Handicrafts Market Size, Share, Growth, Global Industry Analysis, by Type (Woodware, Artmetal Ware, Hand Printed Textiles and Scarves, Embroidered and Crocheted Goods, Zari and Zari Goods, and Imitation Jewelry) By Application (Discount Retailers, Department Stores, Specialty Stores, Catalogue Retailer, Internet Retailer, Independent Retailer) Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

HANDICRAFTS MARKET REPORT OVERVIEW

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The global handicrafts market size is estimated at US$ 511080 million in the year 2022 and is projected to reach a revised size of US$ 1091802.89 million by 2031, growing at a CAGR of 8.8% during the forecast period. In the market study, our analysts have considered handicrafts players such as Asian Handicrafts (India), Fakih (Switzerland), Handicrafts and Handlooms Export Corp. (HHEC) (India), Minhou Minxing Weaving (China), NGOC Dong (Vietnam) and Oriental Handicraft (India). 

Handicrafts are things that are manufactured by hand with simple tools rather than machines and demand a high level of hand-eye coordination and intense focus. Kitchenware, garden ware, toys, office ware, furniture and furnishings, jewelry, bathroom accessories, and other types of textiles can be found in the global market. Sheet metal, wrought iron, natural fiber, wood, river stone, beads, fabrics, horn and bone, and ceramics are some of the materials used in these products.

During the forecast period, the market is likely to benefit from increased international and local tourism. For example, Japan's government has launched a number of programs aimed at increasing tourism in the country. Due to the increased number of tourists, sales of handicraft items in Japan have increased. Tourism has increased demand for cultural items, unusual gifts, and indigenous art.

COVID-19 Impact: Halt on Import and Export to Hinder Industry Growth

According to our findings, there was a detrimental influence on market growth during and after the COVID-19 era. The demand for low-cost capital is propelling the handicrafts market forward, yet problems such as a lack of information about handmade products may stymie progress. Our analysts analyzed historical data to determine the primary market drivers and the impact of the COVID-19 pandemic on the sector. The comprehensive examination of the drivers will aid in determining end goals and fine-tuning marketing strategies in order to acquire a competitive advantage.

LATEST TRENDS

"Increasing Demand from Various Sector to Bolster Market Progress"

The global handicraft industry, particularly in the high-end segment, is a rising market for household accessory products. In the coming years, the sector is likely to benefit from increased local and international tourism. Furthermore, the industry is a vital source of large exports and potential foreign exchange, both of which are major drivers for the global handicraft market to grow in the near future. Currently, the furnishings and furniture section of the handworks industry is growing rapidly around the world, and it is likely to shift away from ethnic patterns and toward contemporary trends in the near future, boosting the handicraft market. They are entirely manual labor, thus reproducing or mass-producing a huge number of comparable goods would be difficult.

HANDICRAFTS MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into Woodware, Artmetal Ware, Hand Printed Textiles and Scarves, Embroidered and Crocheted Goods, Zari and Zari Goods, and Imitation Jewelry.

• By Application Analysis

Based on application, it is categorized into Discount Retailers, Department Stores, Specialty Stores, Catalogue Retailer, Internet Retailer, Independent Retailer.

DRIVING FACTORS

"Technological Advancements to Propel Market Development"

Indian handicrafts showcase our country's rich tradition and diversified culture. Indian painters use precisely articulated designs to mold their art into forms that may be passed down to future generations, creating a legacy of their land and culture. The industry is now very vital to the Indian economy, revolutionizing the lives of millions of people all across the country as one of the most important job generators and contributors to the country's export. State and regional clusters have a significant impact on exports.

Technical innovations have become the only way for any company to survive, especially in such exceptional times, and this sector is no exception. The business has profited greatly from technology that allows people to communicate across borders. Obtaining a global customer is no longer a distant possibility if one has a product to provide. E-commerce has paved the path for simple access to consumer products, allowing manufacturers from all over the world to promote their wares on these online marketplaces, allowing for inclusive growth. Even social media platforms are helping to promote Indian handicrafts over the world.

"Government Support and E-Marketplace to Promote Exports"

The federal government is putting in a lot of effort to help the business attain its full potential. Several plans and initiatives have been put in place to help our artisans overcome the challenges they face. The 'Dastkar Shashktikaran Yojana' has teamed up with the 'Ambedkar Hastshilp Vikas Yojana' to provide infrastructure, technology, and human resource development to craftspeople. It was founded in order to unite artists into self-help organizations and societies in order to encourage mass production and cost savings in the acquisition of raw materials. The 'Mega Cluster Scheme' aims to assist employment creation and improve the standard of living of our artisans by using a cluster-based strategy to scaling infrastructure at handicraft centers, particularly in rural areas. The 'Marketing Support and Services Scheme' offers financial assistance to artists.

RESTRAINING FACTORS

"Cost of Production to Impede Market Progress"

Because of their unstructured nature, lack of education, low capital, lack of exposure to new technologies, lack of market intelligence, and a weak institutional framework, handicraft artists suffer greatly.

HANDICRAFTS MARKET REGIONAL INSIGHTS

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"Government Fundings to Fuel Industry Development in Asia-Pacific"

Asia-Pacific is expected to dominate the handicrafts market share owing to the increased funding from various government groups for promotions. Handicraft merchants use a variety of ancient skills, such as woodblock printing, painting, handloom weaving, and hand dyeing, to create glasswork, ceramics, and accessories that have become popular in recent years. Furthermore, the region's expanding internet retailing and e-commerce platforms have aided merchants in attracting a broad customer base. Social media is also making it easier for vendors to contact directly with their target customers, which is fueling handicrafts market growth in Asia Pacific.

North America is the second-largest shareholder because of the rising tourism and travel in the region has drawn a huge number of international visitors, providing many chances for local makers to sell their products to tourists who are ready to spend a significant amount of money on souvenirs and other craft items. Furthermore, with the rise of internet retailing and the spread of various e-commerce websites, handicrafts have become much more accessible. Consumers can now buy these products online and have them transported anywhere in the world with the push of a button on their cellphones.

KEY INDUSTRY PLAYERS

"Implementation of Strategies for Increasing Product's Adoption to Help Major Players Grow"

The report looks at the competitive landscape, capacity, and recent trends in the industry, such as mergers, acquisitions, investments, capacity expansions, and plant turnarounds. It's an in-depth study that concentrates on primary and secondary drivers, market share, leading segments, and regional analysis. Significant players, key collaborations, mergers and acquisitions, as well as current innovation and corporate policy are all examined in the study.

INDUSTRY DEVELOPMENT

Gifts and home decorations (such as jewelry boxes, photo frames, placement, dream catcher, napkin, coaster, and ring groups), kids room accessories, Christmas and season decor (such as Christmas ornament and Christmas spray), and fashion jewelry and accessories are all available from Asian Handicrafts Pvt. Ltd.

List of Market Players Profiled

• Asian Handicrafts (India)
• Fakih (Switzerland)
• Handicrafts and Handlooms Export Corp. (HHEC) (India)
• Minhou Minxing Weaving (China)
• NGOC Dong (Vietnam)
• Oriental Handicraft (India)

REPORT COVERAGE

This market report examines the global and regional markets and overall growth prospects. It also provides insight into the market's overall competitive landscape. The research also includes a dashboard overview of prominent organizations' successful marketing tactics, market contribution, and recent changes in both historical and current contexts.