The global Jewelry Market size is expected to reach USD 480.5 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.1% over the forecast period. The market is expected to witness significant growth due to increase in disposable income and shift in consumer shopping preferences.
Ring
accounted for the largest market share in 2018 owing to increasing consumer
inclination towards elegant and stylish products. Rings are available in a
variety of sizes and designs, thereby increasing their consumption among men as
well. Additionally, many precious stones are discovered that can be mounted in
the rings. This is expected to result in product innovation and drive the
demand for rings in the forecast period.
Bracelets
are expected to witness substantial growth over the projected period due to
high popularity and availability. Bracelets have replaced bangles in daily wear
and are seen as a style statement by majority of the working-class women. This
shift in consumer perception related to jewelry products is expected to drive
the overall demand.
Majority
of the sales in the market were driven by gold and the maximum gold jewelry
sales were recorded in China and India. Being the world’s largest jewelry
market, China is the major consumer of gold and diamond. Increasing awareness
among consumers related to various hallmarks to authenticate purity of gold is
another factor boosting the growth of the gold jewelry. Sales of diamond
jewelry are expected to increase at a significant rate owing to changing
consumer lifestyle in the developed countries.
In
2018, Asia Pacific held the largest jewelry market share in terms of revenue
due to the presence of the major players as well as high demand from countries
like China, India, and Hong Kong. Asia Pacific is anticipated to witness
substantial growth due to increasing disposable income of the population in
this region. Changing fashion trends, along with awareness regarding
authenticity of precious gems and metals, are the other factors propelling the
market growth in this region.
Request
a sample copy or view summary of this report@
https://www.grandviewresearch.com/industry-analysis/jewelry-market
Further key findings from the study suggest:
- By material,
platinum is expected to witness a decline in the forecast period owing to
its costliness and increasing consumption of gold and diamond. However,
its demand may increase in North America due to highly developed countries
and rich lifestyle
- The ring
product segment dominated the jewelry market in 2018 due to its increasing
consumption in day-to-day routine and introduction of a variety of
engagement and wedding jewelry collections by major manufacturers
- The industry
is highly competitive in nature due to the presence of many key global
players. The local players are expected to give stiff competition owing to
their unorganized nature of sales
- As a step
towards diamond transparency and consumer loyalty, Tiffany & Co. has
begun sharing the provenance of its newly sourced diamonds with the
customers.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment