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.
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The key driving factors responsible for the growth of Costume
Jewelry market :
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.
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.
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