Craft Market Analysis 2022-2027: Industry Trends, Share, Size and Research Report

Jit global handicraft market size reached US$680 billion in 2021. Looking ahead, the market is forecast to reach US$1.252 billion by 2027, exhibiting a CAGR of 10.41% in 2022-2027, aaccording to the latest report from the IMARC group.

Handicraft refers to handmade products that are prepared using simple tools instead of machines. Some of the materials used to create decorative items include sheet metal, wood, natural fibers, beads, stones, wrought iron, textiles, paper, and ceramics. Handicrafts represent the artistic side of the traditions or cultures of a country or region. Moreover, they play an important role in the economic development of a country as they provide job opportunities and are an important source of foreign exchange earnings. Apart from that, handicrafts are seen as a status symbol due to their uniqueness and vibrant artistry.

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Market trends

The proliferation of online retail channels represents one of the major drivers of market growth. A growing number of e-commerce platforms are now supporting craft sales as people are willing to spend on craft items. In addition, unlike machine-made products, the preparation of artisanal products requires little energy because it eliminates the use of electricity or any other fuel. This associated convenience is driving the market growth significantly. Additionally, there is a growing demand for handmade decorative items in the residential and commercial sectors. With this in mind, manufacturers are introducing modern designs to cater to consumer tastes and preferences, which, in turn, acts as a growth factor.

Apart from this, the governments of several countries have taken initiatives to strengthen their travel and tourism industry, while investing in various programs encouraging craft production. Sincere efforts are being made, both at the governmental and non-governmental level, to streamline the production process and day-to-day operations, with the aim of economically empowering field workers. This consequently attracts a large number of domestic and international investors, which creates a positive outlook for the market. Some of the other factors driving the growth of the market are swelling income levels and a shift towards ethnic decorative items.

Competitive landscape

The competitive landscape of the market has also been examined with some of the major players being Asian Handicrafts, Fakih Handicrafts, Shandong Laizhou Handicrafts, Ten Thousand Villages, Indigenous Handicrafts & Arts, Gallery of handicrafts, Minhou Minxing weaving, NGOC Dong Ha Nam. and oriental crafts.

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Market Segmentation Overview:

Market breakdown 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

Market breakdown by distribution channel

1. Mass retailers

2. Department stores

3. Specialty stores

4. Independent retailers

5. Online

6. Others

Market Breakdown by End Use

1. Residential

2. Commercial

Based on end use, the report finds that residential currently represents the largest craft end use segment, followed by commercial.

Market Breakdown by Region

1. North America

2. Europe

3. Asia-Pacific

4. Middle East and Africa

5. Latin America

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