Global Handicrafts Market to Reach US$ 1,864.1 Billion by 2032, Propelled by the Growing Penetration of the Online Retail and Numerous E-commerce Platforms

March 02, 2023 | Retail

The latest report by IMARC, titled “Handicrafts Market Report by Product Type (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), Distribution Channel (Mass Retailers, Departmental Stores, Independent Retailers, Specialty Stores, Online Stores, and Others), End-Use (Residential, Commercial), and Region 2024-2032”, finds that the global handicrafts market size reached US$ 830.4 Billion in 2023. Handicrafts, also known as handmade products or artisanry, refer to items made by hand using simple tools, such as carving implements, scissors, or hooks, rather than mass production methods and equipment. They include the production of a wide range of objects, such as religious symbols and jewelry, clothing, and a variety of paper crafts. Two of the most common types of handicrafts include crocheting and knitting. Handicraft products are produced with high concentration and hand-eye coordination. They depict the culture and tradition of the place where they were originated due to their distinct qualities. In recent years, handicrafts have gained traction as some of these products also add aesthetic and decorative value.

Global Handicrafts Market Trends:

One of the primary factors driving the market is the growing penetration of online retail and numerous e-commerce platforms. On account of the aforementioned factor, the accessibility of handicrafts has become more convenient for consumers, thus escalating demand for handmade decor items in both the residential and commercial sectors. Other than this, there has been increasing popularity of the product in hospitals, offices, and hotels to depict the culture and tradition of the place, thereby positively influencing the market growth. Besides this, the increasing number of travel enthusiasts, the exponential growth in the travel and tourism industry, along with the increasing willingness of individuals to collect souvenirs is offering significant opportunities to artisans and handicraft manufacturers globally. In line with this, individuals are shifting toward contemporary designs, expanding disposable income levels, low capital investments, and stimulation of creativity and imagination. Looking forward, IMARC Group expects the market value to reach US$ 1,864.1 Billion by 2032, expanding at a CAGR of 9.2% during the forecast period (2024-2032).

Market Summary:

  • On the basis of the product type, the market has been divided 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. Among these, woodware represents the most popular product type across the globe.
  • Based on the distribution channel, the market has been segregated into mass retailers, departmental stores, independent retailers, specialty stores, online stores, and others. Mass retailers currently dominate the market.
  • On the basis of the end use, the market has been segregated into residential and commercial, wherein residential sector accounts for the majority of the overall market share.
  • Region-wise, North America holds the leading position in the market. Other major regions include Europe, Asia Pacific, Latin America, and Middle East and Africa.
  • The competitive landscape of the market has been analyzed in the report, with some of the key players being Asian Handicrafts, Fakih Group of Companies, Shandong Laizhou Arts and Crafts Imp & Exp Co. Ltd., Ten Thousand Villages, Oriental Handicrafts Pte. Ltd., NGOC Dong Ha Nam, Minhou Minxing Weaving Co. Ltd., and Native Crafts and Arts Industries.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product Type, Distribution Channel, End-Use, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Asian Handicraft, Fakih Group of Companies, Shandong Laizhou Arts and Crafts Imp & Exp Co. Ltd., Ten Thousand Villages, Oriental Handicrafts Pte. Ltd., NGOC Dong Ha Nam, Minhou Minxing Weaving Co. Ltd., and Native Crafts and Arts Industries
Customization Scope 10% Free Customization
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Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Handicrafts Market to Reach US$ 1,864.1 Billion by 2032, Propelled by the Growing Penetration of the Online Retail and Numerous E-commerce Platforms
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