According to the latest report by IMARC Group, the global handicrafts market size reached US$ 680 Billion in 2021. Looking forward, the market expects to reach US$ 1,252 Billion by 2027, exhibiting at a CAGR of 10.41% during 2022-2027.
Handicrafts refer to handmade products that are prepared using simple tools instead of machines. Some of the materials used to create decorative objects include sheet metal, wood, natural fibers, beads, stones, wrought iron, textiles, paper, and ceramics. Handicrafts represent the artistic side of traditions or cultures of a country or a region. Moreover, they play an important role in the economic development of a country as they provide employment opportunities and act as a prominent means for foreign exchange revenue. Apart from this, handicraft items are perceived as a status symbol due to their uniqueness and vibrant art.
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The proliferating online retail channels represent one of the key factors driving the market growth. An increasing number of e-commerce platforms are now supporting the sales of handicrafts as people are willing to expend on craft items. Furthermore, unlike machine-made products, preparing handicrafts requires low energy as it eliminates the usage of electricity or any other fuel. This associated convenience is stimulating the market growth significantly. Moreover, there is a rising demand for handmade decor items in both the residential and commercial sectors. In line with this, manufacturers are introducing modern designs to cater to the tastes and preferences of consumers, which, in turn, is acting as a growth-inducing factor.
Apart from this, governments of several countries have taken initiatives to bolster their travel and tourism industry, while also investing in various programs encouraging handicraft production. Sincere efforts are being made, both at the government and non-governmental levels, to streamline the production process and mainstream operations, in an attempt to economically empower the ground-level workers. This, consequently, is attracting a large number of both domestic and international investors, which is creating a positive outlook for the market. Some of the other factors impelling the market growth are inflating income levels and a shift toward ethnic decor items.
The competitive landscape of the market has also been examined with some of the key players being Asian Handicrafts, Fakih Handicrafts, Shandong Laizhou Arts and Crafts, Ten Thousand Villages, Native Crafts and Arts, The Handicrafts Gallery, Minhou Minxing Weaving, NGOC Dong Ha Nam and Oriental Handicrafts.
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Insights on Market Segmentation:
Market Breakup by Product
2. Artmetal Ware
3. Handprinted Textile and Scarves
4. Embroidered and Crocheted Goods
5. Zari and Zari Goods
6. Imitation Jewellery
Market Breakup by Distribution Channel
1. Mass Retailers
2. Departmental Stores
3. Specialty Stores
4. Independent Retailers
Market Breakup by End-Use
Based on end-use, the report finds that residential currently represents the biggest end-use segment of handicrafts which is followed by commercial.
Market Breakup by Region
1. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
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