Lab Grown Diamonds Market to Reach $55.6 Billion, Globally, by 2031 at 9.8% CAGR: Allied Market Research
The global lab grown diamonds market is driven by increased demand for fashionable diamond jewelry, utilization of lab grown diamonds by many companies as a cost-effective alternative to naturally mined diamond jewelry, and greater adoption of lab grown diamonds by the jewelry and fashion jewelry industry.
Wilmington, Delaware, Nov. 06, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Lab Grown Diamonds Market by Manufacturing Method (HPHT, CVD), by Size (Below 2 carat, 2-4 carat, Above 4 carat), by Nature (Colorless, Colored), by Application (Fashion, Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global lab grown diamond industry generated $22.3 billion in 2021 and is anticipated to generate $55.6 billion by 2031, witnessing a CAGR of 9.8% from 2022 to 2031.
Drivers, restraints, and opportunities:
The global lab grown diamonds market is driven by increased demand for fashionable diamond jewelry, utilization of lab grown diamonds by many companies as a cost-effective alternative to naturally mined diamond jewelry, and greater adoption of lab grown diamonds by the jewelry and fashion jewelry industry. On the other hand, confusion and misinformation in the minds of consumers regarding lab grown diamonds retrain the market. However, surge in adoption of lab grown diamonds in the fashion and jewelry sector, along with the increasing application of these diamonds in the industrial sector are expected to offer lucrative opportunities for the market in the near future.
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The below 2 carat segment to rule the roost
On the basis of size, the below 2 carat segment held the largest share in 2021, accounting for more than two-thirds of the global lab grown diamonds market and is anticipated to dominate in terms of revenue from 2022 to 2031. The same segment would register the fastest CAGR of 10.2% during the forecast period. Most of the lab-grown diamonds that are available in the market for jewelry production and industrial tools production are below 2 carats, which in turn, drives the segment.
The CVD segment to retain its dominance throughout the forecast period
On the basis of manufacturing method, the CVD segment accounted for the highest market share in 2021, contributing to more than half of the global lab grown diamonds market and is expected to maintain its leadership status throughout the forecast period. Also, the same segment is registered to witness the fastest CAGR of 10.4% from 2022 to 2031. This is owing to usage of CVD technology for creating diamonds.
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The fashion segment to maintain its dominance by 2031
On the basis of application, the fashion segment dominated with the highest market share in 2021, accounting for nearly three-fourths of the global lab grown diamonds market and is estimated to lead throughout the forecast period. The same segment would manifest the fastest CAGR of 10.0% from 2021 to 2031. Smaller lab-grown diamonds are being used as accents in designer clothing and other types of accessories such as purses, watches, and frames for glasses or sunglasses which drives the growth of the segment.
North America garnered the major share in 2021
Based on region, North America generated the major share in 2021, accounting for nearly two-fifths of the global lab grown diamonds market revenue. This is attributed to greater adoption of jewelry in the region by the consumers. Different jewelry pieces such as bracelets, necklaces, earrings are incorporating lab grown diamonds in their designs, which is leading to a greater purchase of such jewelries, thereby boosting the demand for lab grown diamonds in the region. However, the Asia-Pacific region would cite the fastest CAGR of 11.2% by 2031, owing to the improvements in living standards and a rise in disposable income, which is leading customers to adopt a lavish lifestyle, thereby driving the demand for jewelry in the region.
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Leading Market Players:
- Diam Concept
- Mittal Diamonds
- ABD Diamonds Pvt. Ltd.
- Henan Huanghe Whirlwind CO., Ltd.
- WD Lab Grown Diamonds
- Clean Origin LLC.
- Diamond Foundry Inc.
- Swarovski AG
- New Diamond Technology LLC
- De Beers Group
The report analyzes these major players in the global lab grown diamonds market. The report mentions all the business strategies such as expansion, product launches, acquisitions, and others taken by these players in order to to increase their market penetration and strengthen their position in the industry.
Country Reports We Have in this Industry:
• Canada Lab Grown Diamonds Market : Opportunity Analysis and Industry Forecast, 2021-2031
• Mexico Lab Grown Diamonds Market : Opportunity Analysis and Industry Forecast, 2021-2031
• Europe Lab Grown Diamonds Market : Opportunity Analysis and Industry Forecast, 2021-2031
• UK Lab Grown Diamonds Market : Opportunity Analysis and Industry Forecast, 2021-2031
• Germany Lab Grown Diamonds Market : Opportunity Analysis and Industry Forecast, 2021-2031
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