The global jewelry market size is expected to showcase a considerable growth by reaching USD 266.53 billion, while exhibiting a CAGR of 3.7% between 2020 and 2027. Fortune Business Insights, published this information in its latest report, titled, “Jewelry Market Size, Share & COVID-19 Impact Analysis, By Product (Necklace, Earrings, Ring, Bracelet, and Others), Material Type (Gold, Platinum, Diamond, and Others), End-user (Men and Women), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 330.0 billion in 2019 and is projected to gain momentum in the forthcoming years.
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions has made the highest impact on the growth of the market. Accounting to the massive potential held by oral care products, several large scale companies are looking to acquire SMEs with the bid to establishing a stronghold in the market. In June 2019, Unilever announced that it has completed the acquisition of Fluocaril and Parogencyl oral care businesses in France and Spain respectively. This acquisition is consequential to the company’s plans of strengthening its global footprint. Increasing number of such company acquisitions will have a massive impact on the growth of the overall market in the coming years.
Reduce Number of Labor Workforce amid COVID-19 to Hinder Growth
The global pandemic has led to a lockdown announced by the government agencies across the globe. This has led to a partial lockdown of industrial operation and has left several laborers unemployed.
- Harry Winston, Inc., ( New York, USA)
- Chopard (Meyrin – Geneva, Switzerland)
- Pandora Jewelry, LLC. (Oakland, California, USA)
- Chow Tai Fook Jewellery Company Limited (Central & Western, Hong Kong)
- Tiffany & Co ( New York, USA)
- Rajesh Exports Ltd (Bengaluru, Karnataka, India)
- Cartier International SNC (Paris, France)
- Signet Jewelers Limited (Hamilton, Bermuda)
- Chanel (Paris, France)
- LVMH Moët Hennessy (Paris,France)
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions has made the highest impact on the growth of the market. Accounting to the massive potential held by oral care products, several large scale companies are looking to acquire SMEs with the bid to establishing a stronghold in the market. In June 2019, Unilever announced that it has completed the acquisition of Fluocaril and Parogencyl oral care businesses in France and Spain respectively. This acquisition is consequential to the company’s plans of strengthening its global footprint. Increasing number of such company acquisitions will have a massive impact on the growth of the overall market in the coming years.
Jewelry products mainly consist of gold, silver, diamonds, and other exotic gemstones.
What does the Report Include?
DRIVING FACTORS
Emergence of Digital Media Platforms to Promote Growth
SEGMENTATION
Necklace Segment Held a 22.70% Market Share
REGIONAL INSIGHTS
Presence of Established Manufacturers in Asia-Pacific to Favor Growth
Asia-Pacific generated USD 130.49 in terms of revenue in 2019.
COMPETITIVE LANDSCAPE
Major Companies Focus on Expansion Strategies to Leverage Market Opportunities
Industry Development:
- October 2020 – Blue Nile, the largest online retailer of diamonds, announced its massive expansion plan in 2020.
