The India Costume Jewelry market size was valued at $1,788.6 million in 2019, and is estimated to reach $2,126.3 million by 2027, registering a CAGR of 7.0% from 2019 to 2027.
Costume jewelry refers to a variety of decorative items worn for personal adornment that are produced as low-cost decorative elements to complement a specific fashionable outfit or garment. It is also known as trinkets, fake jewelry, fashion jewelry, fallalery or junk jewelry.
In the last year, the demand for costume jewelry has increased by more than 80%. People, particularly women, have adopted higher grooming standards as a result of being influenced by daily soaps. They imitate the jewelry and costumes worn by television celebrities. Furthermore, with rising living standards and disposable income, customers undoubtedly prefer to purchase branded items.
Due to the low cost of costume jewelry, it is much easier to build a collection for both casual and formal occasions. Working women, in general, prefer to change their jewelry (earrings, neckpieces, rings) to match their outfits. As gold prices have risen rapidly, so the popularity of costume jewelry has also increased.
When compared to authentic jewelry, costume jewelry is safer to wear. Customers feel more secure wearing fake jewelry in today's society, where theft and crime are on the rise. Costume jewelry is available in an infinite number of exquisite designs and can be purchased easily.
Traditional jewelry cannot be altered to reflect current trends. Due to their low cost, costume jewelry, on the other hand, can be worn and discarded in accordance with current trends. Previously, women were the only ones who wore jewelry, but in recent years, men have taken an interest in adorning themselves with it. For the male gender, specially designed costume jewelry such as bracelets, rings, chains, pendants, and earrings are readily available.
Furthermore, a significant increase in product usage among the working population across the country will enhance market trends. Furthermore, thriving ecommerce activities and increased web penetration in remote areas have created a huge growth potential for untapped markets in rural areas, which will strengthen the India costume jewelry market growth over the forecast period.
However, rising raw material costs, unorganized supply chain management activities, and changing trade laws will cause an impact on market growth over the forecasted period. Nonetheless, lower production costs of costume jewelry will help to reduce the negative impact on the market growth and open up new horizons of growth for the India costume jewelry market in the coming years.
Costume jewelry has gained traction in the Indian market as a result of changes in lifestyle, an increase in disposable income, and a rise in the prices of precious metal jewelry, which contributes to the growth of the India costume jewelry market. Moreover, changes in jewelry packaging styles fuel the growth of the India costume jewelry market. Additionally, aggressive advertising and celebrity endorsement have aided the India costume jewelry industry's growth.
Women are no longer confined to their homes and have joined to the workforce in massive numbers as they have gained complete independence. Working women are a significant segment that contributes to the India costume jewelry market because they are either employed in high-level positions or own their own businesses. This results in more disposable income, but these women are usually busy and cannot visit boutique stores as frequently as they would like.
Online retailing is essentially women’s savior because the variety and convenience it provides is simply unbeatable. Women can shop whenever and wherever they want with the click of a button. Another factor that cannot be neglected is the importance placed on personal appearance in today's corporate world.There is a growing desire among women to both look and feel good and this should make them look more closely at the India costume jewelry market.
By Product Type
Earrings segment is expected to grow at highest CAGR of 8.0% during the forecast period
Customers can now easily compare not only products and prices, but also design, service level, product origin, and even manufacturer or supplier details which is possible due to availability of internet, e-Commerce, and numerous online portals and review websites. The amount of information available, as well as the relevant details, have helped to make the India costume jewelry market far more transparent. As a result, an increasing number of customers are turning to the internet to fulfil their costume jewelry shopping needs.
The COVID-19 pandemic had a negative impact on the India costume jewelry market. India’s rigorous social distancing and lockdown policies during the pandemic have resulted in a massive migration of workers from urban to rural areas. As a result, there was a labor shortage in the ornament manufacturing industry. Furthermore, the outbreak caused a decline in the rate of raw material import and export from one country to another, resulting high costs and scarcity of materials.
The India Costume Jewelry market segmentation is done on the basis of type, gender, and mode of sale. Depending on type, the market is categorized intonecklaces & chains, earrings, rings, cufflinks & studs, bracelets and others. Based on gender, the India costume jewelry market is bifurcated into male and female. According to mode of sale, the India costume jewelry market is fragmented into retail sale and online sale.
By Gender
Female segment is expected to grow at highest CAGR of 7.3% during the forecast period.
By type, the earrings segment garnered the highest market share in 2020, as it is highly demanded by both end users that is men and women. On the basis of gender, the female segment is anticipated to dominate the India costume jewelry market share during the forecast period. This is attributed to on going fashion trends that attract female group easily with various ornaments. Depending on distribution channel, the retail sale segment led the India costume jewelry market in 2020. This is attributed to the fact that Indian consumers prefer to shop jewelry from various retailers or retail shops as compared to online sales channel.
The prominent players operating in the India costume jewelry industry include Avon Products Inc., Voylla, Zaveri Pearls, Pipa Bella, Sukkhi Fashion Jewelry, Romoch, Tanishq, Swarovski Group, Tribe Amrapali, Isharya, Yellow Chimes, Kushal’s, Youbella, SIA, Peora, and Pooja Jewels. These major players are adopting number of strategies such as product launch, merger & acquisition, acquisition, joint venture, and partnership to create brand identity in the India Costume Jewelry market.
By Mode Of Sale
Retail Sale segment is expected to grow at highest CAGR of 7.5% during the forecast period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the current trends, estimations, and dynamics of the India Costume Jewelry market from 2021 to 2028 to identify the prevailing market opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- The market player positioning segment facilitates benchmarking while providing a clear understanding of the present position of the key market players.
- The report includes analysis of the regional as well as the global market, key players, market segments, application areas, and growth strategies.
Key Market Segments
By Product Type
- Necklaces & Chains
- Earrings
- Rings
- Cufflinks & studs
- Bracelets
- Others
By Gender
- Male
- Female
By Mode of Sale
- Retail Sale
- Online Sale
India Costume Jewelry Market Report Highlights
| Aspects | Details |
 By PRODUCT TYPE |
|
 By GENDER |
|
 By MODE OF SALE |
|
 Key Market Players | SIA Jewelry, Swarovski Group, Peora fashion private limited, Sukkhi Fashion Jewelry, Pooja Jewels, Isharya, Pipa Bella, Tanishq, Avon Products, Inc. (Avon), Kushal's, Romoch |
Analyst Review
According to the insights of CXOs of leading companies, the India Costume Jewelry Market has been steadily expanding over the last few years. As a result, manufacturers are introducing innovative designs in order to compete and thrive in a competitive and dynamic market. The Costume Jewelry Market has a high growth potential in developing country such as India. With the maturity of the Indian markets, particularly for products such as necklaces and earrings, manufacturers have focused on expanding their foothold in Indian regions such as Tamil Nadu, Kerala, Karnataka, and Andhra Pradesh. Non-branded products have a larger market share in India than branded products. The majority of companies have relocated their manufacturing plants to Rajasthan state in order to reduce manufacturing costs.
The use of low-cost raw materials such as brass, glass, wood, and plastic in artificial and imitation jewelry is expected to drive the growth of the India Costume Jewelry Market. The industry has recently noticed a growing trend of men wearing artificial jewelry in their daily lives. The use of costume jewelries such as bracelets and rings by men is expected to increase in the future, which will help to supplement the growth of the India costume jewelry market. Furthermore, online portals are becoming a popular medium for youths to purchase jewelry items, and are expected to serve as a potential medium of sale for costume jewelry in the coming years.
The India Costume Jewelry market size was valued at $1,788.6 million in 2019, and is estimated to reach $2,126.3 million by 2027, registering a CAGR of 7.0% from 2021 to 2027. Costume jewelry is a type of fashion accessory that is used to complement an outfit.
The CAGR of India Costume Jewelry Market is registered as 7.0% from 2021 to 2027. The India Costume Jewelry market size was valued at $1,788.6 million in 2019, and is estimated to reach $2,126.3 million by 2027.
The sample report of India Costume Jewelry Market is available on Allied Market Research website on request. Many reports of same domain are also available on website. The customization of reports is available on demand.
The base year calculated in the India Costume Jewelry Market report is 2019. The CAGR is calculated from 2021 to 2027. All the segments of the market are calculated accordingly by considering 2019 as a base year.
The India Costume Jewelry market is segmented on the basis of product type, gender, and mode of sale. On the basis of product type, the market is categorized into necklaces & chains, earrings, rings, cufflinks & studs, bracelets and others. As per gender, it is divided into male and female. According to mode of sale, the India Costume Jewelry market is fragmented into retail sale and online sale.
The top companies in the India Costume Jewelry market are Avon Products Inc., Voylla, Zaveri Pearls, Pipa Bella, Sukkhi Fashion Jewelry, Romoch, Tanishq, Swarovski Group, Tribe Amrapali, Isharya, Yellow Chimes, Kushal’s, Youbella, SIA, Peora, and Pooja Jewels.
The earrings market holds the maximum market share of the India Costume Jewelry Market. The reason for this is that the availability of lightweight earrings in a various designs and colors that can be worn with a variety of outfits creates market growth opportunities.
Due to rising outbreak of Coronavirus (COVID-19), the costume jewelry sector in India has ground to a halt, with virtually no footfalls in jewelry stores due to the fear of virus spread. Many jewelers have been forced to close their stores in shopping malls and complexes. Now also many countries are facing lockdown restrictions, which will have negative impact on India Costume Jewelry Market in 2021.
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