Allied Market Research published a report, titled, “Pearl Jewelry Market By Type (Necklace, Earrings, Rings, Others), By Material (Gold, Silver, Others), By Pearl Nature (Cultured, Natural), By Pearl Source (Fresh Water, Salt Water), By Distribution Channel (Offline Channels, Online Channels): Global Opportunity Analysis And Industry Forecast, 2022-2031”. According to the report, the global pearl jewelry industry generated $12.8 billion in 2021, and is anticipated to generate $42.0 billion by 2031, witnessing a CAGR of 13.2% from 2022 to 2031.
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Prime determinants of growth
The growth of the global pearl jewelry market is driven by factors such as increasing demand for pearls in fashion jewelry, availability of pearls in various shapes, colors, and sizes, and easy availability of cultured pearls. However, factors affecting pearl cultivation and misinformation regarding the authenticity of cultured pearls are hampering the pearl jewelry market growth. On the contrary, endorsement of pearl jewelry by celebrities and greater adoption of pearl jewelry by men is expected to offer remunerative opportunities for expansion of the pearl jewelry market during the forecast period.
Report coverage & details:
|Market Size in 2021||
|Market Size in 2031||
|No. of Pages in Report||
Type, Material, Pearl Nature, Pearl Source, Distribution Channel, and Region.
Increasing demand for pearls in fashion jewelry Availability of pearls in various shapes, colors, and sizes Easy availability of cultured pearls
Endorsement of pearl jewelry by celebrities Greater adoption of pearl jewelry by men
Factors affecting pearl cultivation Misinformation regarding the authenticity of cultured pearls
- The Covid-19 pandemic had a negative impact on the pearl jewelry market, owing to the closure of pearl farming activities, especially in China, along with the shutdown of the pearl jewelry production facilities.
- However, improvements in the global pearl cultivation and harvesting activities in the post-pandemic period as well as the return of the production of pearl jewelry to the pre-pandemic volumes will help resume the growth of the market.
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The necklace segment to maintain its leadership status throughout the forecast period
Based on type, the necklace segment held the highest market share in 2021, accounting for more than half of the global pearl jewelry market revenue, and is estimated to maintain its leadership status throughout the forecast period, as customers of all genders wear pearl necklaces to induce a feeling of confidence, have a sense of grandeur, or as a symbol of something meaningful, with men rapidly increasing their use of pearl necklaces. Pearl necklaces are also frequently worn as status and wealth symbols, as well as for religious, ceremonial, magical, or funerary purposes. However, the rings segment is projected to manifest the highest CAGR of 13.8% from 2022 to 2031, as consumer demand has shifted towards new styles and cutting-edge metal bands and rings with pearl settings. The expansion of the global economy, increased consumer spending power, and improved designs are also expected to drive demand for pearl rings.
The silver segment to maintain its lead position throughout the forecast period
Based on material, the silver segment held the highest market share in 2021, accounting for more than half of the global pearl jewelry market revenue and is estimated to maintain its leadership status throughout the forecast period, as silver’s color is highly complementary to traditional white pearls, making it extremely popular for jewelry pieces with the pearl as the focal point. The use of different colored pearls with silver highlights and amplifies the color of the pearls, which promotes the use of silver even more. However, the others segment is projected to manifest the highest CAGR of 13.5% from 2022 to 2031, owing to the use of metals such as platinum, tungsten, and steel to produce pearl jewelry.
The cultured segment to maintain its leadership during the forecast period
Based on pearl nature, the cultured segment accounted for the largest share in 2021, contributing to more than 90% of the global pearl jewelry market revenue and is projected to maintain its lead position during the forecast period. The same segment is also expected to portray the largest CAGR of 13.2% from 2022 to 2031, owing to the higher volume of production, due to which the pearls are reasonably priced and frequently easily affordable in the form of jewelry. Because of the greater control over the pearl creation process, this method of obtaining pearls is widely used around the world to obtain the desired colors and sizes of pearls.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global pearl jewelry market revenue and is projected to maintain its lead position during the forecast period, owing to the significant presence of pearl culture farms in China and Japan as well as cultural and religious importance of pearl jewelry in the region. However, Europe is expected to witness the fastest CAGR of 14.2% from 2022 to 2031, as pearls are being widely used in the European fashion jewelry industry and can be found in a wide range of jewelry items. The region’s large upper middle class and wealthy population also contributes to the region’s increasing demand for pearl jewelry.
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Leading Market Players: –
- K. Mikimoto & Co., Ltd.
- Isle of Wight Pearl
- Pearl Paradise
- CPI Luxury Group
- TASAKI & Co., Ltd.
- Pearl Falco.
- Wing Wo Hing Jewelry Group
- Akuna Pearls
- Pearl Jewelry Ito, Inc.
- Aquarian Pearls
- Pearls Of Australia
- Palas Emporio Pty Ltd
The report provides a detailed analysis of these key players of the global pearl jewelry market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in 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.
Source From: https://www.globenewswire.com/en/news-release/2023/04/28/2657500/0/en/Pearl-Jewelry-Market-to-Reach-42-0-Billion-Globally-by-2031-at-13-2-CAGR-Allied-Market-Research.html
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