Lab Grown Market to Hit $44bn
September 02, 25
(IDEX Online) - The global lab grown market will grow 60 per cent in the next seven years, from $27.7bn this year to $44.5bn in 2032, according to India-based Coherent Market Insights (CMI).
That represents a compound annual growth rate (CAGR) of 7 per cent annually. It did not provide comparable figures for the natural diamond market, although growth there is expected to be considerably slower.
The CMI report identifies North America as the current market leader, expected to capture roughly 40% of global demand in 2025.
However, it says the Asia-Pacific region, which currently accounts for 40 per cent of lab grown sales, is projected to experience the fastest growth, driven by rapid industrialization and increasing disposable incomes.
China is the biggest producer - accounting for almost half of global production - but most is by HPHT, an older and less sophisticated system than CVD.