Raw Silk Market

The global raw silk market is projected to increase in volume and value terms from 2022 to 2030, with forecasted growth rates. China, India, and Romania are identified as key consuming and producing countries, with trends in consumption, production, imports, and exports outlined. Import and export prices are also examined, showcasing significant differences among major trading partners.

Market Forecast

Driven by rising demand for raw silk worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.0% for the period from 2022 to 2030, which is projected to bring the market volume to 103K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.9% for the period from 2022 to 2030, which is projected to bring the market value to $4.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Raw Silk

In 2022, after six years of decline, there was significant growth in consumption of raw silk, when its volume increased by 5.3% to 95K tons. Overall, consumption, however, saw a deep slump. Over the period under review, global consumption reached the peak volume at 206K tons in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

The global raw silk market value declined to $3.9B in 2022, reducing by -3.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, saw a abrupt contraction. Over the period under review, the global market reached the maximum level at $9.3B in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (46K tons), India (39K tons) and Romania (3.1K tons), with a combined 93% share of global consumption. Uzbekistan lagged somewhat behind, accounting for a further 1.7%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Uzbekistan (with a CAGR of +5.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($2.6B) led the market, alone. The second position in the ranking was held by India ($851M). It was followed by Romania.

In China, the raw silk market decreased by an average annual rate of -7.5% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: India (+0.5% per year) and Romania (+1.5% per year).

In 2022, the highest levels of raw silk per capita consumption was registered in Romania (161 kg per 1000 persons), followed by Uzbekistan (46 kg per 1000 persons), China (33 kg per 1000 persons) and India (27 kg per 1000 persons), while the world average per capita consumption of raw silk was estimated at 0.2 kg per 1000 persons.

In Romania, raw silk per capita consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Uzbekistan (+3.7% per year) and China (-9.3% per year).

Production

World Production of Raw Silk

In 2022, production of raw silk was finally on the rise to reach 94K tons after six years of decline. In general, production, however, showed a deep setback. The pace of growth was the most pronounced in 2014 when the production volume increased by 20% against the previous year. Over the period under review, global production hit record highs at 206K tons in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure. The general negative trend in terms output was largely conditioned by a deep slump of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, raw silk production declined to $3.7B in 2022 estimated in export price. Overall, production, however, continues to indicate a deep contraction. The pace of growth was the most pronounced in 2013 with an increase of 27%. Global production peaked at $10.1B in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (50K tons), India (35K tons) and Romania (2.1K tons), with a combined 93% share of global production. These countries were followed by Uzbekistan, which accounted for a further 2.2%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Uzbekistan (with a CAGR of +8.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Raw Silk

Global raw silk imports skyrocketed to 8.6K tons in 2022, growing by 56% on 2021. Overall, imports, however, showed a slight shrinkage. Over the period under review, global imports reached the maximum at 10K tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, raw silk imports surged to $464M in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, global imports attained the peak figure at $476M in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports By Country

In 2022, India (3.9K tons) was the key importer of raw silk, constituting 45% of total imports. Romania (1,068 tons) ranks second in terms of the total imports with a 12% share, followed by China (11%), Vietnam (6.4%) and Italy (6.3%). The following importers - Iran (306 tons) and Japan (219 tons) - together made up 6.1% of total imports.

From 2012 to 2022, average annual rates of growth with regard to raw silk imports into India stood at -3.0%. At the same time, Iran (+13.9%), China (+13.1%) and Romania (+1.2%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing importer imported in the world, with a CAGR of +13.9% from 2012-2022. By contrast, Italy (-2.4%), Vietnam (-7.1%) and Japan (-9.7%) illustrated a downward trend over the same period. China (+8.1 p.p.), Romania (+3.3 p.p.) and Iran (+2.8 p.p.) significantly strengthened its position in terms of the global imports, while Japan, Vietnam and India saw its share reduced by -3.3%, -4.7% and -5.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($217M) constitutes the largest market for imported raw silk worldwide, comprising 47% of global imports. The second position in the ranking was held by Romania ($72M), with a 15% share of global imports. It was followed by Italy, with an 8.5% share.

From 2012 to 2022, the average annual growth rate of value in India was relatively modest. In the other countries, the average annual rates were as follows: Romania (+3.3% per year) and Italy (+0.1% per year).

Import Prices By Country

The average raw silk import price stood at $54,043 per ton in 2022, with an increase of 11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2018 an increase of 16%. As a result, import price attained the peak level of $58,991 per ton. From 2019 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Italy ($72,519 per ton), while China ($10,505 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (+13.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Raw Silk

After two years of decline, overseas shipments of raw silk increased by 58% to 7.5K tons in 2022. Overall, exports, however, recorded a pronounced setback. The global exports peaked at 9.2K tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, raw silk exports surged to $456M in 2022. In general, exports showed a relatively flat trend pattern. Over the period under review, the global exports reached the maximum at $458M in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, China (4.5K tons) was the major exporter of raw silk, creating 60% of total exports. Vietnam (1,554 tons) took a 21% share (based on physical terms) of total exports, which put it in second place, followed by Uzbekistan (5.7%) and Italy (4.6%). Slovenia (205 tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to raw silk exports from China stood at -5.1%. At the same time, Slovenia (+66.5%), Vietnam (+45.8%) and Italy (+1.2%) displayed positive paces of growth. Moreover, Slovenia emerged as the fastest-growing exporter exported in the world, with a CAGR of +66.5% from 2012-2022. By contrast, Uzbekistan (-7.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Vietnam, Uzbekistan and Slovenia increased by +20, +5.7 and +2.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($281M) remains the largest raw silk supplier worldwide, comprising 62% of global exports. The second position in the ranking was held by Vietnam ($96M), with a 21% share of global exports. It was followed by Italy, with a 5.2% share.

In China, raw silk exports contracted by an average annual rate of -2.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+50.3% per year) and Italy (+3.5% per year).

Export Prices By Country

The average raw silk export price stood at $60,665 per ton in 2022, with an increase of 6.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2018 when the average export price increased by 22% against the previous year. As a result, the export price reached the peak level of $62,483 per ton. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Slovenia ($73,428 per ton), while Uzbekistan ($46,718 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+6.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform