The global costume jewelry market is anticipated to grow at a considerable CAGR during the forecast period (2022-2028). The presence of a huge population coupled with the growing disposable income of consumers is anticipated to drive the growth of the global costume jewelry market. According to the data published by United Nations Organization, the global population is projected to increase by 2 billion persons in the next 30 years from 7.7 billion in 2020 to 9.7 billion in 2050 and could peak at nearly 11 billion around 2100. The growth has been driven by increasing urbanization and accelerating migration. 61.0% of the global population lives in Asia, 17.0% in Africa, 10.0% in Europe, 8.0% in Latin America, and the remaining 5.0% in Northern America. Moreover, as per the data published by Statistics Canada, the share of disposable income for the household in the lowest quintile increased from 6.1% in the first quarter to a high of 7.2% in the second quarter of 2020. Also, as per OECD, the average household net adjusted disposable income per capita is $30,490 per annum.
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Looking toward the demand for costume jewelry, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in May 2019, AKS Clothing’s launched its new online brand, AKS Jewellery. AKS Jewelry is an online brand of costume jewelry and the products will be available on Myntra and the official website of AKS Clothing’s. As per the creative head, AKS Clothing’s, basic raw materials used to manufacture costume jewelry include metal, plastic base, silver junk, ivory, beads, and others. According to the company, the idea to expand the business in the jewelry vertical is due to an increase in the demand for people in aesthetic appearance and changing standards of living. Thus, such launches are anticipated to drive the growth of the global costume jewelry market during the forecast period.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By End-User
- By Distribution Channel
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Avon Products Inc., Yurman Design Inc., Stuller Inc., and Giorgio Armani S.p.A among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Costume Jewelry Market Report by Segment
By Type
- Necklaces & Chains
- Earrings
- Rings
- Cufflinks & Studs
- Bracelets
- Others
By End-User
- Men
- Women
By Distribution Channel
- Online stores
- Offline Stores
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