Rising Disposable Income & E-commerce Fuel US$ 249.2 Million Jewellery Box Market | FMI

With an initial valuation of approximately US$ 146.8 million in 2021, the jewellery box market is poised for significant expansion, projecting sales to soar to US$ 249.2 million by the conclusion of 2032. This anticipated growth reflects a notable acceleration, with the market expected to surge at a Compound Annual Growth Rate (CAGR) of 5.0% between 2022 and 2032. The increasing demand for aesthetically pleasing and functional storage solutions for jewelry contributes to this upward trajectory, indicating a sustained interest in quality and stylish accessories accompanied by a parallel surge in the market for attractive and efficient jewellery boxes.

A prevalent choice in the market, jewellery boxes, often made from wood, leather, or glass, are widely utilized, with leather pouches being favored for storing smaller pieces. These generously sized containers feature compartments designed to protect jewellery from moisture and external heat.

Moreover, manufacturers are embracing a trend towards producing environmentally friendly, durable, and easily recyclable jewellery boxes, infused with innovative styles and decorative elements. As a whole, the outlook for the jewellery box market foresees a promising growth trajectory in the forthcoming years.

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Another driving factor for the market’s demand is the increasing number of weddings in the United States. As the consumption of gold continues to rise, particularly due to the influence of Western culture, modern consumers are embracing the tradition of wearing gold for extended periods.

Key Takeaways from Jewellery Box Market:

1. Based on the material, the paper segment is estimated to hold around 57% of the market value share by the end of 2022.
2. The ring & earrings segment is projected to expand 1.6 times the current market value during 2022-2032.
3. By distribution channel, the retail store is projected to create an incremental opportunity of US$ 32.2 million during the forecast period.
4. North America and East Asia are estimated to account for 55% of the total sales in the jewellery box market in 2022.
5. India is expected to be the most lucrative jewellery market in South Asia owing to the growing preference for premium jewellery items

“Rising preference for eye-catching & protective packaging solutions in the luxury product industry including jewellery will augment the sales of the jewellery box.”– says FMI analyst

Market Drivers:

1. Rising Disposable Income:
   • An increase in disposable income often leads to higher spending on luxury items, including jewelry, thereby boosting the demand for jewelry boxes.
2. Growing Demand for Premium and Customized Products:
   • Consumers’ increasing preference for personalized and high-quality products can drive the demand for premium and customized jewelry boxes.
3. E-commerce Growth:
   • The rise of online shopping and e-commerce platforms provides a broader market reach for jewelry box manufacturers, allowing them to cater to a global audience.
4. Innovations in Design and Materials:
   • Continuous innovations in the design and materials used for jewelry boxes can attract consumers looking for unique and aesthetically pleasing storage solutions.
5. Gift-Giving Trends:
   • Special occasions like weddings, anniversaries, and birthdays contribute to the demand for jewelry boxes as they are commonly chosen as gifts.

Market Restraints:

1. Economic Downturns:
   • During economic downturns, consumers may cut back on non-essential purchases, impacting the sales of luxury items, including jewelry boxes.
2. Competition from Alternative Storage Solutions:
   • The availability of alternative storage solutions, such as drawer organizers or DIY options, may pose a challenge to the dedicated jewelry box market.
3. Fluctuating Raw Material Prices:
   • Volatility in the prices of materials like wood, metal, or fabric can affect production costs, potentially impacting the pricing of jewelry boxes.
4. Environmental Concerns:
   • Growing environmental consciousness may lead consumers to choose sustainable and eco-friendly alternatives, impacting traditional materials used in jewelry box manufacturing.
5. Limited Market Reach in Developing Regions:
   • Access to luxury items like jewelry boxes may be limited in developing regions, affecting market growth in those areas.

Key Players:

• Dahlinger GmbH and Co KG
• Potters Limited
• Holmen AB ADR
• McLaren Packaging Ltd.
• Taylor Box Company
• Thomas Sabo GmbH and Company KG

Competitive Landscape

The global jewellery box market is extremely fragmented and competitive. Key players use a variety of marketing techniques, including mergers & acquisitions, expansions, collaborations, and partnerships.

Leading organisations also use new product creation as a strategic way to expand their market presence among customers. Advanced jewellery box have been incorporated as a result of these tactics. Some of the recent developments in the market are as follows –

• In January, 2022, Finer Packaging has introduced small and desirable jewellery boxes in the market. Some expensive products have a permanent class in the market. So they have introduced the best new and small boxes for the customer to attract towards the buying process.
• In November, 2021. McLaren Packaging Ltd. Has celebrated its 40th anniversary with a record turnover and capital investment. They have achieved their target of US$ 20 Million in 2020 and now is on track to turnover US$ 31.4 Million in a financial year with a total employee of 240 members.

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Key Segmentations

By Material:

• Wood
• Leather
• Paper
• Metal
• Glass
• Plastic

By Distribution Channel:

• Offline
• Hypermarket & Supermarket
• Retail Store
• Convenient Store
• Other Offline Store
• Online

By Application:

• Necklace
• Bracelet
• Ring & Earring
• Watches
• Other Applications (Anklets, Nose Pin, etc.)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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