Lab Grown Market to hit $50bn by 2030
December 27, 22
(IDEX Online) - The global lab market is set to reach almost $50bn by 2030, according to a new report.
That's an increase of almost two-and-a-half times on current estimates of the market value for 2020, of $19.3bn.
For context, the total value of the retail diamond jewelry market last year was $85.5bn, according to Tacy's 2021 Diamond Pipeline.
US-based Allied Market Research says growth is projected "to reach $49.9bn by 2030, registering a CAGR (compound annual growth rate) of 9.4% from 2021 to 2030".
It says the highest CAGR will be among diamonds produced using the newer CVD (chemical vapor deposition) method, rather than HPHT (high-pressure, high temperature).
The report says: "Lab grown diamonds industry was negatively impacted by the pandemic owing to disruption in supply chains and exports form countries like China and India.
"Sale of lab grown diamonds is predicted to increase post pandemic as more importance is being given to sustainability and environment friendliness."
Pic courtesy Lightbox