Costume Jewelry Market 2023 – 2030 By Distribution Channel (Online Stores, Offline Stores),End User (Men, Women)Type (Ring, Earring) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : FMCG | Pages : 180 Pages | Published On : Jul 2023
The global market for costume jewelry was valued at USD 32.2 billion in 2022 and is projected to grow at a CAGR of 7.9% during the forecast period. Factors such as changing lifestyles, increasing fashion consciousness, and rising disposable income are expected to drive market growth in the coming years. The growing demand for costume jewelry, particularly among the working population, has contributed to its popularity among youth, professionals, and working women. Additionally, fluctuations in the prices of gold and silver have led to an increased demand for costume jewelry, especially in countries like India where gold is highly preferred but economically challenging to purchase. The growing influence of e-commerce and internet penetration, as well as the rising demand for costume jewelry in the men's segment, are also fueling market growth. However, challenges such as increasing raw material prices and the presence of counterfeit products may hinder market growth. Nevertheless, the emergence of online platforms and trusted sellers presents new opportunities for market players.
The costume jewelry market is segmented into men and women based on end-users, with the women's segment accounting for the largest share of 59.0% in 2018. This growth can be attributed to the usage of different types of jewelry for various occasions. Jewelry plays a significant role for women as it complements their outfits and enhances their overall look. With the rising prices of materials like gold and diamonds, many women have turned to costume jewelry, which offers versatility and affordability for different dresses and occasions. The increasing trend of luxury jewelry among professional women for their day-to-day looks is expected to drive the segment's growth in the forecast period.
Distribution Channel Insights
The market is divided into online stores and offline stores based on the distribution channel. In 2018, the offline store segment dominated the market, accounting for 74.4% of the total revenue. Traditional shopping methods have been prevalent due to the availability of a wide variety of products and the opportunity for bargaining. When it comes to jewelry, consumers prefer visiting offline stores to customize their products according to their preferences.
The online segment is expected to grow at the fastest CAGR of 7.1% during the forecast period. The increasing usage and penetration of the internet in rural markets have been key factors driving the growth of this segment. The introduction of trusted online dealers and the busy schedules of young consumers are also contributing to the positive growth of the online market.
The ring segment held the largest market share of 33.6% in 2018. The demand for rings, particularly in countries like India, where various gemstones are highly sought after, is driving the market. Rings generally do not require much customization and have standard designs for men. The increasing demand for rings among men is expected to fuel the growth of this segment. Moreover, rings are affordable and widely accepted, further contributing to market growth.
The earring segment is projected to grow at a CAGR of 6.9% during the forecast period. The product is gaining popularity among the youth, especially working women, driving the demand for earrings. The availability of a wide variety of earring designs and the trend of changing jewelry on a daily basis are significant factors contributing to market growth. In countries like India, earrings are widely accepted by women of all age groups, leading to high demand in the region and influencing the overall market growth of this segment.
Asia Pacific led the market in 2018 with a share of 35.0% and is expected to experience significant growth in the near future. India, in particular, contributes the majority of the share in the Asia Pacific region and is projected to grow at a CAGR of 6.2% over the forecast period. The wide variety of products available and their acceptance across all age groups are key factors driving market growth in the region.
Europe is expected to grow at the fastest CAGR of 8.0% during the forecast period. Being the fashion capital, Europe's market benefits from the acceptance of traditional jewelry. Various global players, such as Bulgari, are present in the European market and introduce various new designs, influencing market growth in the region.
Key Companies & Market Share Insights
In the industry, key market players include Louis Vuitton, Cartier, Sabika, Silgan Azuli Skye, Premier Designs, Yanbal, Park Lane, Silpada, Stella & Dot, and Lulu Avenue. The presence of these leading players and the associated setup costs create medium to high entry barriers in the market. Manufacturers aim to engage customers through new designs and affordable prices. Giants like LMVH and Kering Richemont in the European market are planning to merge in order to better serve customers in the future.
Segments Covered in the Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global costume jewelry market report on the basis of distribution channel, type, end-user, and region:
Distribution Channel Outlook (Revenue, USD Billion, 2023 - 2030)
- Online Stores
- Offline Stores
Type Outlook (Revenue, USD Billion, 2023 - 2030)
End-User Outlook (Revenue, USD Billion, 2023 - 2030)
Regional Outlook (Revenue, USD Billion, 2023 - 2030)
- North America
- Asia Pacific
- Middle East & Africa
Table and Figures
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Covered Key Topics
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