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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 grow at 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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