[198+ Pages Report] The latest publication by Facts & Factors titled “Global Jewelry Market” curtails all the aspects of the market that determine the projected path for the market development during the forecast timeframe. We at Facts & Factors after thorough market analysis have estimated that the total global Jewelry Market revenue generated by the market at the end of the forecast year 2026 will be USD 500 Billion from an initial offering of around USD 324.60 Billion in the year 2020 with an expected CAGR of around 8.5% during 2021-2026.
Global Jewelry Market: Overview
Jewelry are an aesthetic piece of adornment that consists of a wide range of products ranging from brooches, rings, necklaces, earrings, pendants, bracelets, and cufflinks to name a few. They are often considered to be one of the oldest links to the utopian civilization and are often depicted in older form of communicative documents. Jewelry is often produced from gold, a variety of gemstones, and copper for strengthening purposes. While the basic form of jewelry varies from culture to culture, the main purpose is to serve as a garment of visual fidelity. They are often donned around the neck, over the head and ankles, hand-worn and some can even be pierced in various parts of the body.
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Global Jewelry Market: Key Players
The key participants in the global jewelry market are Tiffany & Co., Pandora, Signet Jewellers, H Stern., Chow Tai Fook, Swarovski, Cartier, Buccellati, Harry Winston, Inc., Chopard, Rajesh Export Ltd., Chanel, LVMH Moët Hennessy, among others.
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Global Jewelry Market: Growth Factors
The latest driving force behind the extensive growth of the global jewelry market could be the increase in disposable income among the emerging economies and innovations in design and functionality of the latest iteration of jewelry based products. The latest innovation coupled with a larger volume based sale is likely to make it optimal to attract a larger consumer base, thereby encouraging manufacturers to cater the growing consumer demands. Additional factors include the changing lifestyle, donning of jewelry as a status symbol, and the growing adoption of men based products will drive the market to occupy a larger footprint during the forecast period. Moreover, the trend of bridal jewelry is anticipated to open new revenue streams for the global jewelry market.
A rising trend of cross-cultural jewelry is further expected to drive the growth of the market to a larger extent. Increased advertisement budgets and innovative international campaigns will further enable a mixture of jewelry products spread across the globe during the forecast. E-commerce is expected to play a vital role in driving the volumetric sales of the jewelry market during the forecast. Additionally, the improvement in connectivity services and availability of cheap data across the globe further help expand the global jewelry market. Raising awareness about consumers about the quality of gemstones and metals used for the production of premium quality jewelry is expected to propel the growth of the global jewelry market. However, e-commerce fraud and lack of knowledge among hallmark standards and purity of jewelry is expected to hinder the growth of the market to a certain extent.
Global Jewelry Market: Segmentation
The global jewelry market can be segmented on the basis of product, material, end-users, and regions.
On the basis of product, the global jewelry market can be divided into necklace, earrings, ring, bracelet, and others. The ring segment is expected to witness the largest market share among the segment during the advent of the forecast period. The segment occupied more than 25% market share during the last iteration of the forecast. Factors pertaining to the dominant growth of the segment can be contributed to increasing interest of consumers, intricate designs, and excessive details on the rings. Moreover, these products are often perceived as stylish and elegant. Awareness about spiritual beliefs among custom made rings is expected to drive the growth of the market as well. On the basis of material, the global jewelry market can be broken down into gold, platinum, diamond, and others. The gold segment is expected to occupy the largest market share during the forecast owing to an increase in exports and import of gold. Rising GDP of developing economies and the fact that gold is often accepted and traded as a hard currency in certain parts of the globe will drive the growth of the market toward a dominant position. The segment of diamond is expected to occupy a significant market share during the forecast owing to its particular properties like toughness and characteristic beauty. On the basis of end-users, the global jewelry market can be fragmented on the basis of men and women. Women are expected to occupy the largest market share during the forecast. Factors pertaining to the dominant position of the market can be credited to a range of products that are often designed keeping the latter in mind. Moreover, factors signifying the look among women will aid the market to witness significant growth. However, the segment of men will witness a holistic rise over the forecast period due to growing adoption of design to include the latter.
Global Jewelry Market: Regional Analysis
Asia-Pacific is expected to witness the largest market share during the advent of the forecast in terms of global revenue collection. The region is expected to account for more than 60% of the total revenue over the forecast timeframe. The presence of key players in the region and increased spending among consumers from emerging economies such as China and India are expected to boost the growth of the global jewelry market over the forecast period. Significant population, quality products, and increased demand from consumers will further propel the market to a significant rise. The region of Middle East and Africa is expected to occupy a larger market share during the forecast growing at a steady CAGR rate. The presence of gold mines in the region and the intricacy of designs are expected to boost the market.
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Global Jewelry Market: By Product Segment Analysis
Global Jewelry Market: By Material Segment Analysis
Global Jewelry Market: By End-Users Segment Analysis
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