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The India costume jewelry market size is forecast to increase by USD 904.34 million, at a CAGR of 10.02% between 2023 and 2028. Several factors are pivotal in driving the market's growth, including the affordability of costume jewelry, the surge of fast fashion within the jewelry sector, and India's rich tradition of jewelry-making. These elements collectively shape the costume jewelry market in India landscape, reflecting evolving consumer preferences and industry dynamics. The affordability of costume jewelry makes it accessible to a broader consumer base, driving demand and market expansion. Moreover, the rise of fast fashion has revolutionized the jewelry industry, catering to rapidly changing trends and preferences while offering affordable and stylish options to consumers. India's longstanding tradition of jewelry craftsmanship adds cultural significance and artisanal expertise to the market, further enhancing its appeal and diversity. Together, these factors contribute to the vibrancy and growth trajectory of the jewelry market, offering consumers a wide array of options to express their style and individuality. The report provides market size, historical data spanning from 2018-2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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The costume jewelry market in India thrives with a variety of options, from fake jewelry to authentic jewelry pieces made from precious materials like diamond and pearls. This market caters to the grooming standards of women, especially working women and television celebrities, offering them a range of accessories such as cufflinks and studs. The appeal of imitation jewelry among young people and the working population has led to the popularity of gallery and junk jewelry in the country.
The rise of fast fashion in jewelry is the key factor driving the market. Over the last few years, costume jewelry has become popular due to its high affordability, ability to adapt to changing fashion trends, the availability of many designs and styles, and rising exposure to social media platforms. Specialty retailers selling costume jewelry are entering the online platform to widen their reach and customer base. The fast fashion industry is growing owing to factors such as changing fashion trends among the youth, celebrity endorsements, and ethical sales approaches.
Additionally, at present, customers are showing interest in costume jewelry products as they are convenient to wear, easy to carry, low priced, and available in a wide variety of designs. In addition, due to security concerns over wearing precious jewelry, the retail sales of costume jewelry have increased over the years. Thus, rising fast fashion trends are expected to drive the growth of the market during the forecast period.
Growth in online sales of jewelry is the primary trend shaping the market. With the increasing popularity of e-commerce, consumers are increasingly choosing to shop for costume jewelry online, providing a significant opportunity for costume jewelry brands to expand their reach and grow their sales. Online marketplaces such as Amazon and Flipkart have millions of users in India, providing a vast potential customer base for costume jewelry brands. In addition, online sales allow costume jewelry brands to overcome some of the limitations of traditional retail channels, such as limited physical space and geographic reach. Online platforms enable costume jewelry brands to showcase a wide range of their products and reach customers across India, regardless of their location.
Furthermore, many costume jewelry brands have leveraged online sales to grow their business through multiple online channels. The number of visitors on online platforms increased significantly, reaching close to a billion, with over 10 million transacting customers in India. Further, online sales provide a significant opportunity for costume jewelry brands to expand their reach and grow their sales. Therefore, the growth in online sales of costume jewelry is expected to boost the growth of the market during the forecast period.
Low durability of costume jewelry is the major challenge that affects the market expansion. Costume jewelry products easily break, lose their shine, and cannot be repaired or reconstructed. These products require proper maintenance and careful handling. Most vendors in the country do not offer any warranty for products in case of any issues. On the other hand, fine-quality precious jewelry that is made from gold, gems, and platinum has a long shelf life when compared with costume jewelry and has a warranty for a certain time period.
Besides, many people prefer to buy only precious jewelry made from gold and platinum. In addition, many people prefer premium costume jewelry products from a specific designer or brand instead of fashionable, cost-effective costume jewelry. Therefore, issues related to the maintenance, warranty, loss of shine, and quality of costume jewelry manufactured in India are expected to reduce the demand for costume jewelry, which is expected to hinder the growth of the market during the forecast period.
The market forecasting 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 market forecast report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies 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.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The necklaces and chains segment is estimated to witness significant growth during the forecast period. The necklaces and chains segment in the costume jewelry market in India is expected to witness significant growth due to the rising innovation in necklaces with improved designs, which are propelling the necklaces and chains segment. The demand for necklaces and chains is growing due to the rising personal grooming, fashion consciousness, and high standard of living among the female population across the world, which is the primary factor that is contributing to the necklaces and chains segment.
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The necklaces and chains segment was the largest segment and was valued at USD 288.73 million in 2018. Additionally, the demand for necklaces and chains among male consumers is also growing. Drip Project, a Mumbai-based jewelry company, offers various types of mens chains and necklaces. Furthermore, chains do not require much customization and have general designs for men, which increases the demand for chains among men. Such factors are expected to fuel the growth of the necklaces and chains segment, which, in turn, is expected to propel the growth of the costume jewelry market in India during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments.
In the realm of costume jewelry, aluminum shines alongside artificial stones and semi-precious metals, offering fashion accessories with aesthetic allure. From necklaces to finger rings, offline stores and online platforms boast a plethora of options, including imitation pieces and trash jewelry. While diamonds add glamour, lead-free options cater to those with metal sensitivities. Male costume jewelry and neckpieces crafted from copper or non-precious metals cater to diverse tastes. With phonic jewelry and backings enhancing garments, this market thrives on versatility and style. E-commerce sites are experiencing significant growth in regions with a young age population, driven by the increasing adoption of Western brands and the rising trend of internet consumption for shopping.
Additionally, in the dynamic world of costume jewelry, aluminium alloys and imitation materials mimic the allure of ivory and diamonds without the hefty price tag. Fashion jewelry adorned with intricate trinkets and pins caters to diverse tastes, from classic to contemporary. While phony pieces offer affordable elegance, terracotta creations provide a rustic charm. With an emphasis on aesthetics, necklaces and nose rings add flair to any ensemble. However, caution is key, as lead concerns prompt a shift towards lead-free options. This market thrives on its ability to blend style with affordability.
Further, the market thrives amidst the ever-evolving landscape of ecommerce activities and online retailing, catering to diverse consumer segments ranging from business professionals to children. Adorned with a plethora of materials including glass, plastic, beads, and semi-precious stones, costume jewelry offers a wide array of pendants, earrings, and bangles to enhance personal appearance in both the corporate world and world fashion. However, vigilance against counterfeit jewelry and phony jewelry containing harmful substances like nickel and cadmium is crucial. With promotional techniques and branding strategies, the market continues to flourish, embracing internationalisation through online stores and retail shops alike.
India Costume Jewelry Market Scope |
|
Report Coverage |
Details |
Page number |
141 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.02% |
Market Growth 2024-2028 |
USD 904.34 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.21 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Anuradha Art Jewellery, Drip Project, GBL Altair Pvt. Ltd., GIVA Jewellery, Indian Imitation Jewellery, Isharya, Kushals Retail Pvt Ltd., Manek Ratna, Mangalmani Jewellers, Natura and Co Holding SA, 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, YouBella Jewellery and Lifestyle, and Zariin |
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, and Market condition analysis for the forecast period. |
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. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 End-user
8 Market Segmentation by Distribution Channel
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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