Global Jewelry Market Size Will Grow to USD 459.43 billion by 2030: By Top Companies, Landscape, Solutions and Trends Analysis by Polaris Market Research
The global Jewelry Market size was valued at 237.65 Billion in 2021 and is anticipated to reach USD 459.43 Billion by 2030, to grow at a CAGR of 7.7%during the forecast period.
Ornaments have gained traction in the emerging market due to lifestyle changes and a rise in the prices of precious metal ornaments, contributing to the growth of the industry size. Also, female consumers’ increased fashion consciousness and increased acceptance of pieces of ornaments such as necklaces, rings, and bracelets support the growth of the industry. Further, rising investment in jewelry development, rising partnerships, and geographical expansion by the major players drive industry growth.
For instance, Malbar Group would spend Rs. 750 crore (US$ 100 Billion) in a gold refining and jewelry business in Hyderabad in September 2021. Malabar Gold & Diamonds said in April 2021 that it would invest Rs. 1,600 crore (US$ 214 Billion) in FY22 to open 56 outlets, 40 of which would be in India and 16 in international markets.
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Moreover, Tanishq will launch antimicrobial jewelry in select areas as a trial project in June 2021. In addition to it, the World Gold Council and the Gem and Jewellery Export Promotion Council struck an agreement in June 2021 to produce gold ornaments in India. In March 2021, Joyalukkas partnered with IBM to design, build, and deploy a cloud-based e-commerce platform across 11 countries. However, obstacles impeding industry growth include rising raw material prices for ornaments, changes in ornaments packaging patterns, and the product’s short-term appeal. Thus, these factors are boosting the market growth during the forecast period.
Based on the product, the ring segment accounted for the leading share in the market in 2021. The increased customer interest in the exquisite designs and features of the rin30gs is the primary cause for this jewelry’s success. Rings are also thought to be fashionable and elegant. As a result, increased consumption of men’s signet rings is likely to drive the industry.
Rings come in a variety of sizes and forms. They are used not only during engagements and anniversaries but also regularly. Silver, for example, is believed to have healing powers and assist with heat production and circulation. As a result, many people are wearing silver rings. The accessibility of custom-made rings and increased awareness of the religious benefits of various metals are predicted to drive the ring product segment throughout the forecast period.
Market players such as Buccellati, Cartier, Chow Tai Fook Jewelry Company Limited, LVMH Group, Malabar Gold & Diamonds, Swarovski, Tata Sons Private Ltd, The Swatch Group AG, are some key players operating in the global market.
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Impact Analysis of COVID-19 Pandemic
The report sheds light on the impact of the COVID-19 pandemic on the Jewelry market growth with a detailed analysis. Our research framework covers the analysis on the ongoing COVID-19 outbreak featuring its impact on target industry, market players, revenue model, and potential paths forward. The research report delivers insights studying the major changes in consumer demand, purchasing behavior, dynamics of current market forces, and interventions of the local bodies and governments. The most authentic study covered in the research report gives a clear picture of the market patterns amid the pandemic period and suggestions for the market players to consider for the post-pandemic period.
Segmentation of Jewelry Market
The research report also allows readers to help understand the actual dynamics of the market by analyzing it at the macro and micro level thorough segmentation of the market. An in-depth analysis of the global market comprises detailed segmentation of the market by type, application, end-user and region. This part of the report also focuses on the major dominating segments along with their revenue-generation model and predictions for the future. These key insights are extremely crucial for market players to find the actual potential of the market and work in the right direction to achieve higher revenues.
Polaris Market Research has segmented the jewelry market report based on product, material type, category, distribution channel, and region:
Jewelry, Product Outlook (Revenue – USD Billion, 2018 – 2030)
Jewelry, Material Type Outlook (Revenue – USD Billion, 2018 – 2030)
Jewelry, Category Outlook (Revenue – USD Billion, 2018 – 2030)
Jewelry, Distribution Channel Outlook (Revenue – USD Billion, 2018 – 2030)
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The regional section for the Jewelry market size provides a detailed study of each major regional market across the globe. The report includes key details regarding the underlying patterns in the region with regards to the market and predicts the future trends for each regional market. Major data points such as import-export analysis, consumption volumes, cost of raw materials, production sites and volumes, downstream and upstream value chain analysis, and price trend analysis are used to forecast the possible scenario for the individual region.
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