The Africa costume jewelry market is expected to grow significantly, according to a new report by Allied Market Research. The report, titled Africa Costume Jewelry Market by Product Type, Gender, and Mode of Sale: Opportunity Analysis and Industry Forecast, 2023-2032, predicts that the market will expand from a value of $688.3 million in 2022 to $1,684.8 million by 2032, at a compound annual growth rate (CAGR) of 9.2%.
Costume jewelry, which is made from affordable materials like glass, metals, and synthetic stones, is gaining popularity as a stylish and less expensive alternative to precious jewelry made from gold, diamonds, and gemstones. It includes products such as necklaces, earrings, rings, bangles, and bracelets, offering consumers a wide range of accessories that complement various outfits. This jewelry is often designed to reflect fashion trends and can be produced using a variety of materials, including plastic and semi-precious stones.
Key Growth Drivers
The growth of the Africa costume jewelry market is driven by several factors, including an increase in fashion-conscious consumers and ongoing innovation in jewelry design. The integration of African cultural elements into jewelry also plays a role in driving interest. However, challenges such as limited supply chain infrastructure and the relatively low durability of costume jewelry may slow market growth. On the other hand, the growth of the tourism industry presents new opportunities for expansion.
Earrings Segment to Maintain Market Leadership
In 2022, earrings held the largest market share, accounting for more than 20% of the market. This trend is expected to continue, driven by the popularity of lightweight earrings in various designs and colors, which can easily complement different outfits. The rings segment is also expected to grow rapidly, with a projected CAGR of 10.7% from 2023 to 2032.
Women’s Segment to Lead the Market
Women’s costume jewelry accounted for nearly two-thirds of the market share in 2022 and is projected to remain dominant throughout the forecast period. This is due to a growing shift among women from expensive gold and diamond jewelry to more affordable costume jewelry. The increasing demand for customizable pieces and changing fashion trends are key factors behind this shift. Additionally, the rise in disposable income, especially among working women, further supports the demand for costume jewelry. The male segment, however, is expected to grow at the highest CAGR of 9.8% during the forecast period.
Retail Sales Channel to Maintain Dominance
In 2022, retail sales accounted for more than 80% of the market share and are expected to remain the leading mode of sale during the forecast period. This is driven by an increasing focus on creating engaging and immersive retail experiences. Retailers are investing in visually appealing store designs and interactive displays to attract customers. Despite this, online sales are expected to grow at the fastest rate, with a projected CAGR of 10.1% from 2023 to 2032.
Rest of Africa to Remain Market Leader
In 2022, the “Rest of Africa” region held the largest market share in terms of revenue, accounting for almost three-fourths of the total market. This trend is expected to continue, driven by a growing demand for costume jewelry that reflects cultural significance and traditional craftsmanship. Consumers across the region are increasingly drawn to jewelry that showcases regional symbols and patterns, allowing them to express their cultural identity. Additionally, the West Africa region is expected to experience the highest growth, with a projected CAGR of 9.8% from 2023 to 2032.
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