Indian Handicrafts Market is Growing at a CAGR of 7.8% During 2022-2027

The latest research study, "Indian Handicrafts Market Analysis, Trends, Opportunity and Forecast 2022-2027" has been added by IMARC Group. The India handicrafts market is expected to exhibit a CAGR of 7.8% during 2022-2027.

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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Industry Definition and Application:

Handicrafts include a diverse range of products made by hand or with simple equipment as opposed to machines, including textiles, needlework items, pottery, artisanry, jewellery, etc. These one-of-a-kind objects have many social, artistic, and religious significance and symbolise the culture, legacy, and traditions of a particular area. Numerous traditional techniques are applied to make handicrafts, including painting, hand dyeing, handloom weaving, woodblock, etc. In recent years, handicrafts have gained immense popularity as they require low capital investments, produce foreign exchange revenue, and offer employment opportunities.

Indian Handicrafts Industry Trends and Drivers:

The expanding e-commerce industry is primarily driving the handicrafts market in India. Besides this, handicrafts are gaining immense traction due to the growing travel and tourism in the country. Tourists spend a considerable amount on purchasing souvenirs and other craft items, thereby providing scope for local artisans and craftsmen to manufacture and sell handicrafts.

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Moreover, the rising demand for handmade decor accessories in homes, restaurants and offices, is also providing a thrust to the market. Various other factors, including the inflating consumer disposable incomes and the increasing willingness among individuals to invest in vintage and high-quality handicraft products, are expected to further propel the market for handicrafts in India over the coming years.

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