According to Allied Market Research, the Indian costume jewelry market is projected to reach a valuation of USD 2,126.3 million by 2027, growing at a compound annual growth rate (CAGR) of 7.0% from 2019 to 2027. The earrings segment is expected to show notable growth, with an 8.0% CAGR over the same period.
Driving Factors and Market Dynamics
The growth in the costume jewelry market is attributed to various factors, including shifts in consumer lifestyles, rising prices of precious metals, and increased fashion awareness. These factors have made costume jewelry an appealing option due to its affordability compared to traditional jewelry. Additionally, marketing strategies and improved packaging have played a role in attracting consumers.
Challenges such as the presence of counterfeit products and variability in raw material prices could impede market growth.
Product Insights
Costume jewelry includes a variety of items such as bangles, necklaces, earrings, and rings, often made from non-precious metals, plastics, and glass, and decorated with beads and stones. While these products are designed to resemble more expensive jewelry, they typically offer less durability, reflecting their lower price point.
Consumer Trends
The demand for costume jewelry is driven by both male and female consumers, influenced by celebrity endorsements and increasing fashion consciousness. Women, particularly those in the workforce with greater economic independence, constitute the largest consumer segment. Retail channels dominate sales due to their customer service offerings.
“The retail sale segment is anticipated to be the highest contributor to the India costume jewelry market and is estimated to reach $1,210.5 million, growing at a CAGR of 7.5% from 2019 to 2027.” said Roshan Deshmukh
Regional Focus and Strategic Movements
The focus on expanding market presence is evident in efforts by manufacturers to innovate and introduce new designs, particularly in Indian regions such as Tamil Nadu, Kerala, Karnataka, and Andhra Pradesh. Many manufacturers have moved their production to Rajasthan to reduce costs, with a noticeable shift toward non-branded products.Browse the Full Report here
