In 2020, the global handicraft market will reach USD 718 billion. Looking ahead, according to the latest report of IMARC Group, the market is expected to show strong growth between 2021-2026.
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Handicrafts are handmade products that are carefully made using simple tools rather than machines. They are a form of cultural or traditional artistic expression that require a high degree of concentration in the production process. They are usually made of materials such as wood, beads, textiles, metal plates, river stones, natural fibers, wrought iron, horns and bones, and ceramics. As handicrafts require lower capital investment, provide employment opportunities for craftsmen, and serve as an important means of foreign exchange income, they play a pivotal role in the overall economic growth. In addition, due to their quality and uniqueness, they are also regarded as a status symbol for consumers.
One of the key factors driving the growth of the handicraft market is the rising demand for handmade decorations, especially in homes, offices, restaurants and other commercial places. At the same time, the booming e-commerce sector, with the proliferation of various online retail channels, has also boosted the sales of global handicrafts. In addition, the booming tourism industry is providing opportunities for local artisans to prepare commercial products and sell them to tourists willing to spend on souvenirs and other handicrafts. In addition, unlike mechanical products that involve the use of electricity and other fuels, handicrafts have a low energy demand, which is expected to contribute to market growth in the next few years.
Having checked the competitive landscape of the market, some of the main players are Asian Handicrafts Pte Ltd. Ltd., Fakih Group of Companies Pvt. Shandong Laizhou Arts & Crafts Import & Export Co., Ltd. & Exp. Co., Ltd., Wancun, Oriental Crafts Pte Ltd. Co., Ltd., Ngoc Dong Ha Nam Co. Ltd, Fujian Minhou Minxing Weaving Co., Ltd. and indigenous handicrafts and art industry.
The report breaks down the market based on region, product, distribution channel, and end use.
According to product types, the market has been subdivided into wood products, artistic metal products, handprinted textiles and scarves, embroidery and crochet products, Zari and Zari products, imitation jewelry, sculptures, pottery and glass products, Atar and agarbattis, etc. . Among them, wood products are the most popular type of products.
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The report breaks down the market based on end use, distribution channel, and region.
According to the end use, the market is divided into residential and commercial sectors. Currently, the residential sector accounts for most of the global handicraft market share.
The market is analyzed according to distribution channels, including mass retailers, department stores, independent retailers, specialty stores, online stores, etc. Mass retailers are currently showing a clear dominant position in the market because they offer a wide range of handicrafts at affordable prices.
From a regional perspective, North America is the largest market. Other major markets include Europe, Asia Pacific, Latin America, the Middle East and Africa.
India Handicrafts Market Report: https://www.imarcgroup.com/india-handicrafts-market
Asia-Pacific Handicrafts Market Report: https://www.imarcgroup.com/asia-pacific-handicrafts-market
European Handicrafts Market Report: https://www.imarcgroup.com/europe-handicrafts-market
US Handicrafts Market Report: https://www.imarcgroup.com/united-states-handicrafts-market
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