Portland, Oregon, October 15, 2023 – The global costume jewelry market, valued at $32.9 billion in 2019, is projected to achieve a remarkable growth trajectory, surging to $59.7 billion by 2027, according to a recent report. This substantial growth is estimated to be at a CAGR of 7.80% from 2020 to 2027.
In 2019, the necklaces & chains segment emerged as the frontrunner in the costume jewelry market, commanding the highest share and is predicted to sustain a steady CAGR of 7.0% throughout the forecast period. Furthermore, North America, recognized as a prominent region in the market, made a substantial contribution to the industry’s growth in 2019.
Costume jewelry is a category of fashion accessories created from materials less precious than traditional jewelry items, such as gold, diamonds, and gems. It features a diverse range of raw materials, including glass, plastic, semi-precious stones, beads, leather, aluminum, and brass. The market for costume jewelry is fueled by the growing preference for fashionable and affordable accessories, catering to consumers’ evolving style preferences.
The costume jewelry sector has witnessed significant expansion attributed to changing lifestyles, escalating prices of precious metal jewelry, increasing fashion consciousness, and evolving packaging styles combined with captivating marketing strategies. Furthermore, celebrity endorsements have significantly propelled the interest of both male and female consumers in costume jewelry. Enhanced disposable incomes and elevated living standards in emerging economies like China and India, coupled with a growing inclination toward fashion accessories, have further contributed to the demand for costume jewelry. However, the presence of low-quality and counterfeit products and fluctuations in the prices of raw materials used in the production of these jewelries present challenges to market growth. Nevertheless, the rising demand for trendy and fashionable jewelry across all generations is poised to provide lucrative opportunities for the costume jewelry industry.
The key players in this dynamic market include Avon Products, Inc., Buckley London, Compagnie Financière Richemont SA, DCK Group, Giorgio Armani S.p.A., H.Stern Jewelers, Inc., LVMH Group, Randa Accessories, Stuller, Inc., and Yurman Design Inc., among others.
The report segments the global costume jewelry market into product types, gender, modes of sale, and regions. The major product types encompass necklaces & chains, earrings, rings, cufflinks & studs, bracelets, and others. By gender, it is categorized into male and female segments. The modes of sale include retail sale and online sale. The regions studied in the report include North America, Europe, Asia-Pacific, and LAMEA.
In 2019, the necklaces & chains and bracelets segments collectively held a substantial share of 41.4% in the global costume jewelry market, reflecting the growing fashion-conscious consumer base.
By gender, the female segment generated the highest revenue in 2019 and is expected to maintain its dominance throughout the forecast period, driven by the increasing influence of customized jewelry among female consumers. On the other hand, the male gender segment is anticipated to exhibit the highest CAGR during the forecast period, fueled by the rise of metrosexual men, growing acceptance of men’s jewelry, and the impact of celebrity culture, including Bollywood and Hollywood influencers.
The retail sale segment, known for benefits like discounts, trial before purchase, and immediate gratification, took the lead in 2019. Nevertheless, the online sale segment is projected to witness the highest growth, as internet penetration and online shopping continue to surge.
North America led the global market in 2019, remaining dominant in the forecast period due to increased consumer spending on fashion accessories, along with the influence of celebrity brand endorsements. China is expected to exhibit the highest CAGR throughout the forecast period, largely due to evolving consumer buying behavior and rising disposable incomes.
Key Findings of the Study:
The costume jewelry market was valued at $32.9 billion in 2019 and is estimated to reach $59.7 billion by 2027, growing at a CAGR of 7.80% throughout the forecast period.
The male segment is expected to witness the fastest growth, registering a CAGR of 8.20% during the forecast period.
In 2019, the necklaces & chains, earrings, and rings segments collectively held the highest share, accounting for more than half of the global market share.
China was the most prominent market in the Asia-Pacific region in 2019, and it is expected to grow significantly throughout the forecast period.
North America accounted for over one-third of the global costume jewelry market share in 2019.
