Wilmington, Delaware, United States, July 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global spiritual jewelry market was valued at US$ 13.2 Bn in 2022. It is projected to grow at a CAGR of 6.0% from 2023 to 2031.
Increase in focus on spirituality, devotional activities, and wellbeing is fueling the spiritual jewelry market. Rise in interest in spiritual activities for inner peace and happiness, which involves engaging in religious rituals and visiting pilgrim places, is creating demand for spiritual healing products.
Increase in focus on ancient methods of self-help and peace is driving people to adopt spiritual healing methods, which includes use of symbolic pendants and gemstones. Furthermore, rise in trend of incorporating spiritual elements into fashion choices is fueling the spiritual jewelry market development.
Spiritual jewelry includes stones, symbols, metals, or designs, which represent various aspects of spirituality.
People, presently, are increasingly seeking to connect with their inner selves with the rise in awareness about spirituality. Spiritual jewelry is used as a representation to connect with ancient methods of self-help and peace.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 13.2 Bn | |
| Estimated Value | US$ 22.2 Bn | |
| Growth Rate - CAGR | 6.0% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 160 Pages | |
| Market Segmentation | By Type, By Material, By Gemstone, By End-user, By Price, By Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Brother Wolf USA, Buddha Groove, Ka Gold Jewelry, Karma & Luck, Local Eclectic, Rei of Light Jewelry, Satya Jewelry, Seven Saints, Spiru, The Jewel Hut, Other Key Players | |
Key Findings of Study
Wide Selection of Products on E-commerce Platforms Fueling Market Demand – Availability of a wide range of products on e-commerce platforms and company-owned portals is fueling the adoption of spiritual jewelry. Pendants, bracelets, symbols, necklace, and others are available online that appeal to different age groups.
Increase in penetration of the internet and adoption of smartphones have led to easy access to information. Spiritual gurus, wellness mentors, and life-coaches are leveraging the power of digitization to influence large audiences, resulting in increase in devotional wellness activities, and thus boosting market progress.
Expansion of e-commerce platforms and online stores provide convenience and wide range of products. Social media platforms help to showcase these products to untapped audiences and expand the reach of companies by using influencers to promote spiritual jewelry brands, thus fueling the market size.
Increase in Awareness and Mindfulness Trends Accelerating Industry Growth – Increase in emphasis on wellness and mindfulness is catalyzing the demand for various jewelry products such as chakra necklaces, lotus earrings, and multi gemstone pendants.
The number of people doing yoga, meditation, and energy healing is increasing across the world, which is leading to significant rise in demand for spiritual jewelry products. Increase in availability of information through social media and other platforms has increased awareness about practicing mindfulness and introspection as well as the use of spiritual jewelry products for inner peace and strength.
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Growth Drivers
- Increase in focus on spirituality, well-being, devotional activities and religion are fueling the spiritual jewelry market
- Availability of a wide range of products on e-commerce platforms is augmenting market growth
Regional Landscape
Asia Pacific is anticipated to account for high market share due to its religious diversity, rapid growth of e-commerce platforms, and increase in manufacture of fashion jewelry with spiritual motifs. Ethnic importance, improvement in wealth and spending power, and symbolic meaning in emerging economies are some of the key market catalysts.
In India, the gems and jewelry market is witnessing exponential growth due to rise in disposable income among the population. Expanding middle-class population, increasing spending on gems and jewelry, and rapid urbanization are accelerating the growth of the market in Asia Pacific.
North America is also witnessing increasing demand for spiritual jewelry due to rise in interest in spirituality and mindfulness trends. The impact of social media is bolstering the growth of the market in the region.
Competitive Analysis
The global landscape is highly fragmented, with the presence of numerous local and multinational players.
Prominent companies operating in the spiritual jewelry market include Brother Wolf USA, Ka Gold Jewelry, Local Eclectic, Satya Jewelry, Spiru, Buddha Groove, Karma & Luck, Rei of light Jewelry, Seven Saints, and The Jewel Hut.
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The global spiritual jewelry market has been segmented as follows:
Global Spiritual Jewelry Market, by Type
- Bracelets
- Pendants and Necklaces
- Earrings
- Rings
- Others
Global Spiritual Jewelry Market, by Material
- Leather
- Precious Metal
- Non-precious Metal
- Wood
- Others
Global Spiritual Jewelry Market, by Gemstone
- Quartz
- Aquamarine
- Pearl
- Jade
- Others
Global Spiritual Jewelry Market, by End-user
- Men
- Women
- Kids
Global Spiritual Jewelry Market, by Price
- Low
- Medium
- High
Global Spiritual Jewelry Market, by Distribution Channel
- Online
- Company-owned Websites
- E-commerce websites
- Offline
- Supermarket/Hypermarkets
- Specialty Stores
- Other Retail Stores
Global Spiritual Jewelry Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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