Global Handicrafts Market Report 2022-27, Industry Trends, Share, Size, Growth and Opportunities

Growth of the craft market

The global craft market size reached US$680.10 billion in 2021 and is expected to reach US$1,252.30 billion by 2027, growing at a CAGR of 10.41%.

SHERIDAN, WYOMING, USA, April 20, 2022 / — The latest research study, “Handcraft Market Report: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027” was added by the IMARC Grouper. The global handicraft market reached a value of US$680.10 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$1,252.30 billion by 2027, posting a CAGR of 10.41% in 2022-2027.

Handicrafts, also known as handicrafts, refers to unique artifacts representing a country’s tradition, culture, and heritage. They are handmade products made entirely by hand or using simple non-automated tools such as scissors, carving equipment or hooks instead of machines. Many artisans use natural and entirely indigenous materials, while others prefer modern materials such as leaves, wood, metals, beads, stones, wrought iron, textiles, paper, and ceramics. Moreover, craftsmanship plays a vital role in the economic development of a country as it provides job opportunities and is an important means of earning foreign currency.

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As the novel coronavirus (COVID-19) crisis engulfs the world, we continuously monitor changes in markets, as well as consumer behaviors in the industry around the world and our estimates on the latest market trends and forecasts are made. after considering the impact of this pandemic.

Global Handicrafts Market Trends:

In recent years, the emergence of online retail and the proliferation of various e-commerce channels have made crafts more accessible to consumers. In addition, the growing demand for handmade decorative items in the residential and commercial sectors represents another major growth factor. Additionally, the growing travel and tourism industry provides ample opportunities for local artisans and manufacturers to produce commoditized products and sell them to tourists. This, coupled with the introduction of favorable government initiatives to encourage handicraft production, positively influences the growth of the market. Moreover, manufacturers are introducing modern designs to meet the tastes and preferences of different consumers. Additionally, inflation in income levels, changing consumer preferences towards ethnic decorative items and low capital investment required by handicraft manufacturing units are some of the other factors creating prospects for positive market across the world.

Competitive landscape

The competitive landscape of the market has been examined with some of the major players being Asian Handicrafts Pvt. Ltd., Fakih Group of Companies Pvt. Ltd., Shandong Laizhou Arts and Crafts Imp. & ex. 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.

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The report has segmented the market based on region, product, distribution channel, and end-use.

Segmentation by product

1. Wooden items

2. Art metal items

3. Hand-printed textiles and scarves

4. Embroidered and crocheted products

5. Zari and Zari products

6. Imitation Jewelry

7. Others

Segmentation by end use

1. Residential

2. Commercial

Segmentation by distribution channel

1. Mass retailers

2. Department stores

3. Independent retailers

4. Specialty shops

5. Online stores

6. Others

Top Handicraft Manufacturers in the World –

Segmentation by region

1. North America

2. Europe

3. Asia-Pacific

4. Middle East and Africa

5. Latin America

Main highlights of the report:

Market Performance (2016-2021)
Market Outlook (2022-2027)
Porter’s Five Forces Analysis
Market drivers and success factors
SWOT analysis
Value chain
Complete mapping of the competitive landscape

If you need specific information that is not currently covered in the report, we can provide it to you as part of the customization.

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