Gold Mining Market Expected to Reach USD 274.2 Billion by 2032 | Growing at a CAGR of 3.5%

Market Research Future (MRFR) has published a cooked research report on the “Gold Mining Market” that contains information from 2018 to 2032. The Gold Mining Market is estimated to register a CAGR of 3.50% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Gold Mining Market— Barrick Gold Corporation, Newmont Mining Corporation, AngloGold Ashanti Ltd, Goldcorp Inc., Kinross Gold Corporation, Newcrest Mining Ltd, Gold Fields Ltd, Polyus Gold International Ltd, Agnico Eagle Mines Ltd.

Market Highlights

The global Gold Mining Market is accounted to register a CAGR of 3.50% during the forecast period and is estimated to reach USD 274.21 billion by 2032.

The key factors contributing to the sales growth of gold products involve evolving consumer preferences and a growing population of high-net-worth individuals. Furthermore, diverse global customs related to the use of ornaments and gems are expected to further enhance product purchases significantly.

Segment Analysis

The global Gold Mining Market has been segmented based on the Mining Method, and End-User.

Based on the Mining Method, the market is segmented into Placer Mining and Hardrock (Lode) Mining. The placer mining segment was attributed to holding the largest market share in 2022.  One of the longstanding and conventional techniques in gold mining involves extracting gold from alluvial deposits found in or near water sources like rivers and streams, comprising sand, gravel, and silt. This method, recognized for its simplicity and minimal environmental impact compared to alternative gold mining approaches, has been practiced for centuries.

Based on the End-User, the Gold Mining Market has been segmented into Investment, Jewelry, and Others. The jewelry segment was expected to hold the largest market share in 2022. The global gold market is experiencing growth primarily driven by increasing worldwide demand. Gold, renowned for its intrinsic charm, durability, and malleability, is the preferred material for crafting jewelry. To create diverse gold colors and finishes such as yellow gold, white gold, and rose gold, gold is frequently alloyed with other metals like silver, copper, or palladium.

Regional Analysis

The global Gold Mining Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Gold Mining Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Gold Mining Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Gold Mining Market comprises of Middle East, Africa, and Latin America.

The largest market share for the Gold Mining Market was maintained by the North American regional sector. In 2022, the United States demonstrated a notable consumption of 250 metric tons of gold. Approximately 140 metric tons of this gold were imported for domestic use, with a significant portion, exceeding 40 percent, originating from Mexico. Other primary source countries for gold imports into the U.S. included Canada, Colombia, and Peru. Notably, the United States also engaged in recycling practices, reclaiming around 90 metric tons of both new and old scrap gold during the same period. Depending on factors such as global gold prices, economic conditions, and geopolitical stability, increased demand may stimulate exploration and extraction activities to meet the market's needs.

Moreover, the Europe market has been persistently growing over the forecast period.  The European gold mining market is susceptible to global dynamics, particularly influenced by geopolitical events and economic conditions. In 2022, the United Kingdom witnessed gold imports valued at around USD 42 billion, representing a significant decrease from the peak import value of USD 88.3 billion in 2020. Despite this decline, the UK maintained its status as the world's third-largest gold-importing nation in 2022. The observed trends in gold imports underscore the impact of external factors on the demand for gold, which, in turn, can influence market dynamics such as price fluctuations and increased mining activities.

The Asia-Pacific market is experiencing growth driven by heightened demand for gold from emerging markets, specifically China, India, and Japan. Anticipated increased investments by global corporations are poised to further stimulate regional expansion. Notably, key gold-producing countries in the region, including China, Australia, and Russia, contribute significantly to this growth. China, in particular, stood out as the leading global producer, accounting for approximately 10% of the total global output in 2022, as reported by the World Gold Council. In contrast, North America is positioned to capture a substantial market share during the forecast period, supported by accelerated production rates and comparatively competitive selling prices vis-à-vis global standards.

Furthermore, the rest of the world's Gold Mining Market is divided into the Middle East, Africa, and Latin America. The market is experiencing growth driven by an increasing focus on the genuineness of metals and gemstones used in jewelry. Manufacturers are not only ensuring compliance with authenticity and quality standards but are also actively educating consumers through advertising campaigns.

Key Findings of the Study

• The global Gold Mining Market is expected to reach USD 274.2 billion by 2032, at a CAGR of 3.50% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market because the region boasts a significant presence of leading industry players, including Malabar Golds and Diamonds, Tanishq, Queelin, and Wallace Chan, among others, all with extensive distribution networks. For example, as reported by the Indian Brand Equity Foundation (IBEF) in July 2020, the Indian jewelry and gem sector was identified as a major contributor to the global market, projected to account for 29% of global consumption.


• Based on the mining method, the placer mining segment was attributed to holding the largest market in 2022, with an approximate market share of 55–60%.


• Barrick Gold Corporation, Newmont Mining Corporation, AngloGold Ashanti Ltd, Goldcorp Inc., Kinross Gold Corporation, Newcrest Mining Ltd, Gold Fields Ltd, Polyus Gold International Ltd, Agnico Eagle Mines Ltd

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Gold Mining Industry