Jewelry market in India to grow by USD 21.54 between 2022 and 2027 | The market is driven by cultural significance of jewelry - Technavio
NEW YORK, Nov. 2, 2023 /PRNewswire/ -- The jewelry market in India is set to grow by USD 21.54 billion between 2022 and 2027 and register a CAGR of 5.54%, according to Technavio's latest market research report estimates. The market is driven by the cultural significance of jewelry. India is the second largest importer of gold globally. Jewelry made of gold is considered a symbol of prosperity and wealth in India. This has increased its cultural significance, especially during events and celebrations such as marriages, festivals, and various other auspicious occasions. The Indian wedding industry is worth USD 50 billion, with jewelry making up an important percentage of this total value. In addition, festivals such as Diwali, Dussehra, and Akshaya Tritiya are regarded as auspicious occasions to buy gold, which leads to a surge in demand as well as the prices of gold during such events. Many such factors are leading to a continuous demand for jewelry in India, thereby driving market growth. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. View Sample Report
Factors such as the cultural significance of jewelry, rising disposable income, and technological advancements will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. The jewelry market in India is fragmented, and the degree of fragmentation will accelerate during the forecast period.
Jewelry Market in India 2023-2027: Segmentation
- Type
- Gold
- Diamond
- Others
- Distribution Channel
- Specialist Retailers
- Online
The market growth in the gold segment will be significant during the forecast period. The rising income levels of consumers have increased the demand for gold jewelry in India. Despite the development of alternative materials and designs, gold jewelry is still worn on special occasions and is a preferred investment option in India. As a result of these factors, the segment will witness maximum growth over the forecast period.
The report comprises of various segments as well as analysis of the trends and factors that are playing a substantial role in the market, download a sample report
Jewelry Market in India 2023-2027: Vendor Analysis and Scope
The jewelry market in India is fragmented. The market comprises several international and regional vendors that have a wide geographical reach, market penetration, end-user segments, and product segments. International players are consistently focused on expanding their footprint in the market. Thus, regional players are finding it increasingly difficult to compete with larger players based on quality, pricing, market reach, and financial resources. The competitive environment in this market will intensify further with an increase in product/service extensions and product innovations. Some of the key vendors covered in the report include:
- ALANKEET CREATIONS LLP - The company offers jewelry such as necklaces, earrings, and rings.
- Bhima And Bullion Pvt. Ltd. - The company offers jewelry such as gold, diamond, and silver.
- Derewala Industries Ltd. - The company offers jewelry such as gold and silver.
- Hari Krishna Exports Pvt. Ltd. - The company offers jewelry under the brand Kisna real diamond and gold jewels.
- Dwarka Jewel
- DWS Jewellery Pvt. Ltd.
- Gurukrupa Gems
- Joyalukkas India Ltd.
- Kalyan Jewellers India Ltd.
- Kanhai Jewels
- Malabar Gold and Diamonds
- Nsb Jewellery
- PC Jeweller Ltd.
- Rajesh Exports Ltd.
- Titan Co. Ltd.
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The report also covers the following areas:
Jewelry Market in India 2023-2027: Key Highlights
- Trend – The rise in online sales is identified as the key trend in the market. Factors such as convenience and the ability to choose from a wide selection of merchandise have increased consumer inclination toward online shopping. This has encouraged vendors operating in the market to take their business online and drive more sales. In addition, the competitive pricing provided on jewelry on e-commerce platforms enable customers to compare prices and make wise decisions. This is leading to increased sales of jewelry online in the market. For instance, Tanishq, one of the leading jewelry brands in India, reported a 106% increase in online sales in 2020. The online channel represented 13% of the overall sales of the company in 2020. This trend is expected to positively influence the market growth over the forecast period.
- Challenge – The high price of gold is challenging the growth of the market. Gold is an important component of Indian Jewelry. However, the sales of gold jewelry are declining as a result of the difficulty faced by jewelers in maintaining competitive pricing caused by continuous fluctuations in prices. In addition, the high cost of gold has changed the buying habits of customers. They are increasing their preference for lightweight and more reasonably priced jewelry, which is affecting the sales of conventional gold jewelry. Such challenges reduce the growth potential of the market during the forecast period.
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Jewelry Market in India 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist jewelry market growth in India during the next five years
- Estimation of the jewelry market size in India and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the jewelry market in India
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of jewelry market vendors in India
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The India costume jewelry market is estimated to grow at a CAGR of 8.64% between 2022 and 2027. The market size is forecast to increase by USD 639.32 million. The market is segmented by product (necklaces and chains, earrings, rings, bracelets, and others), and distribution channel (offline and online).
The online jewelry market size is estimated to grow at a CAGR of 15.55% between 2022 and 2027. The size of the market is forecast to increase by USD 36.23 billion. The market is segmented by type (fine jewelry and fashion jewelry), product type (rings, earrings, necklaces, bangles, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
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Table of contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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