Bridal Jewelry Market To Reach $216.4 Billion Globally By 2032 At 6.8% CAGR: Allied Market Research

Portland,OR, April 19, 2024 (GLOBE NEWSWIRE) -- Allied market Research has recently published a report, titled, “ Bridal Jewelry Market Size, Share, Competitive Landscape and Trend Analysis Report by Material, By Product Type, By Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global bridal jewelry market generated $112.1 billion in 2022, and is anticipated to generate $216.4 billion by 2032, rising at a CAGR of 6.8% from 2023 to 2032.

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Prime Determinants of Growth

The growing demand for different types of diamond & gold jewelry among brides and the growing prominence of online retail & digital platforms are the factors expected to drive the growth of the global bridal jewelry market in the forecast period from 2023 to 2032. However, the growing popularity of artificial jewelry and changing fashion trends may restrict market growth in the coming future. On the contrary, continuous innovations in jewelry-making materials and the rising popularity of antique & jadau jewelry are expected to offer remunerative opportunities for the expansion of the bridal jewelry market during the forecast period.

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COVID-19 Scenario

• The COVID-19 pandemic negatively impacted the global bridal jewelry market owing to postponements or cancellation of wedding ceremonies due to lockdown restrictions.
  
• Besides, the shutting down of shops, restrictions on movement, and halt in exhibitions substantially disrupted the supply chain and the manufacturing processes faced challenges due to lockdowns.
  
• However, a shift towards virtual ways of running a jewelry business helped market players to sustain during the pandemic. Digital media, video calls, and virtual appointments became essential tools for showcasing collections and engaging with clients.

Product Type: Necklaces Sub-segment to Hold Major Market Share by 2032

The necklaces sub-segment accounted for the largest global bridal jewelry market share of 27.0% in 2022 and is expected to hold major share by 2032. This significant growth is mainly due to the versatility of necklaces, which seamlessly complement diverse bridal attire from traditional lehengas to elegant sarees. In addition, the timeless elegance of classic designs like pearl strands, diamond, and gold necklaces enhances the bride's appearance with sophistication, which is another factor predicted to boost the sub-segment's growth.

Material: Gold Sub-segment to Flourish Immensely During the Forecast Period

The gold sub-segment held the largest market share of 45.6% in 2022 and is predicted to continue to witness significant growth by 2032. This dominance is primarily due to gold jewelry being highly favored by brides for its versatility, intricate designs, longevity, hypoallergenic properties, and other qualities. Popular gold jewelry pieces among brides include necklaces, rings, maang tikkas, earrings, bangles, waistbands, and chains. Additionally, the ability of gold jewelry to retain its value and be recycled makes it a valuable investment, further boosting its popularity in bridal collections.

Distribution Channel: Offline Sub-segment to Witness Substantial Growth by 2032

The offline sub-segment accounted for the largest global market share of 67.4% in 2022 and is expected to continue to maintain its dominance in terms of market share during the forecast period. This dominance is mainly due to the tactile shopping experience which allows customers to try on and inspect jewelry firsthand, ensuring the piece meets their expectations in quality and appearance. Besides, the value of face-to-face interactions with experienced sales staff provides a reassurance that is particularly valued when purchasing bridal jwelery at offline stores.

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Region: Asia-Pacific Market to be the Most Dominant During the forecast Period

The bridal jewelry market in the Asia-Pacific region accounted for the largest share of 58.4% in 2022 and is predicted to grow at the highest CAGR of 7.3% during the forecast period. This growth is mainly owing to the rising demand for gold, diamond, and silver jewelry from countries including India, China, South Korea, Japan, Indonesia, and others. Besides, the availability of different jewelry types like studded jewelry is expected to drive excellent growth opportunities for the regional market in the coming future.

Leading Players in the Bridal Jewelry Market:

• Pandora
• Tiffany & Co.
• Chow Tai Fook
• Louis Vuitton SE

• Signet Jewelers Limited
• Richemont
• H. Stern
• Swarovski AG
• Malabar Gold & Diamonds
• Cartier

The report provides a detailed analysis of the key players of the global bridal jewelry market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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