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The global handicrafts market reached a value of US$ 718 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 10% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
Handicrafts refer to products that are handmade using simple tools and represent the culture and traditions of a country or region. Their production requires considerable hand-eye coordination and intense concentration. Each handcrafted product is unique as each craftsperson applies their strength differently, owing to which every product has distinct qualities. Handicrafts play a vital role in the economic development of a country as they are a prominent medium for foreign exchange revenue, require low capital investments and offer employment opportunities. In addition, handicraft items are perceived as a symbol of status owing to their uniqueness, quality, usage of natural materials, and the essence of vibrant art and culture.
In recent years, with the emergence of online retail and the proliferation of various e-commerce channels, the accessibility to handicrafts has become more convenient for consumers. This has provided a boost to the sales of handcrafted goods across the globe. Another factor driving the market growth is the shift from ethnic to contemporary designs, coupled with the strong demand from offices, hospitals and hotels. Apart from this, the growing travel and tourism industry has provided vast opportunities to local artisans and handicraft manufacturers to produce commoditized products and sell them to tourists who are willing to spend significantly on souvenirs and other craft items. Moreover, handicrafts have lower energy requirements, unlike machine-made products which involve the utilization of electricity and various other fuels. On account of the low capital investments, the industry is flourishing, particularly in the developing regions such as India, China, and Afghanistan.
IMARC Group provides an analysis of the key trends in each sub-segment of the global handicrafts market report, along with forecasts for growth at the global, regional and country-level from 2021-2026. Our report has categorized the market based on product type, distribution channel, end user and region.
Breakup by Product Type:
On the basis of the product type, woodware currently represents the most popular type of handicraft products across the globe. These woodwares are also used in the manufacturing of kitchenware, decorative materials, toys, etc.
Breakup by Distribution Channel:
The majority of the handicrafts are distributed through mass retailers, also known as discounters, who sell a wide variety of products at lower than conventional prices.
Breakup by End Use:
At present, the residential sector dominates the market and is further categorized into home accessories, furniture, jewelry, home textiles and others.
Region-wise, North America exhibits a clear dominance in the market as consumers in the region are willing to spend substantially on handicrafts, including handmade jewelry, apparel and handcrafted home accessories.
The global handicrafts market is fragmented in nature with the presence of a large number of small and big manufacturers. Some of the leading players operating in the market are:
The global handicrafts market was valued at US$ 718 Billion in 2020.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in supply chain disruptions of handicraft products.
We expect the global handicrafts market to exhibit a CAGR of around 10% during 2021-2026.
In recent years, with the emergence of e-commerce channels, the accessibility to handicraft products has become more convenient for consumers, thereby representing one of the key factors catalyzing the global handicrafts market.
Based on the product type, the global handicrafts market can be 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, where woodware holds the largest market share.
Based on the distribution channel, the global handicrafts market has been bifurcated into mass retailers, departmental stores, independent retailers, specialty stores, online stores, and others. Among these, mass retailers exhibit a clear dominance in the market.
Based on the end use, the global handicrafts market can be segmented into residential and commercial. Currently, the residential sector represents the largest segment.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global handicrafts market include Asian Handicraft, Fakih Group of Companies, Shandong Laizhou Arts and Crafts, 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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