According to the latest report by IMARC Group, titled "India Handicrafts Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the India handicrafts market is expected to exhibit a CAGR of
7.7% during 2023-2028. Handicrafts are handmade goods crafted using simple tools instead of machines and require considerable hand-eye coordination and intense concentration. They represent the culture and customs of India. Each handcrafted product is unique, exhibits distinct qualities, and is perceived as a status symbol for consumers since it reflects the essence of the vibrant art and culture of the country. It requires low capital investments, offers employment opportunities to artisans, and acts as a prominent medium for foreign exchange revenue. Besides this, handicraft products require low energy, unlike machine-made products involving electricity utilization. Due to the abovementioned factors, handicraft products play a vital role in the overall growth of the Indian economy.
India Handicrafts Market Trends:
The market in India is primarily driven by the increasing demand for handcrafted products. In line with this, the easy accessibility to handmade products is positively influencing the market. With significant growth in online retail and various e-commerce channels, the availability and accessibility of these products have become more convenient for consumers, which, in turn, is catalyzing the sales of these products across the country. Furthermore, the transition from ethnic to contemporary designs and the rising product demand from offices, homes, hospitals, and hotels are propelling the market. Moreover, the expanding travel and tourism industry is offering numerous growth opportunities to local artisans as well as handicraft manufacturers to produce commoditized products and sell them to tourists who are willing to splurge significantly on craft items. Additionally, the handicrafts business is an essential source of massive exports and potential foreign exchange, which is expected to provide a boost to the growth of the market.
- On the basis of the product type, the market has been segmented 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.
- Based on the distribution channel, the market has been categorized into mass retailers, departmental stores, independent retailers, specialty stores, online stores, and others.
- On the basis of the end user, the market has been classified into residential and commercial.
- On the basis of the region, the market has been divided into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
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