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The rings market is projected to grow by USD 54.53 million with a CAGR of 6.85% during the forecast period 2021 to 2026.
The research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the ring market segmentation by distribution channel (offline and online) and geography (APAC, North America, Europe, the Middle East and Africa, and South America). The market report also offers information on several market vendors, including Aurum Jewellers, BlueStone Jewellery and Lifestyle Pvt. Ltd., CaratLane, CHANEL Ltd., Chow Tai Fook Jewellery Group Ltd., DAMIANI S.p.A., Emperor Watch and Jewelry Ltd, GIVA Jewellery, Kalyan Jewellers India Ltd., Kering SA, LVMH Moet Hennessy Louis Vuitton SE, Malabar Gold & Diamonds, P. C. Chandra Gems Pvt. Ltd, Pandora AS, Riddles Group Inc., Signet Jewelers Ltd., Stuller Inc., Swarovski AG, Tiffany & Co, and Titan Company Ltd. among others.
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The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the market.
Key Rings Market Driver
The increasing number of promotional activities through social media is one of the key drivers supporting market growth. For instance, in April 2022, India-based silver jewelry startup GIVA Jewelry announced the launch of an advertising campaign featuring brand ambassador Anushka Sharma. The campaign was featured on over-the-top (OTT) platforms, such as SonyLiv and Hotstar, as well as social media platforms, such as Instagram and Youtube. The company launched this campaign to increase its online viewer base. The company plans to expand to other media channels and launch further media campaigns during the forecast period. Therefore, the increasing number of marketing campaigns will increase the sales of rings during the forecast period.
Key Rings Market Trend
The increasing focus of vendors on brand endorsement is one of the key market trends contributing to market growth. Vendors adopt brand endorsements as an active marketing strategy. Celebrity endorsements help brands garner consumers' attention and create a positive brand /image, subsequently driving the sales of jewellery items such as rings. For instance, in June 2022, Tiffany announced the launch of its latest campaign for the T Collection, which starred model and entrepreneur Hailey Bieber. As a part of the campaign, the model showcased Tiffany's diamond jewellery, including diamond rings, earrings, oversized pendants, and hoop earrings. In addition to increasing the sales of products, celebrity endorsements help vendors strengthen their customer base. Therefore, marketing strategies such as celebrity endorsements will help in driving the market during the forecast period.
Key Rings Market Challenge
The availability of counterfeit products is one of the factors hampering the market growth. The duplication of branded designer rings makes it difficult for customers to distinguish between original and counterfeit products. Counterfeit rings are of poor quality and do not meet manufacturing standards in terms of colors, quality, and material, which eventually leads to customers losing their trust. Due to these factors, international brands face difficulties in optimizing their presence in developing markets. Several e-commerce websites in China sell counterfeit jewelry products, such as rings. Therefore, the increasing availability of counterfeit jewelry will hinder the growth of the market during the forecast period.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global rings market as a part of the global apparel, accessories, and luxury goods market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented, and the vendors are deploying growth strategies such as price, quality, brand, and variety to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The report market contains comprehensive market knowledge and an in-depth vendor landscape added to an analysis of the key vendors.
Our In-house experts produce extensive information on the value chain and parent market of the rings market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also the optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
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57% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for the rings in APAC. Market growth in this region will be slower than the growth of the market in the Middle East and Africa.
The possession of gold in China, Japan, and India as a part of cultural traditions and customers buying gold rings for different occasions, such as weddings and other traditional ceremonies will facilitate the market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The spread of the COVID-19 pandemic in 2020 strongly hampered the steady growth of the regional market. However, the consumer demand for jewelry with western designs as well as the strategic initiatives undertaken by international vendors to expand their customer base in APAC will drive the growth of the market during the forecast period.
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The market share growth in the offline segment will be significant during the forecast period. The offline distribution channel, also known as the organized retailing channel, accounts for the major share of the revenue generated from the sales of rings across the world when compared to the online distribution channel. In the market, the offline distribution channel comprises specialty stores, department stores, and others. Such factors in the offline segment will boost segment growth in the coming future.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.
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Rings Market Scope |
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Report Coverage |
Details |
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Page number |
130 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.85% |
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Market growth 2022-2026 |
$54.53 million |
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Market structure |
Fragmented |
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YoY growth (%) |
5.52 |
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Regional analysis |
APAC, North America, Europe, the Middle East and Africa, and South America |
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Performing market contribution |
APAC at 57% |
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Key consumer countries |
US, China, India, UK, and France |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Aurum Jewellers, BlueStone Jewellery and Lifestyle Pvt. Ltd., CaratLane, CHANEL Ltd., Chow Tai Fook Jewellery Group Ltd., DAMIANI S.p.A., Emperor Watch and Jewelry Ltd, GIVA Jewellery, Kalyan Jewellers India Ltd., Kering SA, LVMH Moet Hennessy Louis Vuitton SE, Malabar Gold & Diamonds, P. C. Chandra Gems Pvt. Ltd, Pandora AS, Riddles Group Inc., Signet Jewelers Ltd., Stuller Inc., Swarovski AG, Tiffany & Co, and Titan Company Ltd. |
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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, and 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 Five Forces Analysis
5 Market Segmentation by Distribution Channel
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 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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