Global Handicrafts Market

The latest report by IMARC Group, titled “Handicrafts Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the  global handicrafts market size reached US$ 680.10 Billion in 2021. Handicrafts, also known as artisanry, refer to unique artefacts representing the tradition, culture, and heritage of a country. They are handmade products that are made entirely by hand or using simple non-automated tools such as scissors, carving equipment, or hooks instead of machines. Many handcrafters use natural and entirely indigenous materials, while others prefer modern materials such as sheets, wood, metals, beads, stones, wrought iron, textiles, paper, and ceramics. Moreover, handicrafts play a vital role in the economic development of a country as they provide employment opportunities and act as a prominent medium for foreign exchange revenue. 

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.??epor

Global Handicrafts Market Trends:

In recent years, the emergence of online retail and the proliferation of various e-commerce channels have made handicrafts more accessible to consumers. In addition, the escalating demand for handmade decor items in both the residential and commercial sectors represents another major growth-inducing factor. Besides this, the growing travel and tourism industry provides vast opportunities for local artisans and manufacturers to produce commoditized products and sell them to tourists. This, coupled with the introduction of favorable government initiatives to encourage handicrafts production, is positively influencing the market growth. Moreover, manufacturers are introducing modern designs to cater to the tastes and preferences of different consumers. Furthermore, the inflating income levels, the shifting consumer preferences toward ethnic decor items, and the low capital investment required by handicrafts manufacturing units are some of the other factors creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 1,252 Billion by 2027, exhibiting a CAGR of 10.41% during the forecast period (2022-2027).

Market Summary:

• Based on the product type, the market has been categorized into woodware, artmetal ware, handprinted textiles and scarves, embroidered and crocheted goods, zari and zari goods, imitation jewelry, sculptures, pottery and glasswares, attars and agarbattis, and others. Amongst these, woodware accounts for the majority of the global market share.
• On the basis of the distribution channel, the majority of the handicrafts are distributed through mass retailers. Other major segments are independent retailers, departmental stores, online stores, specialty stores, and others.
• Based on the end use, the market has been bifurcated into the residential and commercial segments. Currently, the residential sector holds the largest market share.
• Region-wise, North America exhibits a clear dominance in the market. Other major regions include Asia Pacific, Latin America, Europe, and Middle East and Africa.
• The competitive landscape of the market has been analyzed in the report, with some of the key players being Ten Thousand Villages, Oriental Handicrafts Pte. Ltd., Asian Handicrafts Pvt. Ltd., Shandong Laizhou Arts and Crafts Imp. & Exp. Co. Ltd., NGOC Dong Ha Nam Co. Ltd., Minhou Minxing Weaving Co. Ltd., Native Crafts and Arts Industries, and Fakih Group of Companies Pvt. Ltd.

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