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, commonly referred to as fashion, artificial, or imitation jewelry, is crafted from mass-produced and affordable material. The cost-effectiveness of costume jewelry, achieved through the use of affordable materials and plated metals, is a key factor fueling market growth. This affordability, coupled with the diverse options including genuine and synthetic stones, attracts a wide consumer base.
Segmentation:
Necklaces and Chains Segment Leads the Market Due to prominent Fashion Trends - Layering and Stacking
Based on type, the global market is segmented into necklaces, rings, bracelets, earrings, and others. The necklaces & chains segment captures the key share in the market. The trend of layering and stacking necklaces has become prominent worldwide, particularly among younger consumers. The practice of wearing multiple necklaces of varying lengths and styles to create a fashionable and personalized look is driving increased consumer interest and demand for necklace and chain offerings.
Women Segment to Lead Market Owing to RisingDisposable Income
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. This is due to the growing financial independence and increasing disposable incomes of women established them as pivotal consumers for artificial jewelry.
Offline Segment Dominated the Market Owing to Rising penetration of New Brands
In terms of distribution channel, the market for costume jewelry is segmented into offline and online. The offline segment dominated the market. The segment’s growth is driven by the appeal of physically inspecting product quality, especially with the increasing penetration of new brands.
In terms of region, the market is categorized into Europe, North America, the Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The analysis in the report delves deep into the drivers behind industry expansion, with a particular emphasis on product categories and prominent companies. Additionally, it illuminates significant trends influencing the worldwide business environment, with special attention paid to the repercussions of the COVID-19 pandemic.
Rising Influence of Working Womento Propel Market Growth
The expanding population of working women, combined with their growing awareness of contemporary jewelry trends, is a significant factor contributing to the market growth. The interest in stylish accessories is boosting the product sales. Moreover, the burgeoning disposable income, particularly in emerging economies, is fuelling the growth of the costume jewelry market.
However, strict regulations on nickel and cadmium are hindering costume jewelry market growth, escalating production costs and limiting material diversity.
Regional Insights:
North America toDominate the Market Owing to Cultural Fusion and Innovation
North America is likely to hold the largest costume jewelry market share during the forecast period. The fusion of Western and Eastern jewelry designs, along with innovations in lab-grown diamonds and synthetic stones, is a key factor driving product demand in the region.
The increasing popularity of handmade and artisanal artificial jewelry, especially in emerging fashion hubs such as Seoul, Singapore, and Tokyo, presents a lucrative opportunity for market players in the Asia Pacific.
Competitive Landscape:
Key Players are Producing Novel Products to Stay at the Forefront Of Competition
The competitive landscape is shaped by a multitude of small- and medium-sized players. Manufacturers are committed to research and development efforts, producing novel products crafted from recycled materials to meet the growing demand for sustainability among consumers. Furthermore, they continually unveil innovative designs to distinguish their offerings and stay at the forefront of competition.
Key Industry Development:
September 2023: Renowned jewelry designer Neil Lane partnered with Florida-based retailer Kay Jewelers to launch the Neil Lane Artistry bridal collection. The collection, named Artistry, was made from lab-created diamonds.
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)
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/costume-jewelry-market-108843