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Indian Sericulture Market to Reach INR 743 Billion by 2025, Propelled by Demand from Fashion Industry

According to the latest report by IMARC Group, titled "Indian Sericulture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the Indian sericulture market size reached INR 288 Billion in 2019. Sericulture is an agro-based industry that comprises the rearing of silkworms for the production of silk. The process of sericulture involves the cultivation of mulberry trees and the rearing of domesticated silkworms for the production of raw silk. Raw silk refers to the yarn which is spun by mature silkworm larvae that can be obtained from the cocoons. Sericulture includes food-plant cultivation for feeding the silkworms and the reeling of cocoons for unwinding the silk filament. These filaments are further combined, drawn under tension and wound onto reels to form yarn. The extracted raw silk is then processed and woven for numerous value-added benefits.

Indian Sericulture Market Trends:

Widely considered as a luxury item in the country, the price of silk is usually higher than that of other fabrics available in the market. However, owing to the increasing working population, coupled with the rising purchasing capacity of a majority of the population, the market growth of silk is experiencing an impetus in India. Moreover, the growing demand for silk in the fashion industry is also providing a boost to the market growth. In addition to this, silk is also used as a raw material in the production of luxury bed sheets, pillow covers and curtains. Improving standards of living of the urban population and significant growth in the hospitality sector are contributing to the uptake of these high-end products. Low landholding requirements and investment costs associated with mulberry cultivation and silkworm rearing are expected to further create numerous growth opportunities for new entrants. Apart from this, sericulture is environment-friendly in nature as it involves minimal use of smoke-emitting machinery and the waste products from silkworm rearing can be recycled as inputs to the garden. Furthermore, the Ministry of Textiles and Departments of Sericulture of various states are offering technical and financial assistance to the farmers for improving the production of bivoltine silk. On account of the aforementioned factors, the market is projected to reach a value of INR 743 Billion by 2025, growing at a CAGR of 17.1% during the forecast period (2020-2025).

Market Summary:

  • On the basis of the segment, the market has been bifurcated into mulberry and Vanya. Vanya has been further classified into Tasar, Eri and Muga. At present, mulberry represents the most preferred segment, accounting for the majority of the total market share.
  • Despite being the world’s second largest producer of silk, the demand for silk outpaces its supply in India. At present, the gap between production and demand is met by imports.
  • Based on the application, the market has been divided into natural silk yarns, fabrics and made ups; readymade garments; silk carpets; and others. Amongst these, silk yarns, fabrics and made ups exhibit a clear dominance in the market.
  • On the geographical front, the market has been segmented on the basis of states. Karnataka is the leading producer of mulberry silk, whereas Assam is the largest producer of Vanya silk.
  • The competitive landscape of the market has also been analyzed in the report, with the detailed profiles of the key players operating in the market.

 

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