Originally published on Technavio:India - Jewelry Market Analysis by Type and Distribution Channel - Forecast and Analysis 2023-2027

 

The market is experiencing a Compound Annual Growth Rate (CAGR) of 5.54%. This comprehensive market growth analysis report delves into market segmentation by type (gold, diamond, and others) and distribution channel (specialist retailers and online). Additionally, the report provides an in-depth analysis of drivers (factors influencing market growth), trends (emerging patterns or shifts in consumer behavior), and challenges (barriers or obstacles faced by the industry).

Market Major Companies

Companies are employing various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to strengthen their presence in the market. Some of the major companies in the market include:

Essentials Jewelry: Offers sterling silver jewelry in various styles, including gemstones and silver.

The market report includes detailed analyses of the competitive landscape and information about 15 market companies, including ALANKEET CREATIONS LLP, Bhima And Bullion Pvt. Ltd., Derewala Industries Ltd., Dwarka Jewel, DWS Jewellery Pvt. Ltd., Gurukrupa Gems, Hari Krishna Exports Pvt. Ltd., Joyalukkas India Ltd., Kalyan Jewellers India Ltd., Kanhai Jewels, Malabar Gold and Diamonds, Nsb Jewellery, PC Jeweller Ltd., Rajesh Exports Ltd., Titan Co. Ltd., Tribhovandas Bhimji Zaveri Ltd., Vaibhav Global Ltd., Vivah Creation, and Padmavati Jewellery.

Qualitative and quantitative analyses of companies help clients understand the wider business environment, as well as the strengths and weaknesses of key market players. Companies are categorized as pure play, category-focused, industry-focused, and diversified. The quantitative analysis categorizes companies as dominant, leading, strong, tentative, and weak.

 

Market Size and Market Dynamics

Researchers analyzed the data with 2022 as the base year, identifying key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

 

Key Market Drivers

The cultural significance of jewelry is notably driving market growth, especially gold jewelry's demand during weddings and festivals. India, as the world's second-largest consumer of gold, sees substantial demand during religious and socially significant celebrations. The market has grown significantly due to the high demand for gold jewelry during weddings, contributing to the overall growth of the market.

 

Significant Market Trends

The rise in online sales is an emerging trend, accelerated by the COVID-19 pandemic, leading to increased online shopping for jewelry. Brands like Tanishq reported a 106% increase in online sales in 2020, with online channels accounting for a significant portion of total sales. The competitive pricing of gold jewelry online and the convenience of online shopping are driving this trend.

 

Major Market Challenge

High gold prices pose a significant challenge, impacting the affordability of jewelry and shifting consumer preferences towards lighter, more affordable options. Fluctuations in gold prices due to inflation and economic unpredictability may hinder sales of traditional heavy gold jewelry.

 

By Type

The gold segment is expected to witness significant market share growth during the forecast period. Gold, with its cultural significance and traditional preference, has consistently experienced rising demand.

By Distribution Channel Analysis

The Jewelry Market is segmented into two categories: Specialist retailers and Online.

 

Market Analysis

 

The market's transformative shift is influenced by disposable income and changing lifestyles. Innovative designs, diverse segments, and ethical practices, including conflict-free and responsible mining, are emphasized. Bridal jewelry remains a significant segment, witnessing innovation. The market encompasses a wide range from demi-fine to high-end jewelry, featuring colored gemstones and artificial jewelry.

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Key Data Covered in this Market Research Report:

- CAGR of the market during the forecast period 2023-2027

- Detailed information on factors driving market growth

- Precise estimation of the market size and its contribution to the parent market

- Accurate predictions on upcoming market growth, trends, and changes in consumer behavior

- Comprehensive details of factors challenging the growth of market companies

  For more information please contact

Technavio Research

Jesse Maida

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