Pune, India, January 2021, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Imitation Jewelry Market.
Global Imitation Jewelry Market size is projected to be valued at USD 22 Billion by 2027 at a CAGR of 6.3% between 2020 and 2027. Imitation jewelry includes a range of decorative items that are prepared from inexpensive materials. Major consumers prefer imitation jewelry as it cheap as compared to gold and silver jewelry. Imitation jewelry is popular among women, men, corporate employees, and teenagers. Additionally, Europe and Asia Pacific markets are witnessing a high demand for imitation jewelry among consumers. Investments are projected to have a significant impact on the imitation jewelry market size during the forecast period. The imitation jewelry market has registered tremendous growth in the past few years, and the same trend is expected during the forecast period. The key players in the market have been responsive to shifting consumer preferences and are focused on strategic acquisitions, product launches, and partnerships. All the factors are anticipated to create substantial growth opportunities for the global imitation jewelry market.
The growing popularity of imitation jewelry among fashion-conscious consumers
Growth Opportunities in the Market
Increase in demand for jewelry among working women population: There is a high demand for imitation jewelry among working women as they are versatile. Imitation jewelry can easily be worn at any event and at any time. As compared to gold and silver jewelry, imitation jewelry costs less and provides an elegant look for the consumers.
Increase in demand for necklaces & chains among the youth: The necklaces & chains segment is projected to be the fastest-growing segment during the forecast period. An increase in the demand for necklaces and chains can be attributed to the rise in fashion consciousness among men and women.
Non-Store-Based Distribution Channels Gaining Popularity Across the Globe: The non-store-based segment is projected to register a higher growth rate during the forecast period. Manufacturers of imitation jewelry are inclined toward non-store-based distribution channels for the sale of their products. Companies are opting for online distribution platforms as they extend their consumer reach.
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