HANDICRAFTS MARKET REPORT OVERVIEW

At a compound annual growth rate (CAGR) of 8.68%, the worldwide handicrafts industry is expected to reach USD 108 billion by 2033 from its estimated USD 51 billion in 2024.

Handicrafts need a high degree of hand-eye coordination and strong focus because they are made by hand using basic tools rather than machinery. The global market offers a wide range of textiles, including kitchenware, garden ware, toys, office ware, furniture & furnishings, jewelry, and bathroom accessories. These goods are made from a variety of materials, including ceramics, horn and bone, wrought iron, wood, river stone, beads, textiles, and sheet metal.

The industry is anticipated to gain from a rise in both domestic and foreign travel during the projected period. For instance, the government of Japan has started a variety of initiatives to boost travel to the nation. Sales of handicrafts in Japan have surged as a result of the increased number of tourists. Demand for indigenous art, unique presents, and cultural artifacts has surged due to tourism.

COVID-19 Impact

Halt on Import and Export to Hinder Industry Growth

Our research indicates that the COVID-19 pandemic had a negative impact on market expansion. The market for handicrafts is growing due to the need for inexpensive financing, however issues including a lack of knowledge about handmade goods could impede development. To identify the main market drivers and the COVID-19 pandemic's effects on the industry, our analysts examined historical data. In order to gain a competitive edge, the thorough analysis of the drivers will help identify end goals and improve marketing tactics.

LATEST TRENDS

Increasing Demand from Various Sector to Bolster Market Progress

A growing market for home accessory products is the international handcraft sector, especially in the luxury market. Increased domestic and foreign travel is anticipated to help the industry in the upcoming years. Additionally, the industry is a significant source of potential foreign exchange and substantial exports, both of which are key factors propelling the growth of the global handicraft market in the near future. The furniture and furnishings sector of the handicrafts business is currently expanding quickly worldwide, and it is anticipated that in the near future, it will move away from ethnic patterns and toward modern styles, which will increase the handicraft market. Since they require only manual work, it would be challenging to replicate or mass-produce a large number of similar things. 

HANDICRAFTS MARKET SEGMENTATION

·         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 serve as a display for the diverse culture and rich traditions of our nation. Indian painters create a legacy of their land and culture by shaping their art into forms that may be passed down to future generations through the use of finely articulated designs. The sector has become a major driver of the Indian economy, transforming the lives of millions of people nationwide and serving as a major source of employment and export revenue. Exports are significantly impacted by state and regional clusters.

In these extraordinary times, technological breakthroughs have become essential for any business to thrive, and this industry is no different. Technology that enables cross-border communication has been extremely beneficial to the company. If one has a product to provide, getting a global customer is no longer a remote possibility. Simple access to consumer goods has been made possible by e-commerce, which also enables global producers to advertise their goods on these online markets, fostering inclusive growth. Social media sites are also aiding in the global promotion of Indian handicrafts.

Government Support and E-Marketplace to Promote Exports

The federal government is working hard to help the company reach its maximum potential. To assist our artisans in overcoming the obstacles they encounter, a number of programs and plans have been established. The "Ambedkar Hastshilp Vikas Yojana" and the "Dastkar Shashktikaran Yojana" have partnered to support artisans with technology, infrastructure, and human resource development. It was established to bring artists together in self-help groups and societies to promote mass manufacturing and lower raw material procurement costs. The "Mega Cluster Scheme" uses a cluster-based approach to scale infrastructure at handicraft centers, especially in rural regions, with the goal of helping to create jobs and raise the standard of living for our artisans. Artists can receive financial support under the 'Marketing Support and Services Scheme'.

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

Government Fundings to Fuel Industry Development in Asia-Pacific

Because of the increased financing from various government groups for promotions, Asia-Pacific is anticipated to hold a dominant market position in handicrafts. In order to produce glasswork, ceramics, and accessories that have gained popularity recently, handicraft merchants employ a range of age-old techniques, including woodblock printing, painting, handloom weaving, and hand dyeing. Additionally, the region's growing e-commerce and online retailing platforms have helped businesses draw in a wide range of clients. Additionally, social media is facilitating direct communication between sellers and their target audience, which is driving the expansion of the handicrafts market in Asia Pacific.

North America is the second-largest shareholder due to the region's growing tourism and travel, which has attracted a large number of foreign tourists. This has given local producers numerous opportunities to sell their goods to tourists who are willing to spend a lot of money on souvenirs and other handcrafted goods. Additionally, handicrafts are now considerably more accessible due to the growth of online retailing and the proliferation of different e-commerce websites. With the touch of a button on their smartphones, customers can now purchase these goods online and have them delivered anywhere in the world.

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 Top Handicrafts Companies

• 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.