Imitation Jewelry 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 jewellery market 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.
Market Segmentation
By product type, the market 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.
Competitive Landscape
The notable key imitation jewelry market players 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).
Regional Overview
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.
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.
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