According to a new report published by Allied Market Research, titled, “India Costume Jewelry Market by Product Type, Gender and Mode of Sale: Global Opportunity Analysis and Industry Forecast, 2019–2027,” The report offers a detailed analysis of changing market dynamics, key investment pockets, top segments, value chain, regional scenario, and competitive landscape.
The India costume jewelry market size is expected to reach $2,126.3 million by 2027 at a CAGR of 7.0% from 2019 to 2027.
Rapid urbanization, increase in online sales of jewelry, surge in number of fashion-conscious consumers, and demand for artificial jewelry drive the growth of the India costume jewelry market. Owing to lockdown restrictions imposed by the Indian government, there has been partial or complete stoppage of production of costume jewelry. Moreover, the laborers returned to their hometowns and this created a shortage of workers in the ornament manufacturing industry.
The India Costume Jewelry Market has grown significantly over the years and is expected to grow at a steady rate during the forecasted period. This is due to a lot of factors, including a change in lifestyle, an increase in the price of precious metal jewelry, an increase in fashion consciousness, and a change in packaging styles and attractive marketing strategies.
Based on type, the earring segment held the highest share in 2019, accounting for nearly one-fourth of the total share, and is projected to continue its lead position throughout the forecast period. Moreover, this segment is estimated to manifest the highest CAGR of 8.0% from 2021 to 2027. The research also analyzes the segments including necklaces & chains, rings, cufflinks & studs, bracelets and others.
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Based on gender, the female segment contributed to the highest share in 2019, accounting for more than two-thirds of the India costume jewelry market, and is expected to maintain its leadership status during the forecast period. Moreover, this segment is projected to register the largest CAGR of 7.3% from 2021 to 2027. The research also analyzes the male segment.
Based on mode of sale, the retail sale segment accounted for the highest share in 2019, holding more than half of the total market share, and is estimated to maintain its dominance in terms of revenue during the forecast period. Moreover, this segment is expected to witness the fastest CAGR of 7.5% from 2021 to 2027. The research also analyzes the online sale segment.
Covid-19 Scenario:
• Owing to lockdown restrictions imposed by the Indian government, there has been partial or complete stoppage of the production of costume jewelry. Moreover, the laborers returned to their hometowns and this created a shortage of workers in the ornament manufacturing industry.
• Raw material shortages occurred due to transportation restrictions during the lockdown. Furthermore, the outbreak led to a decline in the rate of import and export from one country to another, which resulted in the high costs and scarcity of materials.
Leading players of the India costume jewelry market analyzed in the research include Avon Products Inc., Zaveri Pearls, Voylla, Sukkhi Fashion Jewelry, Pipa Bella, Tanishq, Romoch, Tribe Amrapali, Swarovski Group, Yellow Chimes, Isharya, Youbella, Kushal’s, Peora, SIA, and Pooja Jewels.
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