Imitation Jewelry Market Overview, Size, Share, Growth, Latest Trends, Global Forecast 2027 by Market Research Future (MRFR)
Market
Dynamics
Global Imitation Jewelry Market size
is slated to reach approximately USD 22 Billion by 2027, at a CAGR of 6.3% from
2020 to 2027.
In
recent years, the global imitation jewellery market has experienced rapid
growth. The industry is being driven by the rising demand for fake jewellery
among the growing working population. The global Imitation Jewelry Market Overview is rising due to an increase in the number of
fashion-conscious buyers and the growing prevalence of imitation jewellery
among the youth. Jewelry personalization and customization are expected to fuel
business demand. Customization and personalization of imitation jewellery is
becoming more commonplace as a result of consumers' varying needs and
increasingly shifting lifestyles. These trends, along with the rise of a
fashion-conscious demographic, an increase in disposable income, and the
convenience and comfort of carrying imitation jewellery while travelling, are
driving global imitation jewellery sales.
Furthermore,
shoppers are more likely to buy counterfeit jewellery due to the high costs of
gold and silver jewellery. One of the main factors driving the global imitation
jewellery industry is the increase in gold and silver jewellery prices. The two
most common metals used in jewellery are gold and silver. Frequent product
developments are expected to be another catalyst for the global imitation
jewellery market's rise. Business growth is boosted by creative social media ad
strategies. A new trend that will gain popularity during the forecast timeframe
is the increased use of 3D printing in the jewellery industry. 3D printing is
being more commonly used in a number of industries. 3D printing has now made
major inroads into the aerospace, automobile, household goods, dental, and
medical markets. In the development of imitation jewellery models, 3D printing
is becoming increasingly common. As a result, the global imitation jewellery
market is expected to be powered by the growing adoption of 3D printing.
The
global imitation jewellery market is growing due to product releases by main
players. Manufacturers are now concentrating on product creation and releasing
the most up-to-date counterfeit jewellery styles. A rise in market demand for
artificial jewellery products is projected to provide producers with an
incentive. Market leaders are focused on the launch of revolutionary products
with statements such as new counterfeit jewellery with excellent decorative
accessories to appeal to changing customer needs. Furthermore, the increase in
counterfeit jewellery purchases across supermarkets and hypermarkets is
projected to boost the global market's growth during the forecast era.
The
outbreak of COVID-19 has resulted in regional lockdowns, border bans, and
transportation network breakdowns. In every area of the economy, the COVID-19
pandemic has turned the growth lever. Because of the coronavirus pandemic,
nations all over the world have been forced to enforce a lockout. The global
demand for counterfeit jewellery has risen as a result of the pandemic.
Regional
Overview
By
volume, Asia-Pacific is projected to be the main region. The Asia-Pacific
Imitation Jewellery Market is projected to rise in response to increasing
population in developing countries, as well as an increase in the number of
fashion-conscious customers.
In
2019, Europe had the second largest share of the global imitation jewellery
industry. The United Kingdom, Germany, France, and Spain are among the most
important country-level markets. In the production process, counterfeit
jewellery makers in Europe are concentrating on classic patterns and neutral
colours.
Market
Segmentation
By
product type, the Imitation Jewelry Market Overview is segmented into necklaces
and chains, earrings, rings, bracelets, cufflinks and studs, and others. During
the forecast period, the necklaces & chains segment is expected to rise at
the fastest rate. The growth of fashion consciousness among men and women can
be due to an increase in demand for necklaces and chains.
By
end-user, the market has been segmented into women, men, and unisex. In 2019,
the women's segment had the largest market share, and this development is
predicted to persist over the prognosis period. Women are pushing the market
for fake jewellery that is appropriate for various seasons.
By
distributional channel, the market is divided into store-based and non-store-based.
During the forecast period, the non-store-based segment is expected to expand
at a faster pace. Imitation jewellery makers tend to market their goods through
non-store-based distribution networks. As a way of extending their customer
presence, companies are moving to online delivery channels.
Global
Imitation Jewelry Market size is slated to reach approximately USD 22 Billion
by 2027, at a CAGR of 6.3% from 2020 to 2027.
Competitive
Landscape
The
notable players in the market are LOUIS VUITTON (France), Yurman Design, Inc.
(US), Billig Jewelers, Inc. (US), Avon Product Inc. (US), Stuller, Inc. (US),
BaubleBar Inc. (US), DCK Concessions (UK), Buckley Jewellery Limited (UK), and
Gianni Versace S.p.A. (Italy).
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NOTE: Our Team of Researchers are Studying Covid19 and its
Impact on Various Industry Verticals and wherever required we will be
considering Covid19 Footprints for Better Analysis of Market and Industries.
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