Worldwide Silk Tie Market: Anticipated Growth in Volume and Value by 2030

IndexBox has just published a new report: World - Ties, Bow Ties And Cravats Of Silk Or Silk Waste (Excluding Knitted Or Crocheted) - Market Analysis, Forecast, Size, Trends And Insights.

The global demand for silk ties is on the rise, with a projected increase in market volume to 74 million units by 2030. The market is expected to experience a slight growth in performance, with an anticipated CAGR of +1.6% for the period from 2024 to 2030. In terms of value, the market is forecasted to grow with an anticipated CAGR of +3.1%, reaching $9.2 billion by the end of 2030.

Market Forecast

Driven by rising demand for silk tie 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 +1.6% for the period from 2024 to 2030, which is projected to bring the market volume to 74M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.1% for the period from 2024 to 2030, which is projected to bring the market value to $9.2B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Ties, Bow Ties And Cravats Of Silk Or Silk Waste (Excluding Knitted Or Crocheted)

In 2024, consumption of ties, bow ties and cravats of silk or silk waste (excluding knitted or crocheted) decreased by -0.8% to 67M units, falling for the second year in a row after three years of growth. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Global consumption peaked at 73M units in 2013; however, from 2014 to 2024, consumption stood at a somewhat lower figure.

The global silk tie market value reduced modestly to $7.7B in 2024, falling by -2.9% 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). Overall, consumption saw a relatively flat trend pattern. Over the period under review, the global market hit record highs at $8.6B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were China (13M units), the United States (6.7M units) and India (4.5M units), with a combined 36% share of global consumption.

From 2013 to 2024, the biggest increases were recorded for China (with a CAGR of +0.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, India ($1.4B), China ($969M) and Japan ($814M) were the countries with the highest levels of market value in 2024, with a combined 42% share of the global market.

India, with a CAGR of +1.6%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of silk tie per capita consumption in 2024 were the United States (20 units per 1000 persons), Germany (18 units per 1000 persons) and Japan (17 units per 1000 persons).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by China (with a CAGR of +0.5%), while consumption for the other global leaders experienced a decline in the per capita consumption figures.

Production

World Production of Ties, Bow Ties And Cravats Of Silk Or Silk Waste (Excluding Knitted Or Crocheted)

In 2024, approx. 73M units of ties, bow ties and cravats of silk or silk waste (excluding knitted or crocheted) were produced worldwide; growing by 1.8% compared with 2023 figures. Overall, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 20% against the previous year. Over the period under review, global production reached the peak volume at 76M units in 2022; however, from 2023 to 2024, production remained at a lower figure.

In value terms, silk tie production amounted to $8.5B in 2024 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 14% against the previous year. Over the period under review, global production reached the maximum level at $9.1B in 2013; however, from 2014 to 2024, production remained at a lower figure.

Production By Country

China (28M units) remains the largest silk tie producing country worldwide, accounting for 39% of total volume. Moreover, silk tie production in China exceeded the figures recorded by the second-largest producer, India (4.5M units), sixfold. Italy (2.3M units) ranked third in terms of total production with a 3.1% share.

In China, silk tie production expanded at an average annual rate of +5.0% over the period from 2013-2024. The remaining producing countries recorded the following average annual rates of production growth: India (+0.1% per year) and Italy (+2.9% per year).

Imports

World Imports of Ties, Bow Ties And Cravats Of Silk Or Silk Waste (Excluding Knitted Or Crocheted)

In 2024, overseas purchases of ties, bow ties and cravats of silk or silk waste (excluding knitted or crocheted) increased by 64% to 14M units, rising for the fourth year in a row after seven years of decline. In general, imports recorded a strong expansion. The pace of growth appeared the most rapid in 2022 when imports increased by 118% against the previous year. Over the period under review, global imports reached the maximum in 2024 and are likely to see gradual growth in the near future.

In value terms, silk tie imports dropped to $252M in 2024. Overall, imports, however, showed a deep contraction. The pace of growth appeared the most rapid in 2022 with an increase of 28%. Over the period under review, global imports attained the maximum at $762M in 2013; however, from 2014 to 2024, imports failed to regain momentum.

Imports By Country

In 2024, the United States (6.6M units) was the major importer of ties, bow ties and cravats of silk or silk waste (excluding knitted or crocheted), comprising 47% of total imports. Germany (1.6M units) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by France (9.9%), the Netherlands (6.6%) and Italy (4.6%). Spain (523K units), Sweden (472K units) and Poland (310K units) followed a long way behind the leaders.

From 2013 to 2024, average annual rates of growth with regard to silk tie imports into the United States stood at +6.2%. At the same time, Poland (+26.2%), Sweden (+20.9%), the Netherlands (+18.4%), France (+16.4%), Germany (+10.3%), Italy (+9.2%) and Spain (+8.0%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing importer imported in the world, with a CAGR of +26.2% from 2013-2024. France (+6.6 p.p.), the Netherlands (+4.8 p.p.), Germany (+4.4 p.p.), the United States (+3.5 p.p.), Sweden (+2.6 p.p.) and Poland (+1.9 p.p.) significantly strengthened its position in terms of the global imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($53M) constitutes the largest market for imported ties, bow ties and cravats of silk or silk waste (excluding knitted or crocheted) worldwide, comprising 21% of global imports. The second position in the ranking was taken by France ($24M), with a 9.6% share of global imports. It was followed by Germany, with a 4.1% share.

In the United States, silk tie imports decreased by an average annual rate of -12.5% over the period from 2013-2024. In the other countries, the average annual rates were as follows: France (-3.5% per year) and Germany (-14.0% per year).

Import Prices By Country

In 2024, the average silk tie import price amounted to $18 per unit, reducing by -43.5% against the previous year. Overall, the import price showed a deep slump. The most prominent rate of growth was recorded in 2019 an increase of 12% against the previous year. As a result, import price attained the peak level of $121 per unit. From 2020 to 2024, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($17 per unit), while Poland ($6.1 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Spain (-16.5%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Ties, Bow Ties And Cravats Of Silk Or Silk Waste (Excluding Knitted Or Crocheted)

In 2024, overseas shipments of ties, bow ties and cravats of silk or silk waste (excluding knitted or crocheted) increased by 57% to 20M units, rising for the fourth year in a row after seven years of decline. In general, exports recorded a strong expansion. The growth pace was the most rapid in 2022 with an increase of 138%. The global exports peaked in 2024 and are likely to see gradual growth in years to come.

In value terms, silk tie exports shrank to $235M in 2024. Over the period under review, exports, however, recorded a abrupt curtailment. The growth pace was the most rapid in 2022 when exports increased by 35%. Over the period under review, the global exports attained the maximum at $737M in 2013; however, from 2014 to 2024, the exports failed to regain momentum.

Exports By Country

China was the largest exporting country with an export of about 16M units, which finished at 78% of total exports. It was distantly followed by Italy (2.2M units), constituting an 11% share of total exports. The following exporters - France (666K units), Germany (517K units) and the Netherlands (332K units) - together made up 7.6% of total exports.

From 2013 to 2024, average annual rates of growth with regard to silk tie exports from China stood at +10.8%. At the same time, France (+15.0%), the Netherlands (+11.7%), Italy (+9.8%) and Germany (+9.5%) displayed positive paces of growth. Moreover, France emerged as the fastest-growing exporter exported in the world, with a CAGR of +15.0% from 2013-2024. From 2013 to 2024, the share of China increased by +7.2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Italy ($70M), China ($63M) and France ($58M) were the countries with the highest levels of exports in 2024, with a combined 81% share of global exports.

Among the main exporting countries, France, with a CAGR of -0.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced a decline in the exports figures.

Export Prices By Country

In 2024, the average silk tie export price amounted to $12 per unit, which is down by -44.5% against the previous year. Over the period under review, the export price recorded a abrupt setback. The pace of growth appeared the most rapid in 2018 when the average export price increased by 13%. The global export price peaked at $129 per unit in 2019; however, from 2020 to 2024, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was France ($86 per unit), while China ($4 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by France (-13.2%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform