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North America Handicrafts Market to Reach US$ 487.6 Billion by 2027, Propelled by the Steady Shift Toward Contemporary Designs

Published on Nov 08, 2022

The latest report by IMARC, titled “North America Handicrafts Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the North America handicrafts market size reached US$ 270.4 Billion in 2021. Handicrafts or artisanry, refer to handmade products that represent the values, traditions, and culture of a certain region or country. They include products produced either entirely by hand or through tools. They possess creative, aesthetic, utilitarian, functional, artistic, cultural, religious, and social values.  They play a significant role in the economic growth of a nation as they are a crucial medium for foreign exchange revenue. In recent years, handicrafts have gained momentum across North America, as they are used as a status symbol on account of their quality, uniqueness, and the utilization of natural materials, such as wood, stones, beads, sheet metal, natural fibers, wrought iron, paper, textiles, and ceramics.

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

North America Handicrafts Market Trends:

One of the primary factors driving the market is the steady shift toward contemporary designs, along with the growing demand for handicrafts for hospitals, hotels, and offices. Additionally, the exponentially growing tourism industry is boosting the demand for souvenirs and other craft items, thereby creating a positive market outlook. Other than this, handicrafts require less energy compared to machine-made products, using electricity and various other fuels. Besides this, the production of handicraft products stimulates socialization, imagination, creativity, participation, and teamwork. In line with this, the easy accessibility of these products through online retailing and numerous e-commerce websites is propelling the market growth. Moreover, the increasing penetration of social media and the internet has made it convenient for craftsmen to capture their audience directly. Furthermore, the rising per capita income, strong economic growth of the region, and the use of handmade products in the gifting industry are strengthening the market growth. Looking forward, IMARC Group expects the market value to reach US$ 487.6 Billion, expanding at a CAGR of 10.37% during the forecast period (2022-2027).

Market Summary:

  • Based on 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 jewellery, sculptures, pottery and glass wares, attars and agarbattis, and others.
  • On the basis of the end use, the market has been bifurcated into residential and commercial.
  • Based on the distribution channel, the market has been segregated into mass retailers, departmental stores, independent retailers, specialty stores, online stores, and others.
  • Region-wise, the market has been classified into the United States, Canada, and Mexico.
  • The competitive landscape of the market has also been analyzed, along with detailed profiles of the key players operating in the industry.
     

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