Handicrafts refer to products that are hand-made using simple tools instead of machines. They are an artistic representation, reflecting the traditions and cultures of a particular city or nation. In addition, handicrafts add to the aesthetic value of these places, thereby attracting potential customers. Apart from this, the increasing penetration of online portals has created an opportunity for the handicraft products to be more visible and accessible for purchasing. According to the latest report by IMARC Group, titled “Handicrafts Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global handicrafts market reached a value of US$ 526.5 Billion in 2017.
Over the years, the global handicrafts market has experienced a shift from ethnic designs to contemporary patterns coupled with the increasing adoption of handicrafts by the elite society. One of the primary factors catalysing the growth of the market is a strong demand from offices, hospitals and hotels. Moreover, the market is also influenced by rise in travel and tourism as tourists often collect souvenirs, particularly handicrafts, from the places they have visited. Further, due to the low capital investment involved, the handicraft market is thriving across developing nations such as India, China, Afghanistan, etc. Looking forward, the market value is projected to reach approximately US$ 984.8 Billion by 2023, expanding at a CAGR of more than 11% during 2018-2023.
This report provides a deep insight into the global handicrafts market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the handicrafts market in any manner.
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