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The India costume jewelry market is estimated to grow at a CAGR of 8.64% between 2022 and 2027. The market size is forecast to increase by USD 639.32 million. The growth of the market depends on several factors, including the affordable pricing of costume jewelry, high prices of gold and silver jewelry, and the tradition of jewelry-making in India.
This India costume jewelry market report extensively covers market segmentation by product (necklaces and chains, earrings, rings, bracelets, and others), and distribution channel (offline and online). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The affordable pricing of costume jewelry is notably driving the market growth, although factors such as the presence of counterfeit products may impede the market growth. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The affordable pricing of costume jewelry is notably driving market growth. When compared to jewelry made with precious gems, gold, and silver, costume jewelry products are inexpensive and therefore more accessible. The prices of gold and silver are constantly changing. For instance, necklaces and rings typically cost USD 15 to USD 25 and USD 5 to USD 10, respectively, while other pieces of jewelry made of gold, silver, and gems cost USD 300 to USD 400. The adoption of costume jewelry is likely fueled by the high cost of jewelry made of gold, silver, and precious stones propelling the growth of the costume jewelry market in India during the forecast period.
The development of the costume jewelry market in India is also fueled by new designs, hues, and innovations in the industry, as these attributes tempt customers to try costume jewelry products. People are predicted to purchase more costume jewelry rather than pricey jewels due to factors like a quick change in consumer lifestyle and a significant rise in the adoption of costume jewelry as a fashion accessory in the nation. Hence, these factors are expected to drive the growth of the costume jewelry market in India during the forecast period.
The increasing demand for earrings and rings is an emerging trend in the market growth. Customers are increasingly searching for stylish and reasonably priced options for earrings and rings, which are popular accessories that go well with a variety of outfits. The growth of social media influencers and online fashion blogs is one of the major factors driving the demand for earrings and rings. Social media platforms have raised consumer awareness of fashion and increased demand for inexpensive yet fashionable jewelry. Consumers have been inspired to look into this category of jewelry by the numerous influencers and bloggers who incorporate costume jewelry into their looks.
Furthermore, the desire of consumers to express their individuality and uniqueness through their fashion choices is growing. Costume jewelry gives buyers a way to try out various trends and fashions without committing to pricey items. Brands that specialize in fashion jewelry, such as Pipa + Bella and Blingvine, offer a large selection of earrings and rings that are reasonably priced, on-trend, and suitable for a variety of tastes. Therefore, such factors will drive the growth of the costume jewelry market in India during the forecast period.
The presence of counterfeit products is a major challenge impeding market growth. Products that are counterfeit can harm the reputation of legitimate costume jewelry brands, erode consumer confidence, and ultimately impede market expansion. Since counterfeit goods are frequently sold at a lower price than genuine goods, legitimate brands often find it challenging to compete. Additionally, the inferior quality of counterfeit goods may lead to unfavorable reviews and harm the reputation of the brand.
In the e-commerce space, where it can be difficult to understand the difference between real and fake goods, the sale of counterfeit goods is another serious issue. Online marketplaces like Amazon and Flipkart have reported instances of fake goods being sold on their sites, which presents a problem for genuine costume jewelry companies that sell on these marketplaces. Therefore, the presence of counterfeit products is expected to be a threat to the costume jewelry market in India during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Costume Jewelry Market in India Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Anuradha Art Jewellery - The company offers artificial jewelry and fashion jewelry. The key offerings of the company include costume jewelry such as bangles, earrings, and bangles.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the necklaces and chains segment will be significant during the forecast period. In comparison to other segments, such as earrings, rings, and bracelets, the necklaces and chains segment in the regional market is anticipated to experience significant growth in terms of market revenue during the forecast period. This is because the necklaces and chains market is being driven forward by increasing innovation in necklaces with better designs.
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The necklaces and chains segment was valued at USD 274.46 million in 2017 and continued to grow until 2021. The primary factor driving the growth of the necklaces and chains market is the increase in personal grooming, fashion consciousness, and high standard of living among females around the world. Moreover, men are more likely to wear chains because they don't need much customization and come in standard male designs. Hence, such factors are expected to fuel the growth of the segment, which, in turn, is expected to propel the growth of the market during the forecast period.
The India costume jewelry market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the costume jewelry market in India as a part of the global apparel, accessories, and luxury goods market within the textiles, apparel, and luxury goods market. The parent market, the global apparel, accessories, and luxury goods market, covers products and companies engaged in the manufacturing/marketing of apparel, accessories, and luxury goods. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Costume Jewelry Market Scope in India |
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Report Coverage |
Details |
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Page number |
125 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.64% |
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Market growth 2023-2027 |
USD 639.32 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.38 |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Anuradha Art Jewellery, Avon Products Inc., GBL Altair Pvt. Ltd., GlobalBees Brands Pvt. Ltd., Indian Imitation Jewellery, IndieJewel Fashions Pvt. Ltd., Isharya, Kushals Fashion Jewellery, Manek Ratna, Mangalmani Jewellers, Nykaa Fashion Pvt. Ltd., Padmavati Jewellery, Romoch, Rubans Accessories, Sia Jewels Pvt. Ltd., Sukkhi Online Pvt. Ltd., TBA Jewels Pvt. Ltd., Violet and Purple Designer Fashion Jewellery Pvt. Ltd., YouBella Jewellery and Lifestyle, and Zariin |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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