China and India are expected to spearhead the market growth, owing to high prevalence of wearing a myriad of jewelry amongst both men and women
According to a new report published by Allied Market Research, titled, “Jewelry Pad Market by Product Type, Material, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,”
The global jewelry pad market was valued at $317.3 million in 2020, and is projected reach $577.2 million by 2030, registering a CAGR of 4.3% from 2021 to 2030.
Jewelry pads are boxes or flat boards that are used for storing or displaying jewelry. There are different types of jewelry pads, depending on the type of jewelry it is made for holding. For example, jewelry pads for rings are mostly big tray-like pads with slots for placing multiple rings in a jewelry shop. However, for commercial use, jewelry pads for rings are mostly in the form of ring boxes. The main aim of jewelry pads is the safe storage of jewelry. They are made from materials that can cushion the jewelry and absorb any kind of impact that might harm the jewelry. The materials used are also free from chemicals and any kind of additives that can react with the precious metals and harm the jewelry in any manner.
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Increase in consciousness about external beauty among individuals has boosted the adoption of jewelry in the market. Rise in fashion consciousness has been observed among younger women. Rapidly changing fashion trends in various regions are increasing the need for affordable and stylish jewelry among customers. Jewelries, such as bracelets, rings, and chains, have surged the demand from both men and women. In addition, semi-precious stones carved in necklaces are in high demand among millennials and Gen X. Moreover, rise in trend of using jewelry among individuals across varied age groups is boosting the growth of the global jewelry market, which is propelling the jewelry pad market altogether.
The global jewelry pad market was significantly impacted by the COVID-19 pandemic. Lockdowns and restrictions in movements have resented to closure of the jewelry market across the world resulting in decreased sales of jewelry. Furthermore, jewelry pads are high in demand especially in China and India during wedding season. Stringent regulations regarding public events resulted in postponement of weddings, which have further negatively impacted the market in the region. Nevertheless, with widespread vaccinations across countries and relaxing of stringent guidelines, the demand for jewelry pads is expected to gain traction with opening up of economies.
The global jewelry pad market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific led in terms of the market share in 2020, and is estimated to grow with significant growth rate during the forecast period, owing to growing disposable income, extensive advertising and promotion, and large-scale urbanization. China along with India and South East Asian countries is expected to witness increased demand for jewelry pad in the coming years.
The jewelry pad market is highly fragmented with significant presence of a large number of regional players. Jewelry pads have gained huge traction over the last few years, owing to which various low-quality jewelry pads are flooded in the market. The right type of jewelry pad has no effect on jewelry. However, low-quality jewelry pad available in the market might increase the risk of tarnishing of jewelry.
The global jewelry pad market is segmented on the basis of product type, material, end user, and region. Based on product type, the market is divided into ear rings, necklace, rings, and others. By material, the market is classified into foam, fabric, and others. Based on end user, it is bifurcated into business to business and business to consumer. Region-wise, it is also studied across North America, Europe, Asia-Pacific, and LAMEA.
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Key Findings Of The Study
Region-wise, Asia-Pacific dominates in terms of the market share and is also anticipated to grow with the highest CAGR during the forecast period.
On the basis of product type, the necklace segment led the market share in 2020 and is also predicted to grow with the highest CAGR during the forecast period.
Depending on material, the foam segment captured about half of the market share.
On the basis of end user, the business to business segment leads in terms of the jewelry pad market share; however, the business to customer segment is expected to grow with a steady CAGR.
Some of the major players profiled in the jewelry pad market analysis include Finer Packaging Ltd, Gunther Mele Limited, Jep Pads Ltd, Jewelry Tray and Pad Company, Kling Gmbh, Nile Corp., Stockpak, Westpack A/S, The Jewelry Tray Factory, and JPB Jewelry Box Co. Other prominent players analyzed in the report are Jewelry Tray, Jeteho, RJ Displays, N’ice Packaging, Foraineam, Woodten, and Tinsow.
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