New York , US, April 06, 2023 (GLOBE NEWSWIRE) -- Imitation Jewelry Market Overview
Market Research Future (MRFR) 's report highlights “Imitation Jewelry Market Information By Product Type, End-User, Distribution channel, And Region - Forecast till 2027”; the market will achieve USD 22 billion by 2027 at a 6.3% CAGR.
Market Synopsis
Imitation jewelry is defined as fashion jewelry created from inexpensive metals and gems. Cost-effective components, including alloys, stones, and other elements that mimic real jewelry, are used to create imitation jewelry. The market for counterfeit jewelry may have many growth prospects due to the availability of beautiful jewelry for a very low cost compared to silver, gold, diamond, platinum, or other jewelry. Most imitation jewelry is made of inexpensive metals like brass, nickel, sterling silver, steel, or metals that have been gold-plated. There are also gems like rhinestones and Lucite. Customers resort to fake jewelry because genuine gemstones, diamonds, and solid gold are prohibitively expensive when coordinating jewelry for various occasions and outfits.
Fake jewelry is a replica of exquisite jewelry sold at a much lower price. The market for imitation jewelry is expected to expand significantly over the projected period due to the millennial generation's growing habit of living a fashion-conscious lifestyle. Global consumers are becoming more fashion-conscious and style their jewelry to match their outfits. The youth population is increasingly influenced by the fashion sector, which could lead to new growth opportunities for the imitation jewelry business. Digital media and celebrities have simultaneously altered the jewelry industry by pushing fresh fashion trends featuring various jewelry types. These factors will probably lead to rapid expansion in the market for fake jewelry.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 22 Billion |
| CAGR | 6.3% (2020 to 2027) |
| Base Year | 2019 |
| Forecast Period | 2020–2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, End-User, and Distribution channel |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing number of working women population Surge in online sales of jewelry Rise in the number of fashion-conscious consumers |
Market Competitive Landscape:
The promising contenders in the imitation jewelry market are:
- Louis Vuitton (France)
- Avon Product Inc. (US)
- Baublebar Inc. (US)
- Buckley Jewellery Limited (UK)
- Stuller, Inc. (US)
- Yurman Design, Inc. (US)
- Billig Jewelers, Inc. (US)
- Dck Concessions (UK)
- Gianni Versace S.P.A. (Italy)
Market U.S.P. Covered:
Market Drivers:
This increase in the value of the imitation jewelry market can be attributed to several factors, including growing brand globalization, rising prices for gold and other valuable stones and pearls, rising e-commerce platform popularity, particularly in developing economies, and rising personal disposable income. The global market for imitation jewelry is anticipated to expand quickly over the forecast period due to increased demand. The primary growth factors for the worldwide imitation jewelry industry are the growing internationalization of brands, rising costs for gold, other precious stones, and pearls, and increased demand for male costume jewelry. Due to increased teen fashion consciousness and the accessibility of reasonably priced fashionable jewelry, the entire sector is anticipated to grow over the next few years.
The fact that gold and silver are becoming increasingly expensive daily is another obvious reason people resort to fake jewelry. And those who desire fashionable jewelry but do not want to spend much money are turning to fake jewelry. Reputable manufacturers promote their knockoff jewelry at product launches and work to include more design possibilities for interested customers.
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Market Restraints:
On the other hand, the global imitation jewelry industry faces significant obstacles from the growing costs of raw materials and the general subtle fashion jewelry market. The purpose of copycat jewelry was to create ornamentation from inexpensive materials. However, counterfeit goods are also made using this concept. It indicates that, in certain cases, duplicate copies are sold under the guise of originals. Another significant barrier is the industry's chaotic supply chain, which occasionally drives up raw material prices. Internet sales are still relatively new in many locations, but they open many new possibilities for the global market for fake jewelry. The lack of skilled craftsmen is the main barrier preventing the expansion of the imitation jewelry sector. Hence, this is one such obstacle that is reducing development by 1%. But it doesn't matter because there is still a strong demand cycle for the goods offered by the real significant actors.
COVID 19 Analysis
The COVID-19 pandemic began, affecting people all over the world. Nonetheless, because of the limitations, online sales attracted the greatest interest. Due to its simplicity and convenience, consumers are more likely to shop online after relaxing. The enticing deals and free shipping could help the market for fake jewelry develop. But as of now, COVID-19 is finally under control, with immunizations being injected into worldwide citizens. As a result, the economy and many industries are operating at their usual speed. And this is assisting the global market for imitation jewelry in prioritizing the supply needs that have piled up. As a result, there is a sound projection for an expansion in market size in the current projected years due to the higher sales and demand rates. As a result, working women specialists must maintain corporate standards of styling. Due to the growing demand for simple and elegant jewelry, the market for imitation jewelry is projected to see healthy sales growth.
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Market Segmentation
By distribution channel, the market includes store-based and non-store-based. By product type, the market includes necklaces & chains, earrings, rings, bracelets, and cufflinks & studs. By end-user, the market includes men, women, and unisex.
Regional Insights
Due to manufacturers' increasing attention to product developments and consumers' increased spending on the fashion industry, the North American area now dominates the world market for imitation jewelry and will maintain this trend during the projection period. Due to factors like expanding brand recognition, rising personal disposable income, the expansion of the imitation jewelry business, an ever-increasing population, and rapid globalization, westernization, and modernization, Asia-Pacific will experience the highest CAGR over the projected period. This is because the Asia-Pacific region produced the biggest income for the imitation jewelry industry during the previous projected period.
Although according to statistics used to evaluate growth, it is consistent and increasing throughout the region. As a result, the market is anticipated to continue to grow. Despite Europe having earned the second-largest share over the previous projected period, Asia-Pacific still holds the top spot. As a result, given that they have demonstrated consistent growth in the imitation jewelry market, this region can anticipate the same in the current years.
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