Global Handicrafts Market | Enhancing Huge Growth and Latest Trends by Top Players

The global handicrafts market size reached US $ 718 Billion in 2020. Looking forward, the market expects to exhibit strong growth during 2021-2026, according to the latest report by IMARC Group.

Report Metric

Historical: 2015-2020

Base Year: 2020

Forecast Year: 2021-2026

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Industry Definition and Application:

Handicrafts refer to handmade products that are prepared using simple tools instead of machines. Some of the materials used to create decorative objects include sheet metal, wood, natural fibers, beads, stones, wrought iron, textiles, paper, and ceramics. Handicrafts represent the artistic side of traditions or cultures of a country or a region. Moreover, they play an important role in the economic development of a country as they provide employment opportunities and act as a prominent means for foreign exchange revenue. Apart from this, handicraft items are perceived as a status symbol due to their uniqueness and vibrant art.

Global Handicrafts Market Trends:

The proliferating online retail channels represent one of the key factors driving the market growth. An increasing number of e-commerce platforms are now supporting the sales of handicrafts as people are willing to expend on craft items. Furthermore, unlike machine-made products, preparing handicrafts requires low energy as it eliminates the usage of electricity or any other fuel. This associated convenience is stimulating the market growth significantly. Moreover, there is a rising demand for handmade decor items in both the residential and commercial sectors. In line with this, manufacturers are introducing modern designs to cater to the tastes and preferences of consumers, which, in turn, is acting as a growth-inducing factor.

Apart from this, governments of several countries have taken initiatives to bolster their travel and tourism industry, while also investing in various programs encouraging handicraft production. Sincere efforts are being made, both at the government and non-governmental levels, to streamline the production process and mainstream operations, in an attempt to economically empower the ground-level workers. This, consequently, is attracting a large number of both domestic and international investors, which is creating a positive outlook for the market. Some of the other factors impelling the market growth are inflating income levels and a shift toward ethnic decor items.

Competitive Landscape

The competitive landscape of the market has been examined, with some of the key players being Asian Handicrafts Pvt. Ltd., Fakih Group of Companies Pvt. Ltd., Shandong Laizhou Arts and Crafts Imp. & Exp. Co. Ltd., Ten Thousand Villages, Oriental Handicrafts Pte. Ltd., Ngoc Dong Ha Nam Co. Ltd., Fujian Minhou Minxing Weaving Co. Ltd. and Native Crafts and Arts Industries.

The report has segmented the market on the basis on Region, Product, Distribution Channel and End-Use.

Market Breakup by Product

1. Woodware

2. Artmetal Ware

3. Handprinted Textile and Scarves

4. Embroidered and Crocheted Goods

5. Zari and Zari Goods

6. Imitation Jewelery

7. Others

Based on 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. Amongst these, woodware represents the most widely preferred product type.

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The report has segmented the market on the basis of End-Use, Distribution Channel and Region.

Market Breakup by End-Use

1. Residential

2. Commercial

On the basis of the end use, the market has been bifurcated into the residential and commercial sectors. At present, the residential sector accounts for the majority of the total global handicrafts market share.

Breakup by Distribution Channel

1. Mass Retailers

2. Departmental Stores

3. Independent Retailers

4. Specialty Stores

5. Online Stores

6. Others

The market has been analyzed on the basis of the distribution channel into mass retailers, departmental stores, independent retailers, specialty stores, online stores and others. Mass retailers currently exhibit a clear dominance in the market as they offer a wide range of handicraft products at an affordable price.

Market Breakup by Region

1. North America

2. Europe

3. Asia Pacific

4. Middle East and Africa

5. Latin America

Region-wise, North America represents the largest market. Other major markets include Europe, Asia Pacific, Latin America, and Middle East and Africa.

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