The Africa costume jewelry market size was valued at $688.3 million in 2022 and is projected to reach $1,684.8 million by 2032, growing at a CAGR of 9.2% from 2023 to 2032.
Costume jewelry is a type of ornamental accessory that is often constructed of non-precious materials and is intended to complement a person's dress or costume. In contrast to fine jewelry, which is composed of precious metals and gemstones, costume jewelry is frequently constructed of materials such as base metals, glass, plastic, wood, or synthetic stones.
Costume jewelry is available in the form of necklaces, bracelets, earrings, rings, brooches, and hair decorations. These pieces are frequently meant to resemble expensive jewelry or to contain trendy characteristics. Costume jewelry, while not having the same inherent worth as real jewelry, may be visually attractive, adaptable, and inexpensive.
The rise in access to the internet and the broad adoption of smartphones have transformed the retail scene, allowing people to purchase securely from the comfort of their homes. This digital change has benefitted the Africa costume jewelry sector substantially since online platforms offer a wide selection of possibilities and simple access to a diversified spectrum of styles. In addition, the online sales platform has enabled small-scale jewelry producers and craftspeople to display their items to a larger audience, removing geographical restrictions and increasing their consumer base. The ease of online shopping, along with safe payment methods and quick delivery, has increased customer trust in purchasing jewelry online.
In addition, the surge in recognition of social networking sites and the use of influencer marketing have boosted online sales of costume jewelry. Social media channels are effective instruments for promoting, presenting jewelry trends, fostering desire, and increasing customer demand. Furthermore, internet platforms make jewelry modification easier, allowing clients to personalize their items on the basis of their tastes. This feature of personalization has grown in popularity among customers, assisting in the expansion of the Africa costume jewelry industry.
The expansion of the Africa costume jewelry industry has encountered hindrances due to poor supply chain infrastructure. Despite the demand for costume jewelry has increased, insufficient infrastructure and logistical constraints offer substantial barriers to Africa costume jewelry market growth. Considering Africa's large terrain, insufficient transportation networks, and a lack of efficient distribution channels, jewelry producers and retailers struggle to access their target clients in a quick and cost-effective manner. This results in disruptions in manufacturing and shipping, which affects customer satisfaction and hinders the capability of businesses to scale up their business activities. Furthermore, the scarcity of raw materials and industrial facilities in Africa complicates the supply chain. Jewelry producers mostly have to count on imports for materials, which may contribute to increase in costs and reliance on outside sources. Furthermore, the lack of specialized training and skill development programs for jewelry makers limits the industry's expansion.
Africa has become a popular tourist destination, attracting visitors from all over the world who want to see its various landscapes and rich cultural history. As a consequence, there is an upsurge in desire for one-of-a-kind and locally made souvenirs, such as costume jewelry, that serve as physical recollections of tourists' experiences. Tourists frequently seek genuine and culturally important objects to memorialize their travels and demonstrate their ties to Africa.
This creates an excellent potential for the costume jewelry businesses to meet this specialized demand by creating designs that integrate traditional African components such as tribal patterns, symbols of culture, and indigenous materials. In addition, the advent of ecotourism and sustainable travel practices have raised the demand for ethically sourced and environmentally friendly jewelry. African costume jewelry, with its emphasis on local workmanship and natural materials, fits very well with the principles of conscientious travelers. Furthermore, the tourist business allows local artists and jewelry designers to present their work and get visibility among a global audience. The Africa costume jewelry market has grabbed the opportunity to develop and contribute to the region's economic progress by capitalizing on the rise in tourist sector and adapting its offerings to the tastes of travelers.
Costume jewelry has historically been linked with women's fashion, however, in recent years, males have begun to embrace jewelry as a way of self-expression and flair. African guys are increasingly looking for one-of-a-kind and stylish accessories to enhance their look and create a fashion statement. The demand for costume jewelry among men is being driven by changes in work patterns, lifestyle shifts, and a surge in emphasis on representing one's personality. Factors such as the rise of metrosexual men, increase in acceptance of men's jewelry, and the influence of celebrities & influencers, including Bollywood and Hollywood actors, have significantly impacted men's fashion choices and contributed to Africa costume jewelry market demand.
Moreover, the trend of power dressing among men and improvements in living standards have created opportunities for companies to introduce new designer products tailored for different occasions within the men's jewelry segment. Bracelets, including leather bands, rugged rope bracelets, and link bracelets made from materials such as stainless steel, titanium, and gemstone mixes, have gained popularity in the male costume jewelry market.
The Africa costume jewelry market is segmented into gender, product type, mode of sale, and region. By gender, the market is classified into male and female. By product type, the market is categorized into necklaces & chains, earrings, rings, cufflinks & studs, bracelets, and others. By mode of sale, the market is divided into retail channel and online channel. Region-wise, the market is analyzed across West Africa (Nigeria, Ghana, Côte d'Ivoire, Niger, and the rest of West Africa) and rest of Africa (South Africa, Kenya, Sudan, Morocco, and other countries in rest of Africa).
According to the Africa costume jewelry market analysis, on the basis of gender, the female segment gained a major share of the Africa costume jewelry market in 2022 and is expected to sustain its market share during the forecast period. Changes in lifestyle along with increased awareness of the latest fashion trends in females, are the factors that influence the sale of costume jewelry. Moreover, there is a shift among female consumers from high-end gold and diamond jewelry toward lightweight costume jewelry, driven by customization options and change in fashion trends. The rise in spending capacity, particularly among working women, further supports the demand for costume jewelry.
Male segment will dominate the market during 2022 - 2032
According to the Africa costume jewelry market trends, on the basis of product type, the earrings segment gained a major share of the African market in 2022 and is expected to sustain its market share during the Africa costume jewelry market forecast period. The rise in demand for simple jewelry items, particularly earrings, across various age groups, has propelled the market growth for earrings. The availability of lightweight earrings in a diverse range of designs and colors fosters the expansion of earrings segment in the African market.
By Product Type
Rings segment will dominate the market during 2022 - 2032
According to the mode of sale, the retail channel segment gained a major share of the Africa costume jewelry industry in 2022 and is expected to sustain its market share during the forecast period. Moreover, there is an increase in emphasis on experiential retail, in which brick-and-mortar establishments focus on providing immersive and interesting shopping situations. Retailers invest in aesthetically appealing store design, engaging displays, and informed employees to improve the entire shopping experience for customers. This trend tries to attract customers who appreciate the tactile experience of trying on jewelry and obtaining personalized assistance while shopping.
By region, the rest of Africa region dominated the Africa costume jewelry market in 2022 and is expected to be dominant during the forecast period. There is a rise in desire among consumers across the rest of Africa for costume jewelry that shows cultural significance and traditional workmanship. Customers are drawn to jewelry that incorporates regional patterns, symbols, and resources, allowing them to express their cultural identity. Furthermore, there is a rise in demand for high-quality, premium costume jewelry that emanates refinement and elegance.
West Africa will dominate the market during 2022 - 2032
The players that operate in the Africa costume jewelry market have adopted various developmental strategies to expand their Africa costume jewelry market share, increase profitability, and remain competitive in the market. Key players profiled in this report include Compagnie Financière Richemont SA, H&M Group, Colette by Colette Hayman, Giorgio Armani S.p.A., Natura &Co, Woolworths Holdings Limited, Dangote Industries Limited, Claire’s Stores, Inc., Jumali Accessories, and Authentic Brands Group LLC.
Some Examples of Acquisition in The Market
- In January 2022, Natura &Co acquired Avon Products, Inc., which sells cosmetics and accessories. This strengthened its business position in the fashion and beauty industry and expanded its product offering in the costume jewelry category.
- In February 2020, Authentic Brands Group LLC., acquired Forever 21, which is a fast fashion retail company. Through this acquisition, it is anticipated to expand its product offering in costume jewelry.
Some Examples of Business Expansion in The Market
- In February 2023, H&M Group expanded its business presence in South Africa, under this expansion, it is projected to partner with Superbalist, which is an online retailer, to increase its product sales.
- In March 2021, Avon, part of Natura &Co, announced expansion in Kenya. This expansion is expected to strengthen its footprint in the East Africa market.
Key benefits for stakeholders
- The study provides an in-depth analysis of the market with current and future trends to elucidate the imminent investment pockets.
- Information regarding key drivers, restraints, and opportunities along with their impact analysis on the market is provided in the report.
- Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- A quantitative analysis of the Africa costume jewelry market opportunities from 2022 to 2032 is provided to determine the market potential.
Africa Costume Jewelry Market Report Highlights
By Product Type
By Mode of Sale
Key Market Players
Natura & Co, Dangote Industries Limited, Claire’s Stores, Inc., Colette by Colette Hayman, Compagnie Financière Richemont SA, Authentic Brands Group LLC., Giorgio Armani S.p.A., Woolworths Holdings Limited, Jumali Accessories, H&M Group
The Africa costume jewelry market has been growing steadily over the past few years. Hence, manufacturers have introduced innovative designs to sustain in the competitive and dynamic market. The costume jewelry market in developing countries such as Nigeria, Ghana, South Africa, and Morocco, is expected to exhibit a slow growth as compared to the countries in West Africa and the rest of Africa region.
In countries such as Sudan, Niger, and Côte d'Ivoire, the costume jewelry market possesses high growth potential. With the maturity and development of the South African market, especially for products such as necklaces and earrings, manufacturers are focused on countries such as Niger and Côte d'Ivoire to expand their foothold. In the Africa, non-branded products have a larger share as compared to branded products, thus the acceptance for branded products is expected to grow at a slow rate.
Furthermore, the use of inexpensive raw materials such as brass, glass, wood, and plastic in artificial and imitation jewelry is expected to lower the prices of jewelry, thereby driving the growth of the Africa costume jewelry market. The industry has recently observed an emerging trend of men using artificial jewelry products in their daily lives. The use of costume jewelry such as bracelets and rings by men is projected to eventually increase, which, in turn, is expected to supplement the growth of the Africa costume jewelry market. Moreover, online portals have become a popular medium to buy jewelry items among youths and are anticipated to serve as the potential medium of sale for costume jewelry in the upcoming years.