Gold Mining Market Size was valued at USD 201.2 Billion in 2022. The Gold Mining industry is projected to grow from USD 208.2 Billion in 2023 to USD 274.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.50% during the forecast period (2023 - 2032). The increasing desire for gold jewelry is fueling the availability of gold. Numerous central banks, especially in developing countries, are persistently diversifying their assets away from the dollar and euros are expected to be a significant market driver for the gold mining market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for gold mining is being driven by the demand for more jewelry and the rising population of high-net-worth individuals. The jewelry sector stands out as the primary consumer of gold, particularly in key markets like China and India. In these regions, factors influenced by both culture and economics play a pivotal role in shaping the demand for jewelry, especially during significant events such as celebrations and weddings. The economic growth and rising incomes in these areas are expected to further boost jewelry consumption. For instance, according to the World Gold Council, India witnessed a notable surge in gold consumption, reaching 797.3 tons in 2021, marking the highest level in the past five years.
In 2021, the demand for gold jewelry experienced a year-on-year increase, primarily driven by heightened demand during wedding ceremonies and festive seasons. This surge propelled demand to surpass pre-pandemic levels, reaching a six-year high of 610.9 tonnes. Urban consumers were the primary contributors to this increased consumption volume. As a result, it is anticipated that throughout the projection period, demand for the Gold Mining Market will increase due to the Deteriorating quality of water resources leading to water-related diseases and Soaring Innovations in Gold Mining. Thus, driving the Gold Mining Market revenue.
The Gold Mining Market segmentation, based on the Mining Method includes Placer Mining and Hardrock (Lode) Mining. The placer mining segment dominated the market, accounting for 58% of market revenue (116.6 Billion). When rainwater carries gold particles from a distant gold vein into a river, not all of the gold settles on the riverbed. Some are deposited along the riverbanks, while others travel further into the river. This process leads to various placer gold deposits. A residual placer deposit occurs when gold detached from the vein is deposited near the main vein, typically in areas where there is insufficient runoff water or glacier activity to transport the gold materials into the river.
Figure 1: Gold Mining Market, by Mining Method, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Gold Mining Market segmentation, based on End-User includes Investment, Jewelry, and Others. The jewelry segment dominated the market, accounting for 58% of market revenue (116.6 Billion). Evolving lifestyles and the evolving perception of jewelry as a status symbol are anticipated to drive growth. The impact of COVID-19 on jewelry sales has been positive, as indicated by a recent survey from the Plumb Club supplier group. According to the "The Plumb Club Industry & Market Insights 2021" study, 30% of consumers reported increased jewelry purchases during the pandemic. Additionally, 49% of consumers maintained their regular jewelry buying habits, while 21% reduced their purchases.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The anticipated expansion of the Gold Mining market in North America can be attributed to several key factors. In 2022, Canada's gold output reached an estimated 220 metric tons from its mines, representing a slight decrease compared to the peak production of 223 metric tons in 2021. As one of the top five gold producers, Canada plays a significant role in the international mining landscape. The country hosts several major mining corporations that have a prominent presence both domestically and globally. Toronto, in particular, serves as the headquarters for leading companies in the sector, including Barrick Gold and Teck Resources. Additionally, Saskatchewan is home to Nutrien, the largest potash producer globally, formerly known as PotashCorp before its merger with Agrium in 2018. These industry leaders contribute to Canada's position as a key player in the worldwide gold and mining markets.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GOLD MINING MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Gold Mining Market accounts for the second-largest market share as in 2022, Germany's gold imports amounted to around $10.6 billion, showing a marginal decline from the previous year's import value of $11 billion. Despite this slight decrease, Germany maintained its position as the 10th-largest gold-importing country globally in 2022 based on value. These import trends have implications for the gold mining market, potentially influencing demand patterns and contributing to market dynamics, such as fluctuations in prices and potential impacts on mining activities. Further, the German Gold Mining Market held the largest market share, and the UK Gold Mining Market was the fastest-growing market in the European region
The Asia-Pacific Gold Mining Market is expected to grow at the fastest CAGR from 2023 to 2032.
The growing trend of men embracing jewelry is a contributing factor to the market's momentum. India is expected to experience a substantial surge in gold demand, reaching over 800 tonnes in 2023. In the last quarter of 2022, gold demand increased significantly, reaching 219.7 tonnes. Furthermore, Foreign Direct Investment (FDI) inflows into the gems and jewelry sector witnessed a notable year-over-year increase of 60.78% in the fiscal year 2022. Moreover, China’s Gold Mining Market held the largest market share, and the Indian Gold Mining Market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Gold Mining market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Gold Mining industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Gold Mining industry to benefit clients and increase the market sector. In recent years, the Gold Mining industry has offered some of the most significant advantages to the economies of regions and nations involved in extraction and production. Major players in the Gold Mining Market, including 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 are attempting to increase market demand by investing in research and development operations.
Barrick Gold Corp (Barrick) specializes in the exploration and development of mineral properties. The company owns and operates a portfolio of gold mines, including notable assets such as Nevada Gold Mines, Bulyanhulu, Buzwagi, Hemlo, Kibali, Loulo-Gounkoto, North Mara, Porgera, Pueblo Viejo, Tongon, and Veladero. Additionally, Barrick engages in copper operations at Jabal Sayid, Lumwana, and Zaldivar mines, producing a range of commodities including gold, silver, copper, and nickel. Barrick markets its gold products by selling gold bullion in the gold spot market and gold and copper concentrate to independent smelting companies. The company, along with its subsidiaries, operates across the Americas, Africa, the Middle East, and Oceania. Barrick Gold Corp is headquartered in Toronto, Ontario, Canada.
Newmont Mining Corporation is a prominent player in the gold mining and exploration industry, engaged in the exploration, production, processing, and refining of gold, as well as other valuable metals such as silver, zinc, copper, lead, and molybdenum. The company operates a diverse portfolio of open pit and underground mining assets strategically located in key regions, including the United States, Mexico, Canada, Ghana, Peru, Chile, Argentina, the Dominican Republic, Suriname, and Australia. Newmont's mining assets include well-known operations such as Phoenix, Carlin, Twin Creeks, Long Canyon, Boddington, Tanami, Pueblo Viejo, Ahafo, and Yanacocha. The company holds significant gold reserves and exploration acreage. Operating across the Americas, Europe, Asia-Pacific, and Africa, Newmont, along with its subsidiaries, maintains a presence. The corporate headquarters of Newmont is situated in Denver, Colorado, in the United States.
Newmont Mining Corporation
AngloGold Ashanti Ltd
Goldcorp Inc.
Newcrest Mining Ltd
Gold Fields Ltd
Polyus Gold International Ltd
Agnico Eagle Mines Ltd
June 2023: In June 2023, West Red Lake Gold Mines Ltd. completed the full acquisition of the Madsen Gold Project by purchasing all outstanding shares of Pure Gold Mining Inc. The acquisition encompasses a fully licensed underground gold mine boasting an estimated resource of 1.65 million ounces in the indicated category, along with a state-of-the-art mill facility.
Placer Mining
Hardrock (Lode) Mining
Investment
Jewelry
Others
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 201.2 Billion |
| Market Size 2023 | USD 208.2 Billion |
| Market Size 2032 | USD 274.2 Billion |
| Compound Annual Growth Rate (CAGR) | 3.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Mining Method, End-User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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 |
| Key Market Opportunities | Development of better mining equipment |
| Key Market Dynamics | Increasing jewelry demand drives |
Gold Mining Market Highlights:
Frequently Asked Questions (FAQ) :
The Gold Mining Market size was valued at USD 201.2 Billion in 2022.
The Gold Mining Market is projected to grow at a CAGR of 3.50% during the forecast period, 2023-2032.
North America had the largest share of the market
The key players in the market are 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
The RO Placer Mining segment dominated the market in 2022.
The Jewelry segment had the largest share in the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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