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The global costume jewelry market size was valued at USD 32.83 billion in 2022 and is projected to grow from USD 34.81 billion in 2023 to USD 56.35 billion by 2030, exhibiting a CAGR of 7.12% during the forecast period.
Costume jewelry, also called fashion, artificial, or fake jewelry, is made from affordable, mass-produced materials and typically involves plated metal, where a thin layer of a more expensive metal is applied over a less costly one. Jewelry under fashion jewelry may include genuine gold, silver, platinum settings, as well as semi-precious stones or synthetic gemstones. Jewelry that combines a natural centerpiece gemstone with manufactured surrounding stones can also be classified as fashion/fake jewelry, making it an affordable choice over jewelry featuring precious metals. The increasing number of designers penetrating the global market and the increasing demand for contemporary jewelry propel market growth.
Supply Chain Disruptions During COVID-19 Pandemic Hampered Product Sales Worldwide
The global costume jewelry market share in 2020 was significantly affected by the manufacturing and supply chain disruptions caused by the COVID-19 pandemic. The novel pandemic also caused significant production delays, hampering product sales worldwide. Furthermore, the COVID-19 outbreak impeded international trade, thereby reducing manufacturers' profitability throughout 2020.
During the 2020 pandemic, the demand for costume jewelry metals declined due to income losses among consumers, the postponement of wedding engagements, and the cancellation of various events and gatherings. Strict social distancing and lockdown measures prompted a significant migration of workers from urban to rural areas, resulting in labor shortages. In addition, disruptions in the import and export of raw materials between countries led to increased costs and shortages amid the pandemic.
Growing Popularity of Genderless Jewelry to Boost Product Demand
The jewelry and fashion industry are witnessing a significant shift toward gender neutrality. Genderless jewelry is gaining widespread recognition, endorsed by internationally renowned personalities such as Shawn Mendes (a well-known Canadian singer), ASAP Rocky (an American rapper), and BTS (a popular Korean band), who frequently showcase and promote genderless fashion. Moreover, individuals increasingly express themselves without boundaries, leading to evolving attitudes on gender inclusivity and acceptance, propelling the demand for genderless products.
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Increasing Number of Fashion-Conscious Consumers to Favor Market Expansion
The growing population of fashion-conscious consumers is fueling the global market growth. Furthermore, industry participants are increasingly using social media platforms such as Instagram, Facebook, and Snapchat to introduce new product designs and accessories to target young individuals, notably Gen Z consumers. Moreover, these social media platforms have gained immense popularity among several brands as direct channels to engage with potential consumers, shaping consumer behavior and enhancing fashion consciousness on a global scale. Furthermore, the rising trend of personalized jewelry, influenced by social media, contributes to market growth.
Increasing Number of Working Women across Countries to Fuel Market Growth
The increasing disposable income among consumers worldwide, driven by economic growth in emerging economies, favors market expansion. Rising disposable incomes strengthen consumers' purchasing power and affordability, increasing their willingness to purchase fashion jewelry. In addition, the increasing population of working women and their rising awareness regarding modern jewelry trends, is contributing to the acceleration of product sales. Affordability, availability of trendy designs, diverse material options, and low maintenance are other prominent factors triggering the product sales.
Stringent Industry Regulations and Rising Competition to Limit Market Growth
Stringent regulations and standards pertaining to materials such as nickel and cadmium in fashion jewelry are limiting the market growth. Compliance with these regulations can increase production costs and limit the range of materials used for manufacturing fashion jewelry, affecting product affordability and diversity. For instance, the Fashion Jewelry & Accessories Trade Association (FJATA), a non-profit organization specializing in clothing, jewelry, and fashion accessories regulations, enforces the ASTM F2923-11 standards, limiting the usage of cadmium in children's jewelry. Furthermore, artificial jewelry manufacturers face intense competition from fine and demi-fine jewelry companies. The market is further constrained by an expanding consumer base seeking more prestigious accessories.
Rising Trend of Layering and Stacking to Fuel Necklaces Demand Worldwide
Based on type, the global market is segmented into necklaces & chains, rings, bracelets, earrings, and others.
The necklaces & chains segment dominates the global market. Necklaces & chains are a popular choice for gifts on various occasions, including birthdays, weddings, anniversaries, and holidays, thereby increasing the product demand. Furthermore, layering and stacking necklaces are becoming a prominent fashion trend worldwide. Several individuals, notably younger consumers, opt to wear multiple necklaces of varying lengths and styles together to create a fashionable and customized look, fueling the demand for necklace and chain offerings.
The rings segment is expected to grow significantly throughout the forecast period due to rising trends and the popularity of spinning and personalized rings among women across countries. Rings are often chosen as gifts for special occasions such as engagements, weddings, and anniversaries. The growing popularity of rings made from lab-grown gemstones, such as lab-created diamonds and gem simulants, is noteworthy. This trend is driven by a growing demand for more affordable and ethical options among consumers looking options beyond traditional gemstones.
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Growing Popularity of Fusion Jewelry to Boost Product Demand among Women
Based on end users, the global market is segmented into men and women.
The women's segment is likely to dominate the market throughout the forecast timeframe. The extensive availability of innovative, elegant, and contemporary jewelry designs tailored for women favors the growth of the segment. Moreover, the increasing social and financial independence, coupled with increasing disposable incomes, positions women as the key customers for artificial jewelry. Women are usually known for their penchant for fashion and accessorizing, making fashion jewelry a key component of their style.
The men's segment is expected to grow steadily over the forecast period. Increasing fashion consciousness and the growing jewelry trend among male celebrities such as Lewis Hamilton (a popular British car racer) and Harry Styles (a renowned Hollywood singer) encourages industry players to target male consumers. Moreover, the legalization of same-sex marriage across over 30 countries is boosting the demand for men's engagement rings. Furthermore, several male consumers use artificial jewelry to express their individuality and personal style, fueling the market growth.
Growing Demand for Personalized Shopping Experience is Driving Product Sales through Offline Channels
Based on distribution channel, the market is segmented into offline and online.
The offline segment emerged as the largest in 2022. The increasing penetration of new brands and the growing consumer inclination to inspect product quality physically contribute to higher product sales through offline distribution channels. Moreover, offline channels provide customers with a personalized and tactile shopping experience. In-store staff typically engage with customers directly, providing recommendations and expert guidance based on individual preferences, thereby accelerating product sales through the offline platform.
The online sale of fake jewelry is expected to accelerate throughout the forecast period owing to an expanding tech-savvy population and increasing internet and smartphone penetration. Online platforms offer a vast product selection, customer reviews, and the convenience of shopping from home, facilitating easy and quick shopping. Moreover, online stores offer the convenience of 24/7 shopping, appealing especially to time-constrained consumers.
Geographically, the global market analysis includes North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America Costume Jewelry Market Size, 2022 (USD Billion)
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North America is expected to hold the largest market share during the forecast period owing to growing consumer awareness regarding appearance and increasing availability of unique and fashionable jewelry. Moreover, the fusion of Western and Eastern jewelry designs, coupled with innovations in synthetic stones and lab-grown diamonds, is boosting product demand across North American markets. In addition, the growing popularity of specific jewelry styles and designs, influenced by celebrities, fashion influencers, and pop culture, is propelling the regional market growth.
Asia Pacific is expected to witness significant growth in the near term, driven by increasing consumer disposable incomes and a rapidly expanding population in China, Japan, South Korea, and India. At a micro level, the growing popularity of handmade and artisanal artificial jewelry, employing traditional techniques, is driving the regional market growth. Consumers across emerging countries such as Tokyo, Seoul, and Singapore are becoming more fashion-conscious, presenting an encouraging opportunity for global market players to penetrate Asian markets.
Europe is expected to grow steadily in the coming years due to an increasing trend of customized jewelry and the surging demand for fusion jewelry featuring materials such as brass, silver, aluminum, and copper. Europe, being a popular global tourist destination, sees international tourists typically purchase European-style fashion jewelry as souvenirs, thus driving product sales. The increasing tourist traffic across European countries, including France, Switzerland, Italy, and Greece, favors the regional market expansion.
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Costume jewelry sales across the South American, Middle Eastern & African markets are likely to experience steady acceleration in the forthcoming years. The growing urbanization and economic development in Saudi Arabia, the UAE, and South Africa are significant drivers of regional market growth. In addition, the Middle East, with its diverse religions, is witnessing the growing popularity of religious and symbolic costume jewelry, particularly as gifts and souvenirs, further boosting the product demand.
Key Players focus on R&D Activities to Stay Competitive
Numerous small and medium-sized players characterize the competitive landscape. Manufacturers operating the market are focusing on research and development of new products made using recycled materials to cater to consumers' growing demand. They are also launching new innovative designs to achieve product differentiation and stay ahead of the competition.
An Infographic Representation of Costume Jewelry Market
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The market report analyzes the market in-depth and highlights crucial aspects such as prominent companies. Besides this, the research report provides insights into the market statistics, and trends and highlights significant industry developments. In addition to the aspects mentioned earlier, the report encompasses several factors contributing to the market's growth.
CAGR of 7.12% from 2023 to 2030
Value (USD Billion)
By End User
By Distribution Channel
According to Fortune Business Insights, the global market was USD 32.83 billion in 2022 and is anticipated to reach USD 56.35 billion by 2030.
In 2023, the worldwide market value stood at USD 34.81 billion.
Ascending at a CAGR of 7.12%, the global market will exhibit steady growth over the forecast period (2023-2030).
By type, the necklaces & chains segment dominates the market.
The increasing number of fashion-conscious consumers is a key factor driving the global market.
Azone, TTM Jewelry, Teemtry, Kanhai Jewels, and DWS Jewellery Pvt. Ltd. are the leading companies worldwide.
North America is poised to hold the largest market share in the region.
Rising disposable incomes and the growing working women population are driving the product demand.
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