer a heap of opportunities for the global silk industry in the coming future, states a report by Research Dive. This is because while producing vegan silk the worms are allowed to get out of the cocoon. Also, this type of silk is breathable and highly eco-friendly, as it does not need finishing chemicals in its production. The report also claims that the global market for silk is expected to garner a revenue of to $11,353.6 million by 2028.
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Recent Trends in the Silk Industry
Companies functioning in the silk sector are inventing innovative products that are likely to positively impact the industry. Some of the foremost silk market players are Amsilk GmbH, Spiber Technologies AB, EntoGenetics inc., Anhui Silk Co. Ltd., Bolt Threads, Zhejiang Jiaxin Silk Corp.,Ltd, China Silk Group Co.,Ltd., Shengkun Silk Manufacturing Co.,Ltd, Libas Textiles Ltd., Sichuan Nanchong Liuhe (Group) Corp., and others.
These players are concentrating on emerging strategies such as product development, mergers & acquisitions, partnerships, and collaborations to obtain a foremost position in the market. For instance,
- In June 2020, Siyaram, one of the leading fashion textile brands in India, launched a new range of anti-coronavirus fabrics to curb the spread of COVID-19 pandemic. The fabrics have been tested by the World Health Organization-approved labs.
- In August 2020, Kessi Fabric, an online platform to buy world class and unique ladies garments, launched a novel product – Parnita Vol 3 Jam silk fabric with embroidery work suit.
- In August 2020, Varni Fabrics, the manufacturer & exporters of branded suits, kurtis, gowns, and saree catalogs, launched Hansika Silk Art Silk Fabric fancy wear saree.
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Impact of Covid-19 on the Silk Market
The abrupt outbreak of the coronavirus pandemic has drastically impacted the global silk market mainly owing to the closure of production and transportation industries in the lockdown during the pandemic. Besides, due to the volatility in the silk market, domestic as well as global buyers postponed or cancelled their orders, thus fueling the loss of silk manufacturers. All these factors have adversely affected the global market for silk in this crisis period. So, what does the future look like for the silk industry? This completely depends on the strategies the silk producers will undertake to recuperate the market.
Currently, governmental constitutional bodies are taking strategic steps to elevate the silk industry from losses. Thus, as and when the pandemic relaxes and the silk manufacturing resumes, the demand for silk products is likely to magnify, thus boosting the market growth remarkably.
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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