According to the latest report by IMARC Group, titled “Handicrafts Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global handicrafts market size reached US$ 583.4 Billion in 2018. Handicrafts are handmade products that are intricately prepared using simple tools instead of machines. They are an artistic representation of a culture or tradition and require intense concentration during production. They are generally made using materials, such as wood, beads, textiles, sheet metal, river stone, natural fiber, wrought iron, horn and bone, and ceramics. As handicrafts require low capital investments, provide employment opportunities to artisans and act as a prominent means for foreign exchange revenue, they play a pivotal role in the overall growth of an economy. Besides this, they are also perceived as a status symbol for consumers, on account of their quality and uniqueness.
Global Handicrafts Market Trends:
One of the key factors bolstering the handicrafts market growth is the escalating demand for handmade décor items, especially in homes, offices, restaurants and other commercial places. In line with this, the burgeoning e-commerce sector, in confluence with the proliferation of various online retail channels, is also boosting the sales of handicrafts across the globe. Apart from this, the flourishing travel and tourism sector is offering opportunities to local artisans to prepare commoditized products and selling them to tourists who are willing to expend on souvenirs and other craft items. Furthermore, unlike machine-made products that involve the utilization of electricity and other fuels, handicrafts have low energy requirements, which is anticipated to contribute to the market growth in the coming years. On account of these factors, the market value is projected to reach US$ 1091.2 Billion by 2024, expanding at a CAGR of more than 11% during the forecast period (2019-2024).
- Based on the product type, the market has been segmented into woodware, artmetal ware, handprinted textiles and scarves, embroidered and crocheted goods, zari and zari goods, imitation jewelry, sculptures, pottery and glass wares, attars and agarbattis, and others. Amongst these, woodware represents the most widely preferred product type.
- On the basis of the end use, the market has been bifurcated into the residential and commercial sectors. At present, the residential sector accounts for the majority of the total market share.
- The market has been analyzed on the basis of the distribution channel into mass retailers, departmental stores, independent retailers, specialty stores, online stores and others. Mass retailers currently exhibit a clear dominance in the market as they offer a wide range of handicraft products at an affordable price.
- Region-wise, North America represents the largest market. Other major markets include Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Asian Handicrafts Pvt. Ltd., Fakih Group of Companies Pvt. Ltd., Shandong Laizhou Arts and Crafts Imp. & Exp. Co. Ltd., Ten Thousand Villages, Oriental Handicrafts Pte. Ltd., Ngoc Dong Ha Nam Co. Ltd., Fujian Minhou Minxing Weaving Co. Ltd. and Native Crafts and Arts Industries.
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