Silk Tie Market

The global silk tie market is forecasted to experience a slight increase in performance, with a projected increase in market volume to 150M units by 2030. In 2022, consumption declined compared to 2021, with the highest volumes in China, the United States, and India. Production and exports saw fluctuations, with China being the main producer and exporter of silk ties. The import and export prices also fluctuated, with Malaysia showing the highest growth rate in export value. Overall, the market is expected to show a modest growth over the next eight years.

Market Forecast

Driven by rising demand for silk tie worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.7% for the period from 2022 to 2030, which is projected to bring the market volume to 150M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market value to $3.3B (in nominal 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 2022, the amount of ties, bow ties and cravats of silk or silk waste (excluding knitted or crocheted) consumed worldwide reduced to 142M units, shrinking by -2.8% on 2021 figures. Overall, consumption recorded a perceptible decline. Global consumption peaked at 228M units in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

The global silk tie market revenue rose modestly to $2.7B in 2022, surging by 4.6% 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 showed a noticeable setback. Over the period under review, the global market attained the peak level at $4.2B in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (23M units), the United States (17M units) and India (12M units), together accounting for 37% of global consumption. Italy, Japan, Russia, Brazil, Germany, Indonesia, Pakistan, Bangladesh, Nigeria and Mexico lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Nigeria (with a CAGR of +0.6%), while consumption for the other global leaders experienced mixed trends in the consumption figures.

In value terms, the largest silk tie markets worldwide were Japan ($531M), India ($518M) and China ($253M), with a combined 48% share of the global market.

In terms of the main consuming countries, Japan, with a CAGR of +2.1%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced a decline in the market figures.

The countries with the highest levels of silk tie per capita consumption in 2022 were Italy (92 units per 1000 persons), the United States (50 units per 1000 persons) and Germany (44 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Italy (with a CAGR of +0.7%), 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)

Global silk tie production declined slightly to 145M units in 2022, with a decrease of -2.3% compared with 2021. Overall, production saw a noticeable decrease. The most prominent rate of growth was recorded in 2017 when the production volume increased by 13%. Over the period under review, global production hit record highs at 220M units in 2012; however, from 2013 to 2022, production failed to regain momentum.

In value terms, silk tie production contracted slightly to $2.5B in 2022 estimated in export price. Over the period under review, production showed a noticeable shrinkage. The growth pace was the most rapid in 2017 when the production volume increased by 21% against the previous year. Over the period under review, global production attained the maximum level at $3.7B in 2012; however, from 2013 to 2022, production failed to regain momentum.

Production By Country

China (41M units) remains the largest silk tie producing country worldwide, accounting for 28% of total volume. Moreover, silk tie production in China exceeded the figures recorded by the second-largest producer, India (12M units), threefold. The third position in this ranking was held by the United States (9.1M units), with a 6.3% share.

In China, silk tie production contracted by an average annual rate of -6.3% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (-3.5% per year) and the United States (+16.0% per year).

Imports

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

In 2022, after eight years of decline, there was significant growth in purchases abroad of ties, bow ties and cravats of silk or silk waste (excluding knitted or crocheted), when their volume increased by 63% to 24M units. In general, imports, however, saw a abrupt downturn. Global imports peaked at 62M units in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, silk tie imports soared to $269M in 2022. Over the period under review, imports, however, recorded a deep contraction. Over the period under review, global imports reached the maximum at $761M in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports By Country

The United States represented the main importer of ties, bow ties and cravats of silk or silk waste (excluding knitted or crocheted) in the world, with the volume of imports recording 7.8M units, which was near 32% of total imports in 2022. Germany (2.3M units) took the second position in the ranking, followed by Japan (2M units), the Netherlands (1.5M units), the UK (1.4M units), Malaysia (1.3M units) and France (1.2M units). All these countries together took approx. 40% share of total imports. Italy (890K units), Spain (630K units) and Sweden (554K units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to silk tie imports into the United States stood at -10.9%. At the same time, Malaysia (+18.7%), the Netherlands (+5.9%) and Sweden (+1.0%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in the world, with a CAGR of +18.7% from 2012-2022. By contrast, Germany (-7.1%), France (-7.2%), Italy (-8.7%), Spain (-10.4%), Japan (-10.6%) and the UK (-11.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia, the Netherlands and Germany increased by +5, +4.8 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($52M), Japan ($41M) and France ($16M) constituted the countries with the highest levels of imports in 2022, with a combined 40% share of global imports. Germany, the UK, the Netherlands, Italy, Spain, Sweden and Malaysia lagged somewhat behind, together comprising a further 21%.

In terms of the main importing countries, Malaysia, with a CAGR of +7.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced a decline in the imports figures.

Import Prices By Country

The average silk tie import price stood at $11 per unit in 2022, with a decrease of -20.9% against the previous year. In general, the import price saw a mild decline. The pace of growth was the most pronounced in 2014 an increase of 5.8%. Over the period under review, average import prices hit record highs at $14 per unit in 2020; however, from 2021 to 2022, 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 Japan ($20 per unit), while Malaysia ($1.5 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+1.7%), while the other global leaders experienced mixed trends in the import price figures.

Exports

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

In 2022, shipments abroad of ties, bow ties and cravats of silk or silk waste (excluding knitted or crocheted) increased by 58% to 27M units, rising for the second consecutive year after seven years of decline. Overall, exports, however, continue to indicate a drastic downturn. The global exports peaked at 56M units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, silk tie exports skyrocketed to $266M in 2022. In general, exports, however, saw a abrupt decrease. The global exports peaked at $739M in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

China was the main exporting country with an export of around 18M units, which resulted at 65% of total exports. Italy (3M units) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by Malaysia (8.8%). The following exporters - Germany (731K units), France (686K units) and the Netherlands (660K units) - together made up 7.6% of total exports.

From 2012 to 2022, average annual rates of growth with regard to silk tie exports from China stood at -7.3%. At the same time, Malaysia (+119.0%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in the world, with a CAGR of +119.0% from 2012-2022. The Netherlands experienced a relatively flat trend pattern. By contrast, France (-4.1%), Italy (-7.8%) and Germany (-8.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia increased by +8.8 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest silk tie supplying countries worldwide were Italy ($77M), China ($74M) and France ($51M), with a combined 75% share of global exports. Malaysia, Germany and the Netherlands lagged somewhat behind, together accounting for a further 11%.

Malaysia, with a CAGR of +113.3%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced a decline in the exports figures.

Export Prices By Country

In 2022, the average silk tie export price amounted to $9.7 per unit, declining by -14.1% against the previous year. Over the period under review, the export price saw a perceptible curtailment. The growth pace was the most rapid in 2018 an increase of 13%. Over the period under review, the average export prices attained the maximum at $18 per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was France ($74 per unit), while China ($4.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+2.4%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform