A new report by Allied Market Research projects that India’s costume jewelry market will reach $2,126.3 million by 2027, growing at a compound annual growth rate (CAGR) of 7.0% from 2019 to 2027.
This growth is attributed to several factors, including lifestyle changes, rising precious metal jewelry prices, increased fashion consciousness, and evolving packaging and marketing strategies.
As per the report in OpenPR, celebrity endorsements have played a crucial role in boosting interest in costume jewelry among male and female consumers.
Additionally, rising disposable incomes and living standards in India and a growing preference for fashion accessories are driving demand.
However, the market faces challenges from low-quality and counterfeit products and fluctuations in raw material prices.
Despite these obstacles, the industry shows significant potential, particularly in developing regions of India.
The earrings segment emerged as the highest revenue contributor in 2019, driven by the availability of lightweight designs in various styles.
The female segment dominated the market, benefiting from increased spending power among working women.
Retail sales channels led in terms of mode of sale, offering value-added services like customer care.
Per the report, non-branded products currently hold a larger market share in India than branded offerings. Many manufacturers have relocated their production facilities to Rajasthan to reduce costs.
The report identifies key players in the Indian costume jewelry market, including Avon Products Inc., Voylla, Zaveri Pearls, and Tanishq.
These companies employ product launches, mergers, acquisitions, and partnerships to strengthen their market presence.
The report stated that the costume jewelry sector in India is expected to benefit from the country’s rich tradition of craftsmanship, the e-commerce boom, and the growing demand for affordable luxury accessories.
