© Copyright khedmeh Wall
According to
Fortune Business Insights™, the global jewelry industryis expected to
showcase considerable growth by reaching USD 266.53 billion while exhibiting a
CAGR of 3.7% between 2020 and 2027. This is attributable to the increasing
adoption of technology and the remarkable emergence of digital media platforms
that propel the demand for luxury jewelry globally. Fortune Business Insights,
published this information in its latest report, the report further mentions
that the market stood at USD 330.0 billion in 2019 and is projected to gain
momentum in the forthcoming years.
What
does the Report Include?
The market
report includes a detailed assessment of the various market drivers and
restraints, opportunities, and challenges that the market will face during the
projected horizon. Furthermore, the report provides comprehensive research into
the regional developments of the market, affecting the market growth during the
forecast period. Moreover, the report includes information sourced from the
advice of expert professionals from the industry by our research analyst using
several research methodologies for the market. The competitive landscape offers
further detailed insights into the strategies such as product launches,
partnership, merger and acquisition, and collaborations adopted by the
companies to maintain market stronghold between 2020 and 2027.
KEY
DRIVING FACTORS
The
emergence of Digital Media Platforms to Promote Growth
The growing
influence through reality shows, music videos, and movies enable digital media
platforms to play a pivotal role in propelling the sales of luxurious jewelry
products globally. In addition to this, the adoption of technology in the
manufacturing of the ornaments is anticipated to bode well for the global
Jewelry Industry growth during the forecast period. For instance, the products
such as Luxe Smart Ring by The Ringly are equipped with several technological
features such as health and fitness monitoring and GPS, along with being
equipped with large gemstones.
Reduce
Number of Labor Workforce amid COVID-19 to Hinder Growth
The global pandemic
has led to a lockdown announced by government agencies across the globe. This
has led to a partial lockdown of industrial operation and has left several
laborers unemployed. Owing to the reduced number of jobs, the workforce has
opted to return to their native places that has severely affected the market
growth. However, collective efforts by the manufacturers and government to
ensure a safe working environment by taking measures to contain the widespread
effect of COVID-19 is expected to drive the market in the near future.
Jewelry
products mainly consist of gold, silver, diamonds, and other exotic gemstones.
They have been a symbol of luxury since centuries and adorn by people for
beautification and enhancing their overall appearance. Additionally, the high
demand for bridal ornaments, and the different festivities and traditions
followed by people globally boosts the consumption of exotic gemstones and
other products.
SEGMENTATION
Necklace
Segment Held a 22.70% Market Share
The necklace
segment, based on product, held a market share of about 22.70% in 2019 and is
likely to showcase considerable growth during the forecast period. This is
ascribable to factors such as the increasing adoption of jewelry products by
women consumers across the globe.
REGIONAL
INSIGHTS
Presence
of Established Manufacturers in Asia-Pacific to Favor Growth
Among all the
regions, Asia-Pacific is expected to remain dominant and hold the highest
position in the global Jewelry Industry during the forecast period. This dominance
is attributable to the presence of established manufacturers such as Tanishq,
Queelin, and others in countries such as India and China in the region.
Asia-Pacific generated USD 130.49 in terms of revenue in 2019.
The market in
North America is expected to experience significant growth owing to the
presence of several millionaires in countries such as the U.S. that propels the
sales of exotic and premium jewelry in the region. For instance, as per the
Global Wealth Report 2019, 40% of the total millionaires globally are present
in the United States.
COMPETITIVE
LANDSCAPE
Major
Companies Focus on Expansion Strategies to Leverage Market Opportunities
The global
Jewelry Industry is experiencing stiff competition owing to the presence of
several major companies that are focusing on expanding their facilities to
cater to the increasing demand for luxury jewelry products globally. In
addition to this, key players are adopting strategies such as merger and
acquisition, partnership, and collaboration to maintain market stronghold in
the forthcoming years.
Source:
https://www.fortunebusinessinsights.com/jewelry-market-102107
The Wall