The global costume jewelry market is estimated to reach USD 39.2 billion, by 2025, expanding at a CAGR of 6.5% from 2019 to 2025, according to a new report by Million Insights. The rising population of working women individuals, increasing fashion trends, and increasing disposable income are the key factors that are expected to propel the market growth.
The ring type accounted for the largest market share of 33.6% in the overall market, segmented by type. The rings costs very less compare to other jewelry items, thus is expected to boost the growth of the market in the forecast period. The growing popularity among youth population is particularly in the women is anticipated to proliferate the demand for the production the next few years. Growing demand for high quality, ethical and newest designs is increasing the demand for the costume jewelry. Major players in the costume jewelry market focus on changing consumer behavior, fashion styles for developing new jewelry variants.
The offline stores channel held the largest market share of over 74.0% in the overall market. Consumers prefer to visit the offline stores for the customized and personalized product designs. Online channel is projected to grow at the highest CAGR of 7.1% from, 2019 to 2025.Rising number of online portals with trusted partners and dealers is boosting the online channels growth.
In 2018, Asia Pacific held the largest market share of over 35.0% in the overall market. In India, there is huge demand for the earrings as they are widely used by all age groups of women which in turn boosting the market growth. The working professional women population in the region accounts for 34.0% in the global market. Europe is projected to grow at the highest CAGR of 8.0% from 2019 to 2025.
Some of the leading players in the costume jewelry market include Premier Designs, Cartier, Silgan Azuli Skye, Sabika, Yanbal, Stella & Dotand Park lane.
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Further key findings from the report suggest:
• Ring segment is projected to grow at a fastest CAGR of 7.1% between, 2019 to 2025.
• In 2018, North America contributed to over 25.0% in the overall market.
• Online stores channel is projected to grow at the fastest CAGR of 7.1% from 2019 to 2025. The segment is expected to continue its dominance over next few years.
Million Insights has segmented the costume jewelry market based on type, distribution channel, end user, and region:
Costume Jewelry Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
• Online Stores
• Offline Stores
Costume Jewelry Type Outlook (Revenue, USD Billion, 2015 - 2025)
Costume Jewelry End User Outlook (Revenue, USD Billion, 2015 - 2025)
Costume Jewelry Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa