Market Size of Gold Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 4.42 kilotons |
| Market Volume (2029) | 6.32 kilotons |
| CAGR (2024 - 2029) | 7.38 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Gold Market Analysis
The Gold Market size is estimated at 4.42 kilotons in 2024, and is expected to reach 6.32 kilotons by 2029, growing at a CAGR of 7.38% during the forecast period (2024-2029).
The COVID-19 pandemic affected several industries negatively in 2020. The lockdown in most regions caused disruptions in mining and processing activities, and restrictions in freight transportation disturbed the supply chain. However, the conditions started recovering in 2021, restoring the market's growth trajectory.
The major factor driving the market is the demand for gold in the form of jewelry, technology, and long-term savings. This is especially true in developing nations, where gold is frequently utilized as a luxury item and a way of preserving wealth.
However, factors like declining ore grades, technical challenges, and strikes are expected to hinder global gold market expansion.
Nevertheless, the wedding market sector in China and India is projected to give several growth opportunities for the gold market segment in the future.
The Asia-Pacific region dominated the market globally, with the largest consumption coming from countries such as China and India, and this is expected to remain the same in the future.
