The India Costume Jewelry market size was valued at $1,788.6 million in 2019, and is estimated to reach $2,126.3 million by 2027, registering a CAGR of 7.0% from 2021 to 2027.
Costume jewelry is a type of fashion accessory that is used to complement an outfit. This type of jewelry is made of less precious materials than precious materials such as gold, diamonds, and gems. Glass, plastic, semi-precious stones, beads, leather, aluminum, and brass are among the raw materials used to make costume jewelry. Consumer preference for fashionable and affordable jewelry is expected to fuel the growth of the Indian costume jewelry market.
Changes in lifestyle, rise in disposable income, an increase in the price of precious metal jewelry, an increase in fashion consciousness, and variations in packaging styles and appealing marketing strategies all contribute to the market's growth. However, factors impeding market growth include an increase in the price of raw materials used in costume jewelry and the jewelry's limited period popularity.
Conversely, increased urbanization, design innovations, and a surge in demand for men's costume jewelry provide potential opportunities for manufacturers to innovate and develop new products based on consumer preferences.
The COVID-19 pandemic had a significant impact on markets across all industries, with the number of COVID-19 cases increasing by the day. The virus outbreak also had an impact on India's jewelry industry. As the lockdown continues, demand has fallen and losses have begun to rise. The lockdown, which was necessary in the interests of the people, occurred unexpectedly and in March, which is the end of the fiscal year, affecting targets and actual business. Moreover, March is the month in which the final bookkeeping is delayed, all of which has a significant impact on all businesses, including the Indian Costume Jewelry market.
Furthermore, rising demand for the product as a result of a growing working population has been propelling market demand in recent years. A growing number of manufacturers have introduced a variety of low-cost options, resulting in increased popularity among young people, corporate workers, and working women. This has resulted in an increase in product demand over the last five years.
The frequent price changes in gold and silver have also played a significant role in the product's rise in demand. In India, for example, the price of gold has risen by 11.5 percent on average each year. In countries such as India, where people prefer to wear jewelry, it is difficult for the economic class to purchase gold. As a result, the region's demand for costume jewelry has increased, influencing overall market demand in the near future. These factors are expected to drive the growth of the India costume jewelry market over the forecast period.
In recent years, growing e-commerce and internet penetration in both rural and urban areas have influenced demand for costume jewelry. As a result of increased internet penetration in recent years, market demand for the product has increased as well. In addition, rising demand for the product in the men's segment has fueled market growth during the forecast period.
However, rising raw material prices and the availability of fad products on the market may limit future growth. Because of the market's unorganized supply chain, the industry has seen a sudden increase in the price of the product. These factors have the potential to hinder market growth in the stipulated time frame. Increasing online platforms and trusted sellers, on the other hand, are creating new opportunities for market players, driving the market in the positive way.
The presence of numerous independent costume jewelry labels contributes to a constant flow of new designs and patterns in the overall India costume jewelry market. In addition to independent flagship stores, independent costume jewelry labels sell online to broaden their reach. Limited-edition pieces designed by independent costume jewelry labels that are mostly affordable are generating interest from middle-class consumers. Independent jewelry labels' designs and patterns are often inspired by real-life objects from history or nature. Such design innovations, which appeal to discerning modern consumers, are putting established brands in the India costume jewelry market in competition.
The India Costume Jewelry market is segmented on the basis of product type, gender, and mode of sale. On the basis of product type, the market is categorized into necklaces & chains, earrings, rings, cufflinks & studs, bracelets and others. As per gender, it is divided into male and female. According to mode of sale, the India Costume Jewelry market is fragmented into retail sale and online sale.
The major players operating in the India Costume Jewelry market are Avon Products Inc., Voylla, Zaveri Pearls, Pipa Bella, Sukkhi Fashion Jewelry, Romoch, Tanishq, Swarovski Group, Tribe Amrapali, Isharya, Yellow Chimes, Kushal’s, Youbella, SIA, Peora, and Pooja Jewels.
Costume jewelry is a type of fashion accessory that is used to complement an outfit. This type of jewelry is made of less precious materials than precious materials such as gold, diamonds, and gems. Glass, plastic, semi-precious stones, beads, leather, aluminum, and brass are among the raw materials used to make costume jewelry. Consumer preference for fashionable and affordable jewelry is expected to fuel the growth of the Indian costume jewelry market.
Changes in lifestyle, rise in disposable income, an increase in the price of precious metal jewelry, an increase in fashion consciousness, and variations in packaging styles and appealing marketing strategies all contribute to the market's growth. However, factors impeding market growth include an increase in the price of raw materials used in costume jewelry and the jewelry's limited period popularity.
Conversely, increased urbanization, design innovations, and a surge in demand for men's costume jewelry provide potential opportunities for manufacturers to innovate and develop new products based on consumer preferences.
The COVID-19 pandemic had a significant impact on markets across all industries, with the number of COVID-19 cases increasing by the day. The virus outbreak also had an impact on India's jewelry industry. As the lockdown continues, demand has fallen and losses have begun to rise. The lockdown, which was necessary in the interests of the people, occurred unexpectedly and in March, which is the end of the fiscal year, affecting targets and actual business. Moreover, March is the month in which the final bookkeeping is delayed, all of which has a significant impact on all businesses, including the Indian Costume Jewelry market.
Furthermore, rising demand for the product as a result of a growing working population has been propelling market demand in recent years. A growing number of manufacturers have introduced a variety of low-cost options, resulting in increased popularity among young people, corporate workers, and working women. This has resulted in an increase in product demand over the last five years.
The frequent price changes in gold and silver have also played a significant role in the product's rise in demand. In India, for example, the price of gold has risen by 11.5 percent on average each year. In countries such as India, where people prefer to wear jewelry, it is difficult for the economic class to purchase gold. As a result, the region's demand for costume jewelry has increased, influencing overall market demand in the near future. These factors are expected to drive the growth of the India costume jewelry market over the forecast period.
In recent years, growing e-commerce and internet penetration in both rural and urban areas have influenced demand for costume jewelry. As a result of increased internet penetration in recent years, market demand for the product has increased as well. In addition, rising demand for the product in the men's segment has fueled market growth during the forecast period.
However, rising raw material prices and the availability of fad products on the market may limit future growth. Because of the market's unorganized supply chain, the industry has seen a sudden increase in the price of the product. These factors have the potential to hinder market growth in the stipulated time frame. Increasing online platforms and trusted sellers, on the other hand, are creating new opportunities for market players, driving the market in the positive way.
The presence of numerous independent costume jewelry labels contributes to a constant flow of new designs and patterns in the overall India costume jewelry market. In addition to independent flagship stores, independent costume jewelry labels sell online to broaden their reach. Limited-edition pieces designed by independent costume jewelry labels that are mostly affordable are generating interest from middle-class consumers. Independent jewelry labels' designs and patterns are often inspired by real-life objects from history or nature. Such design innovations, which appeal to discerning modern consumers, are putting established brands in the India costume jewelry market in competition.
The India Costume Jewelry market is segmented on the basis of product type, gender, and mode of sale. On the basis of product type, the market is categorized into necklaces & chains, earrings, rings, cufflinks & studs, bracelets and others. As per gender, it is divided into male and female. According to mode of sale, the India Costume Jewelry market is fragmented into retail sale and online sale.
The major players operating in the India Costume Jewelry market are Avon Products Inc., Voylla, Zaveri Pearls, Pipa Bella, Sukkhi Fashion Jewelry, Romoch, Tanishq, Swarovski Group, Tribe Amrapali, Isharya, Yellow Chimes, Kushal’s, Youbella, SIA, Peora, and Pooja Jewels.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of current trends, estimations, and dynamics of the India Costume Jewelry market from 2019 to 2027 to identify the prevailing market opportunities.
- Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global industry. The market player positioning segment facilitates benchmarking while providing a clear understanding of the present position of the key market players.
- The report includes analyses of the regional as well as global market, key players, market segments, application areas, and growth strategies.
KEY MARKET SEGMENTS
By Product Type
- Necklaces & Chains
- Earrings
- Rings
- Cufflinks & studs
- Bracelets
- Others
By Gender
- Male
- Female
By Mode of Sale
- Retail Sale
- Online Sale
| Report Attribute | Details |
|---|---|
| No. of Pages | 153 |
| Published | August 2021 |
| Forecast Period | 2019 - 2027 |
| Estimated Market Value ( USD | $ 1237.53 million |
| Forecasted Market Value ( USD | $ 2126.3 million |
| Regions Covered | Global, India |
| No. of Companies Mentioned | 16 |
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: COSTUME JEWELRY MARKET, BY PRODUCT TYPE
CHAPTER 5: COSTUME JEWELRY MARKET, BY GENDER
CHAPTER 6: COSTUME JEWELRY MARKET, BY MODE OF SALE
CHAPTER 7: COMPETITION LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Avon Products Inc.
- Voylla
- Zaveri Pearls
- Pipa Bella
- Sukkhi Fashion Jewelry
- Romoch
- Tanishq
- Swarovski Group
- Tribe Amrapali
- Isharya
- Yellow Chimes
- Kushal’s
- Youbella
- SIA
- Peora
- Pooja Jewels
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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