Pune, India, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The global handicraft market size was valued at USD 915.93 billion in 2022 and is expected to be worth USD 1,007.07 billion in 2023. The market is projected to reach USD 1,972.32 billion by 2030, recording a CAGR of 10.08% during the forecast period.
Handicrafts refer to products that are made by hand and use traditional materials and techniques to produce them. Some of the popular examples of these products include pottery, textiles, paper products, glassware, metal & and silver products, woodwork, and many others. Since travel and tourism activities have skyrocketed in recent years, especially after the COVID-19 pandemic era, the demand for handmade products has also gone up. This is because tourists are seeking unique souvenirs to make their trips memorable. These factors are anticipated to bolster the global handicraft market growth.
Fortune Business Insights™ displays this information in a report titled, "Handicrafts Market, 2023-2030."
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Leading Players Featured in the Research Report:
- Asian Handicrafts (India)
- Fakih Group of Companies (UAE)
- Laizhou Zhonghe Arts & Crafts Co. Ltd. (China)
- Ten Thousand Villages (U.S.)
- Minhou Minxing Weaving Co. Ltd. (China)
- The India Craft House (India)
- Creative Expressions (U.K.)
- PT Harmoni Jaya Kreasi (Indonesia)
- Gangga Sukta (Indonesia)
- PT Fuzen Decor Bali (Indonesia)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 10.08% |
| 2030 Value Projection | USD 1,972.32 Billion |
| Market Size in 2022 | USD 915.93 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 80 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Handicraft Market Growth Drivers | Growing Tourism Activities to Amplify Market Growth |
| Intensifying Demand for Sustainable Handmade Products to Boost Market Progress |
Report Coverage
The report conducts a detailed analysis of the market and focuses on crucial areas, such as prominent product types, leading companies, top application areas, and sales channels. It also delivers valuable insights into the latest market trends and covers significant industry developments. Besides the aspects mentioned earlier, the report highlights several factors contributing to the market's growth in recent years.
Drivers and Restraints
Rise in Tourism Activities to Accelerate Market Growth
The trend of tourism activities has witnessed strong growth in recent years, especially after the COVID-19 pandemic period. This factor has driven the demand for handmade items. Many tourists traveling to different countries or states always look for unique and locally made products that reflect the culture of that nation. Collecting these souvenirs can help them commemorate their travel experiences. Handmade textiles, ceramic products, traditional jewelry, and other heritage products are widely bought by tourists. These aspects are predicted to fuel the market progress.
However, unstable raw material prices can hinder market development.
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Segmentation
Aesthetic Appeal Offered by Wooden Handicrafts to Boost Adoption of Woodwork Products
Based on product type, the global market is segregated into woodworks, metal artworks, hand-printed textiles & and embroidered goods, imitation jewellery, and others. The woodworking segment is estimated to capture the largest handicraft market share as these products offer great aesthetic appeal and are quite durable.
Growing Home Renovation Activities to Augment Use of Handmade Products in the Residential Sector
Based on end-user, the market is divided into residential and commercial. The residential segment is expected to dominate the market as the number of home renovation and interior decoration activities has increased in recent years. These products are used to elevate the aesthetic appearance of homes or add a quirky element to a space.
Vast Range and Easy Availability of Quality Products to Increase Customer Preference for Specialty Stores
Based on distribution channels, the market has been divided into specialty stores, independent retailers, online stores, and others. The specialty store segment is estimated to lead the market growth as these stores have a wide range of high-quality products that give customers a vast collection to choose from.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & and Africa.
Regional Insights
Asia Pacific Market to Grow Rapidly with Rising Production of Handmade and Indigenous Products
Asia Pacific held the largest share in the global market as the production of handmade and craft items has increased in countries, such as India, China, Bangladesh, and many others. The region also has a vast presence of well-established handicraft manufacturers and artisans, which will help the regional market grow.
North America is expected to hold the second-largest market share as the region is raising its volume of import of handmade goods from nations, such as India and China.
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Competitive Landscape
Government Initiatives to Support Small-Scale Producers to Strengthen Market Potential
Governments across the world are adopting a wide range of strategies and measures to ensure adequate support for small-scale manufacturers of handmade products. They are providing strong financial assistance to small-scale artisans through grants, loans, and subsidies. They are also increasing their investments in infrastructural development to develop dedicated art & craft centers. These efforts will help the global handicraft market grow.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (In relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Handicraft Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product (Value)
- Woodworks
- Metal Artworks
- Handprinted Textiles & Embroidered Goods
- Imitation Jewelry
- Others
- By End-user (Value)
- Residential
- Commercial
- By Distribution Channel (Value)
- Specialty Stores
- Independent Retailers
- Online Stores
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product (Value)
TOC Continued...!
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Key Industry Development
May 2023 – Pottery Barn, an American home furnishing company, collaborated with Ayesha Curry, a renowned Hollywood celebrity, to unveil its set of new home collections, ranging from tableware to bedding products.
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