According to a new report published by Allied Market Research, titled, “Costume Jewelry Market by Product Type, Gender, and Mode of Sale: Opportunity Analysis and Industry Forecast, 2020–2027, The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
The global costume jewelry industry garnered $32.9 billion in 2019, and is anticipated to hit $59.7 billion by 2027, registering a CAGR of 7.8% from 2020 to 2027.
Rise in 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. Based on geography, North America dominated the market, with nearly one-third of the global costume jewelry market revenue in 2019.
Custom jewelry consists of fashion accessories, which are used to compliment an outfit. This type of jewelry is made from raw materials, which are less precious materials as compared to precious materials such as gold, diamond, and gems. The raw materials used for making costume jewelry include glass, plastic, semi-precious stones, beads, leather, aluminum, and brass. Increase in consumer preference for fashionable and affordable jewelry is expected to foster the growth of the global costume jewelry market.
Based on product type, the necklace and chains segment accounted for nearly one-fourth of the global costume jewelry market share in 2019. The segment is expected to rule the roost till 2027. Nevertheless, the rings segment is anticipated to cite the fastest CAGR of 8.9% throughout the forecast period.
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Based on gender, the female segment held the major share in 2019, accounting for 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.
Based on geography, North America dominated the market, with nearly one-third of the global costume jewelry market revenue in 2019, and is projected to maintain its lead 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 report also analyzes regions including Asia-Pacific and Europe.
Covid-19 Scenarios–
• The costume jewelry sector has witnessed a slide in terms of sales and revenue due to the global lockdown, as malls, retails shops, and markets have come to a halt.
• The manufacturing processes in the industry have been delayed and consumer demand has been decreased.
The key market players profiled in the report include:
• H & M Hennes&Mauritz AB
• Zara
• PRADA
• Swank Inc.
• Cartier
• Billig Jewelers Inc.
• BaubleBar Inc.
• Gianni Versace S.p.A
• The Colibri Group
• Swarovski Group
• Gucci Group NV
• Channel S.A.
• PANDORA A/S.
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