Increasing Consumption of Jewelry Worldwide
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.
The Industry Research includes a detailed assessment of the various Industry drivers and restraints, opportunities, and challenges that the Industry will face during the projected horizon. Furthermore, the Research provides comprehensive research into the regional developments of the Industry, affecting the Industry growth during the forecast period. Moreover, the Research includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the Industry. 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 Industry stronghold between 2020 and 2027.
The global jewelry Industry size is expected to showcase considerable growth. 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.
Emergence of Digital Media Platforms to Promote Growth
The growing influence through reality shows, music videos, and movies enable the 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.
The necklace segment, based on product, held a Industry share of about 22.70% in 2019 and is likely to showcase a considerable growth during the forecast period. This is ascribable to factors such as the increasing adoption of the jewelry products by women consumers across the globe.
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 Industry in North America is expected to experience a 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 Research 2019, 40% of the total millionaires globally are present in the United States.
Major Companies Focus on Expansion Strategies to Leverage Industry 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 Industry stronghold in the forthcoming years.