According to a new report published by Allied Market Research, titled, Costume Jewelry Market by Type, Mode of Sale, Gender, and Geography: Global Opportunity Analysis and Industry Forecasts, 2014-2022, the global costume jewelry market size was valued at $25,554 million in 2015, and is estimated to reach $40,631 million by 2022, growing at a CAGR of 6.9% from 2016 to 2022. North America accounted for around 32% share of the overall market revenue in 2015, owing to rising prices of precious metal jewelries such as gold, silver and diamond, resulting in higher adoption of costume and imitation jewelries among consumers. Asia-Pacific is anticipated to grow at the highest CAGR of 8.5% from 2016 to 2022.
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The market is driven by factors such as low-maintenance cost, growing fashion consciousness, rising prices of gold & diamond jewelry, and affordability of costume jewelries. However, fluctuating costs of raw materials, lack of durability of jewelry item, and stringent import & trade laws are the constraints for the market growth.
The global costume jewelry market is categorized based on the type of product into necklaces & chains, rings, earrings, bracelets, cufflinks & studs, and others. Necklaces & chains segment generated a higher revenue in 2015, and is expected to dominate the market throughout the forecast period. Increase in use of artificial jewelry such as necklaces and chains in bridal wear, daily wear, and fashion wear is expected to boost the market growth.
The global costume jewelry market is segmented based on gender into male and female consumers. Female consumers segment generated the highest revenue in 2015, constituting more than 64% of the total market by value and maintain its dominance during the forecast period. The male consumers segment is expected to exhibit significant growth with improvement in mens jewelry designs, growing demand for wedding rings, and rising preference for corporate dressing. Other factors driving the male costume jewelries market are growing fashion awareness and inclination towards piercing and tattooing ornament on their bodies.
The global costume jewelry market is categorized based on the mode of sale into retail sales channel and online sales channel. Retail sales channels include brand outlets, physical stores, departmental stores, retail shops, and flagship stores. The segment contributed largest revenue in 2015, constituting around 86% of the total costume jewelry market. However, the online sales segment is anticipated to grow at the highest CAGR during the forecast period owing to improvements in various digital platforms and increasing e-commerce websites.
The demand for imitation jewelry is growing at a steady pace. The market has witnessed a steady increase in the demand for costume jewelries, globally, every year.. However, the adoption is faster in Asia-Pacific and LAMEA. With the increasing penetration of artificial jewelry among males and females, especially for the products such as rings, earrings, and bracelets, costume jewelry manufacturers are now targeting developing nations such as India and China as the potential markets. Growing population, rising disposable income, and improving economic conditions are the key factors fueling the market growth in these regions.
China is one of the top three exporters of costume jewelry in the world, as it is a cost-effective manufacturing hub with a large base of manufacturers. Many of the companies shifted their manufacturing base from Western countries to the East, and especially to China owing to the low cost of labor and operations. This scenario is expected to result in paradigm shift in the industry increasing focus on product innovation & differentiation rather than lost-cost product offerings and streamlining distribution channels.
The global costume jewelry market is highly fragmented with both small and large players as well as other small brands and local non-branded products. LOUIS VUITTON, Avon Products, Inc., BaubleBar Inc., and Buckely London are key companies in the global costume jewelry market.
North America accounted for the major share in the global costume jewelry industry in 2015, and is expected to maintain its dominance throughout the forecast period, owing to growing demand for imitation jewelry items and increase in imports in U.S. Asia-Pacific is projected to grow at the highest rate in the near future, owing to increasing adoption of inexpensive artificial jewelry items, growing fashion consciousness, and rising purchasing power of consumers.
Key Findings of the Costume Jewelry Market
- The rings segment is expected to grow at the highest CAGR of 8.8% from 2014 to 2022.
- U.S. accounted for the largest customer base in the North American costume jewelry market in 2015, and is anticipated to dominate the market throughout the forecast period.
- The online mode of sale segment is expected to grow at a highest CAGR of 7.7%
- The male consumers segment is expected to grow at a highest CAGR of 7.6% during the forecast period.
The key players profiled in the report are Buckley London, Avon Product Inc., Swank, Inc., Cartier, LOUIS VUITTON, DCK Concessions, Billig Jewelers, Inc., BaubleBar Inc., Giorgio Armani S.p.A, and Stuller, Inc. Market players have adopted various strategies such as product launch, acquisition, collaboration, and partnership to expand their foothold in the market.