The costume jewelry market was valued at $32.9 billion in 2019, and is estimated to reach $ 59.7 billion by 2027, registering a CAGR of 7.80% from 2020 to 2027. In 2019, the female gender segment accounted for more than half of the share in the total costume jewelry market, and is expected to grow at a CAGR of 7.60% throughout the forecast period. Costume jewelry is fashion accessoryused to compliment an outfit. Raw materials used to produce such type of jewelry is made of less precious materials as compared to precious materials such as gold, diamond, and gems. For instance, glass, plastic, semi-precious stones, beads, leather, aluminum, brass, and others are the raw materials used in the making of costume jewelry. Increase inconsumer preference for fashionable and affordable jewelry is expected to foster the growth of the market. The adoption of costume jewelry has been significantly high in mature regions such as the U.S., Canada, and Germany, while emerging countries such as China, Brazil, and India are catching up rapidly.
Costume jewelry has been gaining traction in emerging market, owing to change in lifestyle, rise in disposable income, and surge inprices of precious metal jewelry and helps to grow the costume jewelry market size. Furthermore, increase in fashion consciousness and surge in adoption of jewelries such as necklaces, rings, and bracelets among female consumers drive the growth of costume jewelry market growth. Moreover, change in packaging styles of jewelry products fuels the costume jewelry market growth. In addition, aggressive advertisements and celebrity endorsement have helped the costume jewelry industry to pave its way toward growth. However, factors hindering the market growth are rise in prices of raw materials used for costume jewelry and limited period popularity of the jewelry. On the contrary, increase in urbanization, rise in fashion consciousness among youngsters, and surge in demand for costume jewelry for men offer potential opportunities for manufacturers to innovate and develop new products according to consumer preferences.
The global costume jewelry market is segmented into product type, gender, mode of sale, and region. On the basis of product type, the market is segregated into necklaces & chains, earrings, rings, cufflinks & studs, bracelets, and others. By gender, it is segmented into male and female. By mode of sale, it is fragmented into retail sale and online sale. The market is analyzed across four regions, North America, Europe, Asia-Pacific, and LAMEA.
Depending on the costume jewelry market analysis, in 2019, the necklaces & chains and bracelets segments helda combined share of 41.4% in global costume jewelry market, owing to their increased demand. This can be attributed to rise in the female as well as male fashion-conscious consumers across the globe.
By Product Type
The rings segment would witness the fastest growth, registering a CAGR of 8.9% during the forecast.
On the basis of costume jewelry market analysis, the female segment generated the maximum revenue in 2019, and is expected to continue this trend throughout the forecast. This can be attributed to changes inlifestyle and demographic dividend, rise inawareness on skin care & allergies caused due to metals, and customization of jewelry designs. However, the male segment is expected to grow at the highest CAGR throughout the global costume jewelry market forecast period, owing to rise in metro sexual men, increase in acceptance for men’s jewelry, and rise in celebrity culture, with influencers such as Bollywood and Hollywood actors.
Male segment would witness the fastest growth, registering a CAGR of 8.2% during the forecast period.
Depending on the costume jewelry market trends, in 2019, theretail sale was the most prominent segment, accounting for the highest share in the costume jewelry market. This is attributed to options such as discounts and trial before purchase as well as the benefit of immediate gratification. However, the online sale segment is expected to witness the highest growth, owing to increase in penetration of internet and rise in use of smartphones for online shopping, as it allows consumers to compare products in real time and make informed decisions.
By Mode Of Sale
Online sale segment would witness the fastest growth, registering a CAGR of 8.9% during the forecast period.
North America is the most prominent regional market, owing to its evolved retail structure and higher adoption of costume jewelry due to aggressive advertising and celebrity brand endorsement. Moreover, higher expenditure of consumers on fashion accessoriesadds to the popularity of costume jewelry in this region. However, the costume jewelry market has significantly benefited from the economic growth in the Asia-Pacific and LAMEA regions. Improvement in living standards and surge in fashion consciousness are expected to boost the market growth. Presently, costume jewelriesare high in demand among corporate people, working women, teenagers, and working population, owing to their affordability and increase in demand from men, which propel the growth of the overall market.
LAMEA would witness the fastest growth, registering a CAGR of 8.8% during the forecast period.
Players in the costume jewelry market have adopted product launch as their key development strategy to increase profitability and to improve stance in the costume jewelry market share. In addition, key players relyon product launch to improve their product portfolio and stay relevant in the global market. The key players profiled in thereport include Avon Products, Inc., Buckley London, Compagnie Financière Richemont SA, DCK Group, Giorgio Armani S.p.A., H.Stern Jewelers, Inc., LVMH Group, Randa Accessories, Stuller, Inc., and Yurman Design Inc.
The other players operating in the global costume jewelry market are The Colibri Group, Channel S.A., Gianni Versace S.p.A., Gucci Group NV, Swarovski Group, PANDORA A/S, H & M Hennes & Mauritz AB, Zara, PRADA, Swank, Inc., Cartier, Billig Jewelers, Inc., and BaubleBar Inc.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the current costume jewelry market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the costume jewelry market size and segmentation assists to determinethe prevailing costume jewelry market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the global costume jewelry market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry.
Costume Jewelry Market Report Highlights
By Product Type
By Mode Of Sale
Key Market Players
Compagnie Financière Richemont SA, Stuller, Inc., Buckley London, Randa Accessories, LVMH Group, Giorgio Armani S.p.A., Yurman Design Inc., DCK Group, H.Stern Jewelers, Inc., Avon Products, Inc.
The global costume jewelry market has been growing steadily over the past few years. Hence, manufacturers are implementing large number of design innovations to sustain in the competitive and dynamic market. The costume jewelry market in the developed countries such as the U.S., Canada, UK, and Italy is expected to exhibit a slow growth as compared to developing regions. In countries such as India, China, South Africa, and the Middle East, the costume jewelry market has large potential to grow in the years to come. With the maturity of the North American and European markets, especially for products such as necklaces and earrings, manufacturers have focused on the Asian countries, such as India and China to expand their foothold. This is attributed to the fact that in developing countriessuch as India, non-branded products have a larger share as compared to branded products. Moreover,most of the companies have shifted their production plants to China and other Asia-Pacific countries to cut down the manufacturing costs.
Use of inexpensive raw materials such as brass, glass, wood, and plastic in artificial and imitation jewelry is expected to lower the prices of the jewelry items, thereby driving the growth of the costume jewelry market globally. The industry has recently observed an emerging trend of men using artificial jewelry products in their daily lives. Use of costume jewelries such as bracelets and rings by men is expected toeventually increase, which, in turn, will supplement the growth of the global costume jewelry market. In addition, online portals are becoming a popular medium to buy jewelry items among youths, and are anticipated to serve as a potential medium of sale for costume jewelry in the coming years.