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Handicrafts Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Handicrafts Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

  • April 2021
  • 108 pages
  • ID: 5475137
  • Format: PDF
  • IMARC Group

Summary

Table of Contents

The global handicrafts market reached a value of US$ 718 Billion in 2020.

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. Looking forward, the analyst expects the global handicrafts market to exhibit strong growth during the next five years.

Breakup by Product Type:
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
Others

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:
Mass Retailers
Departmental Stores
Independent Retailers
Specialty Stores
Online Stores
Others

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:
Residential
Commercial

At present, the residential sector dominates the market and is further categorized into home accessories, furniture, jewelry, home textiles and others.

Regional Insights:
Asia-Pacific
North America
Europe
Middle East and Africa
Latin America

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.

Competitive Landscape:
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:

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.
Native Crafts and Arts Industries

Key Questions Answered in This Report:
How has the global handicrafts market performed so far and how will it perform in the coming years?
What are the key regions in the global handicrafts market?
What has been the impact of COVID-19 on the global handicrafts market?
Which are the popular product types in the global handicrafts market?
What are the major end-use sectors in the global handicrafts market?
What are the major distribution channels in the global handicrafts market?
What are the various stages in the value chain of the global handicrafts market?
What are the key driving factors and challenges in the global handicrafts market?
What is the structure of the global handicrafts market and who are the key players?
What is the degree of competition in the global stone handicrafts market?
How are handicrafts manufactured?

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