The latest report by IMARC, titled “Handicrafts Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global handicrafts market size reached US$ 752.2 Billion in 2022. 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$ 1,296.6 Billion by 2028, expanding at a CAGR of 9.1% during the forecast period (2023-2028).
- 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.
|Base Year of the Analysis
||Product Type, Distribution Channel, End-Use, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||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
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