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The costume jewelry market in India size is forecast to increase by USD 904.34 million at a CAGR of 10.02% between 2024 and 2028. The market is experiencing significant growth, driven by several key factors. One of the primary drivers is the affordable pricing of costume jewelry, making it an accessible luxury for consumers. Another trend influencing the market is the increased demand from millennials, who value unique and fashionable accessories. However, the market also faces challenges, including the low durability of costume jewelry, which may limit repeat purchases. To capitalize on these trends and overcome challenges, market participants are focusing on innovation, such as using high-quality materials and designing trendy collections, to cater to the evolving preferences of consumers.
The Indian costume jewelry market is a thriving industry, catering primarily to women, young people, and working women. This segment includes trinkets made of fake jewelry, fallalery, junk jewelry, and fashion jewelry. The market is driven by the growing trend of adhering to fashionable grooming standards and the influence of television celebrities. While authentic jewelry made of precious materials like gold, silver, diamonds, and jewels continues to hold its charm, the demand for imitation jewelry made of glass, stones, pearls, and other materials is on the rise. Necklaces, chains, earrings, rings, cufflinks, studs, bracelets, and even diamond and platinum pieces are popular choices.
The working population, particularly women, form a significant consumer base due to their need for affordable yet stylish accessories. The market is expected to grow further as more people embrace the trend of accessorizing their outfits with a wide range of jewelry options.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The Necklaces and chains segment is estimated to witness significant growth during the forecast period.The Indian costume jewelry market, encompassing Trash jewelry, Ivory, Artificial stones, and various other materials, is experiencing substantial growth, particularly in the segment of necklaces and chains for both Ladies and Male consumers. This expansion can be attributed to the escalating fashion consciousness and increasing standard of living, leading to a surge in demand for these accessories. Innovative jewelry designs, including Skin effects and Man-made jewelry, are gaining popularity among Office professionals and Youths, propelling the market. Necklaces and chains, with their diverse range from Copper to Aluminum, Pearls to Synthetic stones, Diamonds to Phony jewelry, are increasingly preferred due to their versatility and affordability.
The market is further bolstered by the Internationalisation of fashion trends and the growing appeal of World fashion. Promotional techniques, such as Offline stores and Online sales, are effectively catering to this demand, with Cufflinks, Studs, Pins, and Backings also experiencing a rise in popularity. Bangles, Finger rings, and other accessories continue to hold a significant share, but the necklaces and chains segment is poised for remarkable growth in the coming years. The trend is not limited to Female consumers alone, as Male costume jewelry is also gaining traction, with Necklaces, cufflinks, and Studs becoming essential additions to their wardrobes.
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The Necklaces and chains segment accounted for USD 288.73 million in 2018 - 2022 and showed a gradual increase during the forecast period.
The pricing of costume jewelry is reasonably priced, making it an accessible and affordable choice for individuals seeking to enhance their outfits without significant expense. The Indian costume jewelry market is experiencing significant growth due to various factors, including the affordability and accessibility of these products. Unlike precious jewelry, which is made using precious metals and gems, costume jewelry is produced using materials like nickel, cadmium, and lead. The average price of costume jewelry items, such as necklaces and rings, ranges from USD15 to USD25 and USD5 to USD10, respectively. This affordability is particularly attractive to the young age population and both male and female consumers. Retail sales of costume jewelry continue to thrive in India, with retail shops and concept stores being the primary sales channels.
However, the increasing internet penetration and consumption have led to a surge in online sales through e-commerce sites. The high price point of precious jewelry, which can range from USD300 to USD400, is a significant barrier to entry for many consumers. As a result, the adoption of costume jewelry is expected to increase, fueling market growth during the forecast period. Western brands have also entered the Indian market, offering a wider range of choices and styles to consumers.
Millennials have shown a significant interest in certain goods and services, leading to an increased market demand for them. The market experiences significant growth due to the increasing disposable income and active social lives of the millennial population. Individuals aged between 26 and 41 years, comprising the millennial demographic, are the primary consumers in this market. They hold employment and lead socially active lives, necessitating a diverse collection of costume jewelry for various occasions. Retail sales in this sector thrive in retail shops and concept stores, while online sales via e-commerce sites have seen a notable surge. However, concerns regarding the use of metals like nickel, cadmium, and lead in costume jewelry have emerged. Brands are focusing on branding and offering lead-free and nickel-free alternatives to cater to the health-conscious millennial consumer base.
The young age population's increasing internet consumption further fuels the online sales trend in the market. Western brands are also making their presence felt, adding to the market's competitive landscape.
Costume jewelry, by nature, is not known for its long-lasting quality. The Indian costume jewelry market caters to a significant consumer base, particularly among the young age population, with a preference for affordable and trendy accessories. However, the market faces challenges in terms of quality and safety concerns. Most unorganized sector vendors offer costume jewelry at low prices but fail to provide branding, warranty, or adhere to safety regulations. Some manufacturers use harmful substances like nickel, cadmium, and lead in their products, which can cause allergic reactions and health issues. This lack of transparency and quality has led consumers to explore options from Western brands and e-commerce sites. Retail sales through retail shops and concept stores remain steady, but online sales are witnessing a surge due to increased internet consumption and convenience.
Females dominate the gender segment in the costume jewelry market, but there is a growing trend among males as well. Overall, the market requires stricter regulations and a focus on consumer education to ensure safety and quality.
The costume jewelry market in India 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 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.
Anuradha Art JewelleryThe company caters to the growing demand for costume jewelry in India with an extensive collection. Notable items include the Love Paradise Silver Plated Butterfly Necklace Set and the Kundan Gold Plated Brass Necklace Set, both of which showcase intricate designs and high-quality materials. These pieces, while not made of precious metals or gemstones, provide an affordable alternative for consumers seeking to enhance their wardrobe with fashionable accessories. The market is thriving, with a significant number of consumers preferring these affordable yet stylish options. Our company is committed to meeting this demand by offering a wide range of costume jewelry that appeals to various tastes and preferences.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 Indian costume jewelry market is witnessing significant growth due to the increasing demand from women and men for trinkets and fashion accessories. Fake jewelry, also known as fallalery or junk jewelry, has gained popularity among the working population and young people as an affordable alternative to authentic jewelry. Fueled by the influence of television celebrities and changing grooming standards, the market for earrings, neckpieces, rings, bracelets, chains, pendants, and other jewelry items is thriving. The market caters to various segments, including the retail sale segment and the corporate world. Working women and business professionals are the primary consumers, but the trend is also catching on among men.
The market offers a wide range of jewelry made from various materials such as gold, silver, precious materials, diamonds, jewels, glass, plastic, beads, aluminum, brass, and semi-precious stones. However, the market for false jewelry or imitation jewelry made from materials like plastic and beads is particularly popular due to its affordability. Ecommerce activities and online retailing have also contributed to the growth of the market, making it more accessible to consumers in remote areas. Personal appearance and the desire to keep up with fashion trends are the key drivers of the market, making it an exciting space to watch in the coming years.
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 |
Regional analysis |
India |
Performing market contribution |
APAC at 100% |
Key countries |
India |
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, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
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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 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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