Global Handicrafts Market to Exceed US$ 984 Billion by 2023

Over the recent years, the global handicrafts market has been witnessing a healthy growth. Some of the factors which are giving impetus to the market include small capital investments, growing interest of consumers in art and culture, flourishing tourism sector and elevating disposable incomes.

According to the latest report by IMARC Group, titled “Handicrafts Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global handicrafts market reached a value of around US$ 526 Billion in 2017. Handicrafts, considered as an artistic representation of a tradition, are products of utility as well as decoration which are handmade with simple tools instead of machines. They are generally made from good quality raw materials like wood, sheet metal, wrought iron, natural fiber, beads, textiles and ceramics. Apart from this, handicrafts aid in strengthening an economy as it offers self-employment to numerous artisans. Some of the handicraft products include handloom, jewellery, apparel, paintings, paper products and leather products.

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On account of increasing interest of the global population in art and culture, the global handicrafts market is witnessing a healthy growth. Soaring demand for luxury home décor products due to escalating disposable incomes and willingness of the consumers to pay premium prices for unique and antique handicrafts is contributing to the development of the market. In addition to this, the fusion of ethnic and contemporary handicraft design is appealing to a large population. From the manufacturers’ point of view, a strong penetration of e-commerce, particularly in the emerging regions, has produced numerous remunerative opportunities for investors of the handicrafts market. Small initial investments, which include setup cost, raw materials, labour and transportation expenditure, is facilitating a rise in the demand for handicrafts. Further, flourishing international and domestic tourism is catalysing the growth of the market across the globe. This coupled with rising collaborations between artisans and designers is fuelling the market. Looking forward, the market value is projected to exceed US$ 984 Billion by 2023, expanding at a CAGR of more than 11% during 2018-2023.

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Global Handicrafts Market Segmentation

Market Breakup by Product

1. Woodware

2. Artmetal Ware

3. Handprinted Textile and Scarves

4. Embroidered and Crocheted Goods

5. Zari and Zari Goods

6. Imitation Jewellery

7. Others

Based on product, the market has been segmented as woodware, artmetal ware, handprinted textile and scarves, embroidered and crochet goods, zari and zari goods, imitation jewellery and others. Presently, woodware exhibits a clear dominance in the market, holding the largest share.

Market Breakup by Distribution Channel

1. Mass Retailers

2. Departmental Stores

3. Specialty Stores

4. Independent Retailers

5. Online

6. Others

On the basis of distribution channel, departmental stores account for the majority of the market share as they offer convenience to the consumers. Departmental stores are followed by mass retailers, specialty stores, independent retailers, online and others.

Market Breakup by End-Use

1. Residential

2. Commercial

Based on end-use, the report finds that residential currently represents the biggest end-use segment of handicrafts which is followed by commercial.

Market Breakup by Region

1. North America

2. Europe

3. Asia Pacific

4. Middle East and Africa

5. Latin America

Region-wise, the market has been classified as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America is the leading market with the majority of the global share.

Competitive Landscape

The competitive landscape of the market has also been examined with some of the key players being Asian Handicrafts, Fakih Handicrafts, Shandong Laizhou Arts and Crafts, Ten Thousand Villages, Native Crafts and Arts, The Handicrafts Gallery, Minhou Minxing Weaving, NGOC Dong Ha Nam and Oriental Handicrafts.

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This release was published on openPR.