The global costume jewelry market size was valued at USD 32.83 billion in 2022. The market is anticipated to expand from USD 34.81 billion in 2023 to USD 56.35 billion by 2030, exhibiting a CAGR of 7.12% during the forecast period.
Costume jewelry, often called fashion, artificial, or imitation jewelry, is created from cost-effective and mass-produced materials. The surge in demand for contemporary jewelry is a key driver fueling the costume jewelry market growth. In addition, the surging demand for contemporary designs contributes significantly to the costume jewelry market.
Fortune Business Insights™ provides this information in its research report, titled “Costume Jewelry Market, 2023-2030”.
List of Key Players Mentioned in the Report:
- Azone (China)
- TTT Jewelry (China)
- Teemtry Ltd (China)
- Kanhai Jewels (India)
- DWS Jewellery Pvt. Ltd. (India)
- Swarovski (Austria)
- YIBI Jewelry Co., Ltd. (China)
- Blingy Jewellery Pty Ltd (Australia)
- Viange Vintage (India)
- JewelryBund.com (China)
Segmentation:
Necklaces and Chains Segment Dominates Due to Their Popularity
Based on type, the global market is segmented into necklaces, rings, bracelets, earrings, and others. The necklaces & chains segment leads the market. Necklaces & chains are favored choices for gifts during various occasions such as birthdays, weddings, anniversaries, and holidays. The tradition of gifting such items contributes significantly to the sustained demand for necklaces and chains.
Women Segment to Lead Market Owing to Wide Availability of Designs in Jewelry
By end users, the global market is divided into men and women. The women’s segment is poised to dominate the market over the study period. The dominance of the women’s segment is fueled by the extensive availability of innovative and contemporary jewelry designs, meeting women’s preferences for elegant and stylish accessories.
Offline Segment Dominated the Market Owing to Direct Engagement with In-store Staff
On the basis of distribution channel, the market is divided into online and offline. The offline segment captured the key share in the market. The personalized shopping experience and direct engagement with in-store staff, who provide recommendations and expert guidance based on individual preferences.
In terms of region, the market for costume jewelry is categorized into Europe, North America, the Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
Providing a comprehensive outlook, the report analyzes key factors fueling industry growth, with a spotlight on product types and prominent companies. Additionally, it delves into major trends influencing the global business environment and addresses the impact of the COVID-19 pandemic on market growth.
Drivers and Restraints:
Rising Number of Fashion-Conscious Consumer Base to Spur Market Growth
The growing population of fashion-conscious consumers is a significant factor supporting the growth of the market. As individuals increasingly prioritize staying on-trend and accessorizing their outfits, there is a corresponding surge in demand for these products. This trend is particularly is more pronounced among younger consumers, including the influential Gen Z demographic, who actively seek out fashionable accessories to complement their personal style.
However, the fierce competition from fine and demi-fine jewelry companies is a significant factor restraining the growth of the market.
Regional Insights:
North America to Dominate the Market Owing to Influence of Celebrities and Pop Culture
North America is poised to capture the largest costume jewelry market share during the study period. The rising popularity of specific jewelry styles and designs influenced by celebrities, fashion influencers, and pop culture is a significant driver of market growth in North America.
Growing consumer disposable incomes in Japan, South Korea, India, and China, are fuelling significant growth in the Asia Pacific region.
Competitive Landscape:
Key Manufacturers Focus on R&D Activities to Gain a Competitive Edge
Manufacturers are actively engaged in research and development, creating new products from recycled materials to address the increasing consumer demand for sustainable options. Additionally, they consistently introduce innovative designs to differentiate their products and maintain a competitive edge in the market.
Key Industry Development:
- April 2023: San Francisco-based leather bag brand Gusto introduced its inaugural jewelry collection, Gia. The collection included rings, pendants, necklaces, and earrings, crafted from brass metal with a gold polish.
Reference Link:
https://www.fortunebusinessinsights.com/costume-jewelry-market-108843