PORTLAND, Oregon, April 14, 2020 — Allied Market Research published a report, titled, “Costume Jewelry Market by Product Type (Necklaces & Chains, Earrings, Rings, Cufflinks &Studs, Bracelets, and Others),Gender (Male and Female),and Mode of Sale (Retail Saleand Online Sale): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global costume jewelry industry was pegged at $32.9 billion in 2019, and is expected to hit $59.7 billion by 2027, registering a CAGR of 7.8% from 2020 to 2027.
Drivers, restraints, and opportunities-
Growing online sales, changing jewelry styles and attractive marketing strategies, growing fashion consciousness, and high prices of gold and silver jewelry fuel the growth of the global costume jewelry market. On the other hand, import and trade laws and lack of durability restrain the growth to some extent. However, inclination towards automation and rising demand for artificial jewelry products is expected to create lucrative opportunities in the near future.
The necklace and chains segment to lead the trail by 2027-
Based on product type, the necklace and chains segment contributed to nearly one-fourth of the global costume jewelry market share in 2019. The segment is expected to rule the roost till 2027. On the other hand, the rings segment would cite the fastest CAGR of 8.9% throughout the forecast period. This is attributed to change in fashion trends and lifestyles cross the globe. The market also studies segments including earrings, bracelets, cufflinks & studs, and others.
The female segment to dominate during the estimated period-
Based on gender, the female segment held the major share in 2019, generating nearly two-thirds of the global costume jewelry market. The segment is anticipated to maintain its dominance throughout the forecast period. At the same time, the male segment would showcase the fastest CAGR of 8.2% during the study period. This is owing to the rising acceptance for men’s jewelry, and rise in celebrity culture, with influencers such as Bollywood and Hollywood actors.
North America to retain its dominance in terms of revenue-
Based on geography, North America accounted for nearly one-third of the global costume jewelry market revenue in 2019, and is projected to maintain the lion’s share from 2020 to 2027. The region is anticipated to maintain its dominance throughout the forecast period. On the other hand, the region across LAMEA is expected to manifest the fastest CAGR of 8.8% from 2020 to 2027. The improvement in purchasing parity, better enhanced standard of living, and availability of wide options of pieces of jewelry in this region is expected to propel the growth of the market in this region. The report also analyses regions including Asia-Pacific and Europe.
Frontrunners in the industry-
Customers hold jewelry close to their hearts as it is the medium of treasuring the memories of our loved ones. Growing online sales, changing jewelry styles and attractive marketing strategies, growing fashion consciousness, and high prices of gold and silver jewelry fuel the growth of the global costume jewelry market. Similarly, customization is also one of the factors that are driving the jewelry market. We, iDesigniBuy, offer customization solutions to brands who are willing to flourish in the industry.
Source- PR Newswire