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Arts And Crafts Market Size, Share, Growth & Trends 2024-2033 | Competitive Analysis & Forecast
Arts And Crafts Market Size
According to The Business Research Company's, The arts and crafts market size has grown strongly in recent years. It will grow from $41.60 billion in 2023 to $44.71 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to growth of eco-friendly and sustainable products, celebration of cultural diversity, growth of giving gifts culture, increased instruction and workshops, and customer preference for personalization.
The arts and crafts market size is expected to see strong growth in the next few years. It will grow to $60.50 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to growing digital transformation, increasing personalization, increasing cross-sector influences, growing interest in DIY (do-it-yourself)culture, and increasing disposable income. Major trends in the forecast period include tech-integrated crafts, product innovation, technological advancements, integration of technologies, and growing collaborations.
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Market Drivers and Trends:
Increasing government funding for arts and crafts is expected to propel the growth of the arts and crafts market going forward. Government funding refers to the funding for the programs or policies implemented by a government to address specific social, economic, environmental, or political issues within a country or region. Governments can help ensure that arts and crafts continue to thrive as a vibrant part of the economy and culture, supporting not only individual artists and craftspeople but also the broader community. For instance, in August 2023, according to the Americans for the Arts, a US-based non-profit organization, local government funding to local arts agencies reached $1.01 billion in 2023, representing a 7.5% increase from 2022. Therefore, increasing government funding for arts and crafts drives the arts and crafts market.
Major companies operating in the arts and crafts market are developing innovative products, such as specialized crafting tools, to gain a competitive edge in the market. Specialized crafting tools can significantly expand the creative possibilities for a crafter, enabling more intricate and professional results. These tools are often essential in turning a crafting hobby into a viable professional practice. For instance, in April 2024, D & L Craftworkz, an Australia-based manufacturer of arts and crafts materials, launched a range of arts and crafts supplies for enthusiasts and professionals in Australia. This new collection offers a comprehensive array of tools and materials essential for turning imaginative visions into reality. The new range of products includes D & L Air-dry clay, which is a versatile and low-cost material suitable for both children and adult crafts, from preschool art projects to handmade wedding decorations.
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Major Key Players of the Market:
FILA Group LLC, Hobby Lobby Stores Inc., Michaels Stores Inc., Shanghai M&G Stationery, Etsy Inc., Newell Brands Inc., Société Bic S.A., Jo-Ann Stores Inc., Fiskars Group, Crayola LLC, IG Design Group PLC, Pilot-Pen, Pelikan International Corporation, Mundial SA, Kokuyo Camlin Ltd., Arteza LLC, Westcott, Asian Handicrafts Pvt. Ltd., Pentel, Faber-Castell AG, CREA Innovations Ltd., Beifa Group Co. Ltd., Laizhou Zhonghe Arts and Crafts Co. Ltd.
Arts And Crafts Market 2024 Key Insights:
• The arts and crafts market size is expected to see strong growth in the next few years. It will grow to $60.50 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Boost In Government Funding Fuels Growth In The Arts And Crafts Market
• Innovative Crafting Tools Propel Market Growth As Companies Aim For Competitive Advantage
• North America was the largest region in the arts and crafts market in 2023
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