The global pearl jewelry market is likely to grow at a CAGR of over 13% during the period 2019–2025.
The stability in the global economic situation, resulting in the growth of disposable incomes, is driving the global pearl jewelry market. Moreover, the increasing female working population and the growing penetration of brands are contributing to the growth. The APAC region accounted for the largest share in 2019 and is expected to witness the fastest growth rate during the forecast period. The saltwater pearl segment is observing growth due to the high demand for luxurious and high-quality ornaments.
A large-scale shift to the e-commerce platform is another major factor boosting the growth of the global pearl jewelry market. Consumers are becoming extremely comfortable shopping online. Major sellers are capitalizing on business opportunities by offering innovative strategies, ranging from personalization to curation to home trial options to address the consumers’ concerns. The online fine jewelry sales accounted for approximately 4–5% of the global market and are projected to reach around 10% by 2020. The online segment, however, accounted for a larger share with approximately 10–15% share by 2020.
The following factors are likely to contribute to the growth of the global pearl jewelry market during the forecast period: •Influence of Celebrities and changing consumer perception •Growth of Casualization in office and other social environments •Growth of Computer Aided Technology in Jewelry Designing •High Demand for Branded Jewelry
The study considers the present scenario of the pearl jewelry market and its market dynamics for the period 2019?2025. The report covers a detailed overview of several market growth enablers, restraints, and trends. It covers both the demand and supply aspect of the market. It profiles and examines leading and prominent companies operating in the market.
Pearl Jewelry Market: Segmentation
This market research report includes a detailed segmentation by product types, form, source, distribution channels, and geography. The growing production cost and declining supply have increased the price of freshwater pearls. The demand is expected to grow due to the increasing popularity of inexpensive pearl jewelry, especially among youth and first-time buyers. Saltwater pearls are expensive; hence, they are preferred by high-end consumers with greater disposable income. APAC accounts for the largest share, with China, Japan, and India emerging as the leading regions. However, the increasing water pollution and overharvesting of saltwater ornaments have declined the production, which, in turn, is increasing the average price across the globe.
The global gold jewelry demand has observed a decline in the last couple of years. The decrease can be mainly attributed to several regional challenges and global economic trends. The rise in gold prices is expected to emerge as a major challenge as middle-class consumers are less likely to purchase gold ornaments. However, retailers are implementing several new strategies, including offering heavy discounts on making charges and providing easy installments to improve the sales of gold pearl ornaments.
Gold pearl necklaces are more expensive than silver or other material types. However, the increasing acceptance of Tahitian pearl necklaces is expected to aid the growth of the segment during the forecast period. Saltwater necklaces accounted for the largest market share in 2019; however, the segment is expected to decline during the forecast period owing to the growing price and the increasing availability of high-quality freshwater pearls.
The diversity in design and quality with high-profit margins is expected to boost the demand for pearl earrings during the forecast period. Celebrities such as Kate Middleton and Michelle Obama have been spotted to wear these earrings, which have become a strong factor for their popularity and adoption. Designers are introducing trendy designs to enhance product appeal. The high demand from China, Japan, and India is primarily contributing to the growth of the market.
Market Segmentation by Pearl Types •Freshwater •Saltwater Market Segmentation by Material Types •Gold •Silver •Others Market Segmentation by Jewelry Types •Necklace •Earrings •Rings •Others
Insights by Geography
While the pearl jewelry market in developing economies is driven by the growth in the population, rise in household incomes, and change in lifestyles, developed economies are boosting the demand for luxury and fine designer ornaments. The region is expected to grow at the fastest CAGR during the forecast period. The rising economic development, the growing middle-class population, and high net worth individuals, especially in China and India, have increased the demand for fine pearl jewelry. Europe is the second-largest market worldwide. The region is witnessing growth on account of increasing economic stability, the rising female working population, the increasing fashion consciousness, and the growing e-commerce retailing sectors.
Market Segmentation by Geography •North America oUS oCanada •Europe oGermany oFrance oUK •APAC oChina oJapan oIndia •Latin America oBrazil oMexico •MEA oSaudi Arabia oUAE
Key Vendor Analysis The global market is highly fragmented with the presence of a large number of global and regional players. Vendors are competing based on product designs, quality, and competitive pricing. Due to the highly competitive and volatile environment, future growth mainly depends on the ability to expect, gauge, and adapt to constantly changing fashion trends and successfully introduce new or improved products on time. Global retailers are increasingly trying to integrate with more than one part of the supply chain. Vertical integration will allow the company to establish a competitive advantage while considerably lowering the cost of manufacturing and making business models more efficient and cost-effective. The market is highly dynamic and fast-growing. With the rising consequential changes in both consumer behavior and the industry, vendors are required to be responsive to changing trends and developments.
Key Market Insights The analysis of the pearl jewelry market provides sizing and growth opportunities for the forecast period 2020–2025. •Offers forecast and growth prospects of the market for the forecast period 2020–2025 •Provides comprehensive insights on the latest industry trends, forecast, and growth drivers •Includes a detailed analysis of growth drivers, challenges, and investment opportunities •Delivers a complete overview of segments and the regional outlook of the market •Offers an exhaustive summary of the vendor landscape, competitive analysis, and key strategies to gain competitive advantage
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