Worldwide Raw Silk Market to Experience Slight Growth with 1.4% CAGR over 2024-2030

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The global raw silk market is projected to experience a slight increase in performance, with a forecasted CAGR of +1.4% in volume and +3.0% in value from 2024 to 2030. By the end of 2030, the market volume is expected to reach 96K tons and the market value is projected to reach $4.9B in nominal prices.

Market Forecast

Driven by rising demand for raw silk worldwide, the market is expected to start an upward consumption trend over the next six-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.4% for the period from 2024 to 2030, which is projected to bring the market volume to 96K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.0% for the period from 2024 to 2030, which is projected to bring the market value to $4.9B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Raw Silk

In 2024, the amount of raw silk consumed worldwide shrank to 89K tons, leveling off at the previous year's figure. In general, consumption showed a abrupt shrinkage. Over the period under review, global consumption hit record highs at 206K tons in 2015; however, from 2016 to 2024, consumption remained at a lower figure.

The global raw silk market revenue was estimated at $4.1B in 2024, surging 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). Over the period under review, consumption recorded a drastic downturn. As a result, consumption reached the peak level of $9.4B. From 2015 to 2024, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were China (42K tons), India (37K tons) and Romania (3K tons), with a combined 93% share of global consumption. Uzbekistan lagged somewhat behind, accounting for a further 2%.

From 2013 to 2024, 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 mixed trends in the consumption figures.

In value terms, China ($2.6B) led the market, alone. The second position in the ranking was held by India ($1B). It was followed by Romania.

In China, the raw silk market plunged by an average annual rate of -8.3% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of market growth: India (+1.7% per year) and Romania (+0.3% per year).

In 2024, the highest levels of raw silk per capita consumption was registered in Romania (156 kg per 1000 persons), followed by Uzbekistan (49 kg per 1000 persons), China (30 kg per 1000 persons) and India (26 kg per 1000 persons), while the world average per capita consumption of raw silk was estimated at 11 kg per 1000 persons.

From 2013 to 2024, the average annual rate of growth in terms of the raw silk per capita consumption in Romania was relatively modest. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Uzbekistan (+3.9% per year) and China (-9.6% per year).

Production

World Production of Raw Silk

Global raw silk production declined slightly to 88K tons in 2024, leveling off at the year before. Overall, production recorded a abrupt descent. The pace of growth appeared the most rapid in 2014 with an increase of 20%. Over the period under review, global production reached the peak volume at 206K tons in 2015; however, from 2016 to 2024, production remained at a lower figure. The general negative trend in terms output was largely conditioned by a drastic downturn of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, raw silk production reached $4.3B in 2024 estimated in export price. In general, production continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2014 when the production volume increased by 16%. As a result, production attained the peak level of $9.5B. From 2015 to 2024, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2024 were China (44K tons), India (35K tons) and Romania (2.1K tons), with a combined 92% share of global production. Uzbekistan lagged somewhat behind, accounting for a further 2.4%.

From 2013 to 2024, the biggest increases were recorded for Uzbekistan (with a CAGR of +7.1%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Raw Silk

In 2024, supplies from abroad of raw silk decreased by -14.7% to 6.3K tons, falling for the second year in a row after two years of growth. Over the period under review, imports recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2022 when imports increased by 60% against the previous year. Global imports peaked at 9.2K tons in 2013; however, from 2014 to 2024, imports stood at a somewhat lower figure.

In value terms, raw silk imports declined to $373M in 2024. Overall, imports saw a perceptible descent. The pace of growth was the most pronounced in 2022 with an increase of 76% against the previous year. As a result, imports reached the peak of $473M. From 2023 to 2024, the growth of global imports failed to regain momentum.

Imports By Country

In 2024, India (2.3K tons) was the main importer of raw silk, constituting 36% of total imports. Romania (911 tons) ranks second in terms of the total imports with a 14% share, followed by Vietnam (12%), China (7.8%) and Italy (7%). Iran (201 tons), Japan (175 tons), France (170 tons), Slovenia (160 tons) and Bangladesh (112 tons) followed a long way behind the leaders.

From 2013 to 2024, average annual rates of growth with regard to raw silk imports into India stood at -4.2%. At the same time, Slovenia (+100.4%), China (+10.1%) and Iran (+6.7%) displayed positive paces of growth. Moreover, Slovenia emerged as the fastest-growing importer imported in the world, with a CAGR of +100.4% from 2013-2024. Bangladesh experienced a relatively flat trend pattern. By contrast, France (-3.4%), Romania (-3.7%), Italy (-3.7%), Vietnam (-3.9%) and Japan (-10.2%) illustrated a downward trend over the same period. From 2013 to 2024, the share of China, Slovenia and Iran increased by +5.9, +2.5 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($134M) constitutes the largest market for imported raw silk worldwide, comprising 36% of global imports. The second position in the ranking was held by Romania ($66M), with an 18% share of global imports. It was followed by Vietnam, with a 12% share.

From 2013 to 2024, the average annual growth rate of value in India amounted to -2.0%. In the other countries, the average annual rates were as follows: Romania (-2.3% per year) and Vietnam (-1.9% per year).

Import Prices By Country

In 2024, the average raw silk import price amounted to $59,142 per ton, growing by 3% against the previous year. Over the last eleven-year period, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2018 when the average import price increased by 18%. Global import price peaked in 2024 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($94,537 per ton), while China ($10,652 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Iran (+11.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Raw Silk

In 2024, global exports of raw silk declined markedly to 5.7K tons, waning by -18.8% compared with 2023. Overall, exports showed a pronounced curtailment. The most prominent rate of growth was recorded in 2022 when exports increased by 58% against the previous year. The global exports peaked at 9K tons in 2017; however, from 2018 to 2024, the exports failed to regain momentum.

In value terms, raw silk exports dropped markedly to $375M in 2024. Over the period under review, exports showed a slight descent. The pace of growth appeared the most rapid in 2022 with an increase of 76%. As a result, the exports reached the peak of $475M. From 2023 to 2024, the growth of the global exports remained at a lower figure.

Exports By Country

China represented the key exporting country with an export of around 2.7K tons, which recorded 47% of total exports. Vietnam (1,573 tons) ranks second in terms of the total exports with a 27% share, followed by Uzbekistan (5.8%) and Italy (5.5%). The following exporters - Brazil (253 tons), Slovenia (149 tons) and India (137 tons) - together made up 9.4% of total exports.

From 2013 to 2024, the biggest increases were recorded for Vietnam (with a CAGR of +41.6%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest raw silk supplying countries worldwide were China ($184M), Vietnam ($99M) and Italy ($25M), together accounting for 82% of global exports. Brazil, Uzbekistan, Slovenia and India lagged somewhat behind, together comprising a further 14%.

Slovenia, with a CAGR of +44.1%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average raw silk export price stood at $65,552 per ton in 2024, rising by 3.3% against the previous year. Over the last eleven years, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2018 an increase of 20% against the previous year. The global export price peaked in 2024 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($81,954 per ton), while India ($28,413 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Uzbekistan (+6.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform