The current trends and future scenarios are outlined to determine the overall market potential and single out profitable trends to gain a stronger foothold in the market.
Portland, OR -- (SBWIRE) -- 02/22/2018 -- The economic recession of 2009 hampered the economic condition of several countries. Consequently, the demand for various precious metal jewelries witnessed a sharp decline during this period. However, the costume jewelry market witnessed an upward growth trend during the recession period as compared to gold and silver jewelries, owing to their low costs and variety of designs.
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According to a new report published by Allied Market Research, titled, Costume Jewelry Market by Type, Mode of Sale, Gender, and Geography: Global Opportunity Analysis and Industry Forecasts, 2014-2022, the global costume jewelry market size was valued at $25,554 million in 2015, and is estimated to reach $40,631 million by 2022, growing at a CAGR of 6.9% from 2016 to 2022. North America accounted for around 32% share of the overall market revenue in 2015, owing to rising prices of precious metal jewelries such as gold, silver and diamond, resulting in higher adoption of costume and imitation jewelries among consumers. Asia-Pacific is anticipated to grow at the highest CAGR of 8.5% from 2016 to 2022.
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The global costume jewelry market is categorized based on the type of product into necklaces & chains, rings, earrings, bracelets, cufflinks & studs, and others. Necklaces & chains segment generated a higher revenue in 2015, and is expected to dominate the market throughout the forecast period. Increase in use of artificial jewelry such as necklaces and chains in bridal wear, daily wear, and fashion wear is expected to boost the market growth.
Key Findings of the Costume Jewelry Market:
- The rings segment is expected to grow at the highest CAGR of 8.8% from 2014 to 2022.
- U.S. accounted for the largest customer base in the North American costume jewelry market in 2015, and is anticipated to dominate the market throughout the forecast period.
- The online mode of sale segment is expected to grow at a highest CAGR of 7.7%
The male consumers segment is expected to grow at a highest CAGR of 7.6% during the forecast period.