With an initial valuation of approximately US$ 146.8 million in 2021, the jewellery box market is on a trajectory of substantial expansion, poised to achieve sales reaching US$ 249.2 million by the conclusion of 2032. The market’s growth is set to gain momentum, with an anticipated acceleration at a commendable Compound Annual Growth Rate (CAGR) of 5.0% from 2022 to 2032. This surge reflects the enduring demand for aesthetically pleasing and secure storage solutions in the realm of jewelry, as consumers seek both functionality and elegance in the presentation and safeguarding of their valued ornaments.
In 2022, jewellery box sales in India are expected to reach an estimated US$ 24.9 million, projecting a steady growth trajectory with a 6.5% Compound Annual Growth Rate (CAGR) over the next decade. The rising purchasing power of consumers in India is contributing to an elevated standard of living, driving the demand for jewellery boxes. As individuals increasingly opt for designer jewellery, emphasizing customization and uniqueness, the jewellery box market witnesses a corresponding surge. Recognizing this trend, key manufacturers are innovating by crafting exquisite single-piece boxes, enhancing the overall product presentation and fostering a favorable environment for market players to thrive.
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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The United States, in particular, has witnessed a surge in jewelry store numbers, with over 8,000 jewelry stores according to the Jewellers of America. This expansion in retail outlets has significantly contributed to the market’s growth. According to FMI, the U.S. jewelry box market reached a total of US$ 68.3 billion in 2021, and this figure is projected to exceed US$ 73.7 billion by 2025.
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.
Furthermore, total sales of jewelry boxes in the United States are anticipated to reach US$ 28.5 million in 2022 and are expected to experience significant growth, reaching US$ 41.6 million by 2032. The growth is further facilitated by the increase in gold production within the United States and the expanding network of jewelry stores across the country. This phenomenon reflects the enduring popularity of jewelry and its packaging in the U.S. market.
Paper Jewellery Box Sales to Increase Amid Growing Sustainability Concerns
With regards to material, the global jewellery boxes market is anticipated to witness a dominant market share in the paper segment, driven by its recyclable and reusable nature, providing a sustainable option for modifications. Paper boxes not only offer cost-effectiveness but also enjoy widespread availability in the market. The inherent flexibility of paper material allows for creative enhancements, contributing to the aesthetic appeal of the boxes.
Furthermore, kraft paper is gaining global prominence due to its easy availability, making it the material of choice for many jewellery box manufacturers. Expected to constitute 57.3% of total sales in 2022, paper jewellery boxes are forecasted to demonstrate a commendable 3.5% compound annual growth rate (CAGR) throughout the forecast period from 2022 to 2032.
Key Takeaways from Jewellery Box Market:
- Based on the material, the paper segment is estimated to hold around 57% of the market value share by the end of 2022.
- The ring & earrings segment is projected to expand 1.6 times the current market value during 2022-2032.
- By distribution channel, the retail store is projected to create an incremental opportunity of US$ 32.2 million during the forecast period.
- North America and East Asia are estimated to account for 55% of the total sales in the jewellery box market in 2022.
- 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
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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