According to Fortune Business Insights, the global jewelry market size is expected to showcase a considerable growth by reaching USD 266.53 billion, while exhibiting a CAGR of 3.7% between 2020 and 2027. This is attributable to the increasing adoption of technology and the remarkable emergence of digital media platforms that propel the demand for luxury jewelry globally. Fortune Business Insights, published this information in its latest report, titled, “Jewelry Market, 2020-2027.” The report further mentions that the market stood at USD 330.0 billion in 2019 and is projected to gain momentum in the forthcoming years.
Reduce Number of Labor Workforce amid COVID-19 to Hinder Growth
The global pandemic has led to a lockdown announced by the government agencies across the globe. This has led to a partial lockdown of industrial operation and has left several laborers unemployed. Owing to the reduced number of jobs, the workforce has opted to return to their native places that has severely affected the market growth. However, collective efforts by the manufacturers and government to ensure a safe working environment by taking measures to contain the widespread effect of COVID-19 is expected to drive the market in the near future.
Fortune Business Insights™ lists out all the jewelry market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Harry Winston, Inc., ( New York, USA)
- Chopard (Meyrin – Geneva, Switzerland)
- Pandora Jewelry, LLC. (Oakland, California, USA)
- Chow Tai Fook Jewellery Company Limited (Central & Western, Hong Kong)
- Tiffany & Co ( New York, USA)
- Rajesh Exports Ltd (Bengaluru, Karnataka, India)
- Cartier International SNC (Paris, France)
- Signet Jewelers Limited (Hamilton, Bermuda)
- Chanel (Paris, France)
- LVMH Moët Hennessy (Paris,France)
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Jewelry products mainly consist of gold, silver, diamonds, and other exotic gemstones. They have been a symbol of luxury since centuries and adorn by people for beautification and enhancing their overall appearance. Additionally, the high demand for bridal ornaments, and the different festivities and traditions followed by people globally boosts the consumption of exotic gemstones and other products.
What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnership, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
Emergence of Digital Media Platforms to Promote Growth
The growing influence through reality shows, music videos, and movies enable the digital media platforms to play a pivotal role in propelling the sales of luxurious jewelry products globally. In addition to this, the adoption of technology in the manufacturing of the ornaments is anticipated to bode well for the global jewelry market growth during the forecast period. For instance, the products such as Luxe Smart Ring by The Ringly are equipped with several technological features such as health and fitness monitoring and GPS, along with being equipped with large gemstones.
Necklace Segment Held a 22.70% Market Share
The necklace segment, based on product, held a market share of about 22.70% in 2019 and is likely to showcase a considerable growth during the forecast period. This is ascribable to factors such as the increasing adoption of the jewelry products by women consumers across the globe.
Presence of Established Manufacturers in Asia-Pacific to Favor Growth
Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the global jewelry market during the forecast period. This dominance is attributable to the presence of established manufacturers such as Tanishq, Queelin, and others in countries such as India and China in the region. Asia-Pacific generated USD 130.49 in terms of revenue in 2019.
The market in North America is expected to experience a significant growth owing to the presence of several millionaires in countries such as the U.S. that propels the sales of exotic and premium jewelry in the region. For instance, as per the Global Wealth Report 2019, 40% of the total millionaires globally are present in the United States.
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest and dominate the market.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
- The competitive landscape includes the top players’ market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
Major Companies Focus on Expansion Strategies to Leverage Market Opportunities
The global jewelry market is experiencing stiff competition owing to the presence of several major companies that are focusing on expanding their facilities to cater to the increasing demand for luxury jewelry products globally. In addition to this, key players are adopting strategies such as merger and acquisition, partnership, and collaboration to maintain market stronghold in the forthcoming years.
- October 2020 – Blue Nile, the largest online retailer of diamonds, announced its massive expansion plan in 2020. The company is expected to open three brick-and-mortar showrooms in Q4 of 2020, and further plans to open over 50 showrooms in the top 50 market over the three year time span.
Frequently Asked Questions (FAQs):
- How much is the jewelry market worth?
Fortune Business Insights says that the global market size was USD 330.0 billion in 2019 and is projected to reach USD 266.53 billion by 2027.
- What was the value of the market in Asia Pacific in 2019?
In 2019, the Asia Pacific market value stood at USD 130.49 billion.
- At what CAGR is the market projected to grow in the forecast period (2020-2027)?
Growing at a CAGR of 3.7%, the market will exhibit steady growth in the forecast period (2020-2027).
- What is the leading segment in the market?
The ring segment is projected to be the leading segment in this market during the forecast period under product segmentation
- What is the key factor driving the market?
The rising growth of the global economy is the major factor driving the growth of the market.
- Who are the major players in this market?
Harry Winston, Inc., Chow Tai Fook Jewellery Company Limited, LVMH Moët Hennessy, and others are some of the major players in the global market.
7.Which region held the highest share in the market?
Asia Pacific dominated the market share in 2019.
- Which factors are expected to drive the adoption of these products?
The rising high fashion sense among the global population is expected to drive the adoption in the global market.