Rapid urbanization, increase in online sales of jewelry, surge in number of fashion-conscious consumers, and demand for artificial jewelry drive the growth of the India costume jewelry market. Owing to lockdown restrictions imposed by the Indian government, there has been partial or complete stoppage of production of costume jewelry. Moreover, the laborers returned to their hometowns and this created a shortage of workers in the ornament manufacturing industry.
Portland, OR, Sept. 27, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the India Costume Jewelry market generated $1.78 billion in 2019, and is estimated to generate $2.12 billion by 2027, witnessing a CAGR of 7.0% from 2019 to 2027. The report offers a detailed analysis of changing market dynamics, key investment pockets, top segments, value chain, regional scenario, and competitive landscape.
Rapid urbanization, increase in online sales of jewelry, surge in number of fashion-conscious consumers, and demand for artificial jewelry drive the growth of the India costume jewelry market. However, strict regulations imposed on import and export of goods and less durability hinder the market growth. On the other hand, attractive marketing strategies and trend of automation present new opportunities in the coming years.
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Owing to lockdown restrictions imposed by the Indian government, there has been partial or complete stoppage of the production of costume jewelry. Moreover, the laborers returned to their hometowns and this created a shortage of workers in the ornament manufacturing industry.
Raw material shortages occurred due to transportation restrictions during the lockdown. Furthermore, the outbreak led to a decline in the rate of import and export from one country to another, which resulted in the high costs and scarcity of materials.
The sales volumes decreased considerably due to closure of offline stores and ban on delivery by online sales during the lockdown. However, the sales would increase steadily during the post-lockdown.
The report offers detailed segmentation of the India costume jewelry market based on type, gender, and mode of sale.
Based on type, the earring segment held the highest share in 2019, accounting for nearly one-fourth of the total share, and is projected to continue its lead position throughout the forecast period. Moreover, this segment is estimated to manifest the highest CAGR of 8.0% from 2021 to 2027. The research also analyzes the segments including necklaces & chains, rings, cufflinks & studs, bracelets and others.
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Based on gender, the female segment contributed to the highest share in 2019, accounting for more than two-thirds of the India costume jewelry market, and is expected to maintain its leadership status during the forecast period. Moreover, this segment is projected to register the largest CAGR of 7.3% from 2021 to 2027. The research also analyzes the male segment.
Based on mode of sale, the retail sale segment accounted for the highest share in 2019, holding more than half of the total market share, and is estimated to maintain its dominance in terms of revenue during the forecast period. Moreover, this segment is expected to witness the fastest CAGR of 7.5% from 2021 to 2027. The research also analyzes the online sale segment.
Leading players of the India costume jewelry market analyzed in the research include Avon Products Inc., Zaveri Pearls, Voylla, Sukkhi Fashion Jewelry, Pipa Bella, Tanishq, Romoch, Tribe Amrapali, Swarovski Group, Yellow Chimes, Isharya, Youbella, Kushal’s, Peora, SIA, and Pooja Jewels.
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