The costume jewelry market size was valued at $32.9 billion in 2019 and is estimated to reach $59.7 billion by 2027, registering a CAGR of 7.80% from 2020 to 2027. In 2019, the necklaces & chains segment accounted for the largest share of the global fashion jewelry market and is expected to grow at a CAGR of 7.0% during the forecast period. North America is one of the prominent regions in the market, accounting for a sizeable share in 2019.
Custom jewelry consists of fashion accessories that are used to complement an outfit. This type of jewelry is made from raw materials, which are less precious as compared to precious materials such as gold, diamond, and gemstones. The raw materials used to make costume jewelry include glass, plastic, semi-precious stones, beads, leather, aluminum, and brass. Increasing consumer preference for fashionable and affordable jewelry is expected to fuel the growth of the global costume jewelry market.
The costume jewelry market has witnessed significant growth over the years and is expected to grow at a steady pace duringthe forecast period.This is attributed to various factors such as change in lifestyle, surge in prices of precious metal jewelry, rise in fashion consciousness, and change in packaging styles & attractive marketing strategies.
Moreover, rise in interest of female as well as male consumers in fashion jewelry due to celebrity endorsement has paved the way for fashion jewelry. In addition, increase in disposable income and improvement in living standards in emerging economies such as China and India along with rise in affinity of consumers in emerging economies towards fashion accessories is boosting the demand for fashion jewelry.
However, availability of low-quality and counterfeit products and fluctuations in the prices of raw materials used to manufacture these jewelry products are restraining the market growth. On the contrary, rising demand for trendy & fashionable jewelry and increasing popularity of costume jewelry among all generations are expected to provide lucrative growth opportunities for the expansion of the costume jewelry industry.
