Handicraft Market Size Expected to Grow by USD 514.92 Billion

NEW YORK, November 11, 2021 /PRNewswire/ — According to research report “Handicraft Market – Forecast and Analysis Report 2021-2025“, the market is expected to grow at a CAGR of 12.03% in 2021 and is expected to grow at a CAGR of 13% from 2020 to 2025.

Attractive Opportunities in the Handicrafts Market by Product and Geography – Forecast and Analysis 2021-2025

North America is the largest craft market. Factors such as the presence of favorable government policies for the import of handicrafts and the growing demand for handicrafts such as hand-printed textiles, metalware and embroidered items are creating significant growth opportunities for manufacturers. of craftsmanship in North America.

See the sample: to know additional highlights and key points on various market segments and their impact in the coming years.

Supplier Information

The global handicrafts market is fragmented due to the presence of several global and regional players.

The vendors in the market are focusing on deploying various growth strategies including product innovations and taking a foothold in local markets to compete in the market. Additionally, small sellers are competing with established players by focusing on low pricing strategies and increasing their presence in local markets.

For example, Asian Handicrafts Pvt. offers Indian handicrafts and fashion jewelry such as gifts and home decorations (such as photo frames, jewelry boxes, dream catchers, placements, coasters and round groups of towel), nursery accessories, Christmas and seasonal decorations (such as Christmas ornaments and Christmas spray), and jewelry and fashion accessories.

Find more highlights on vendor growth strategies and product offerings. Read a sample market research report.

Geographic Market Analysis

North America will provide maximum growth opportunities in the craft market over the forecast period. According to our research report, the region currently contributes 35% of the global market growth and is expected to lead the market till 2025.

Additionally, countries like the United States, United Kingdom, Germany, Japanand the United Arab Emirates are expected to become important markets for handicrafts during the forecast period.

Learn more about the geographical distribution of this market along with the detailed analysis of major regions. https://www.technavio.com/report/handicrafts-market-industry-analysis

Key Market Trends and Challenges:

The report identifies the emergence of online retail and e-commerce channels as a major trend influencing the craft market. Craft manufacturers have started offering their products at attractive prices through their proprietary online portals. Additionally, the growing penetration of the Internet and smartphones in emerging economies has made shopping through online portals and platforms more convenient. Thus, the availability of more and more online crafting options through the digital medium will further boost the sales in the market.

Lack of information on the price-quality ratio of handicraft products poses a major threat to the growth of the market. Minimal customer awareness of the high prices of handicrafts leads to bargaining by potential buyers, resulting in lower profit margins for manufacturers. In addition, expensive handicrafts may not be affordable for consumers in middle and low income groups, which further may lead to less adoption and purchases.

See a free sample for highlights on market trends and challenges affecting the craft market.

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Handicraft Market Scope

Report cover

Details

Page number

120

Year of reference

2020

Forecast period

2021-2025

Growth momentum and CAGR

Accelerate at a CAGR of 13%

Market Growth 2021-2025

$514.92 billion

Market structure

Fragmented

Annual growth (%)

12.03

Regional analysis

North America, Europe, APAC, MEA and South America

Successful market contribution

North America at 35%

Main consumer countries

United States, United Kingdom, Germany, Japan and United Arab Emirates

Competitive landscape

Leading companies, competitive strategies, scope of consumer engagement

Profiled companies

Asian Crafts Pvt. Ltd., Fakih Group of Companies Pvt. Ltd., HimalayanMart.com, Minhou Minxing Weaving Co. Ltd., Indigenous Arts and Crafts, Ngoc Dong Ha Nam Co. Ltd., Orient Handicraft Co. Ltd., OSM HANDICRAFT, Ten Thousand Villages US and The Handicrafts & Handloom Exports Corp . of India Ltd.

Market dynamics

Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, COVID 19 Impact and Future Consumer Dynamics, Market Condition Analysis for the Forecast Period,

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

About Us:

Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s reporting library consists of over 17,000 reports and counts, spanning 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.

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