Pune, India, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The global handloom products market size was valued at USD 7.29 billion in 2022 and is projected to grow from USD 7.77 billion in 2023 to 13.68 billion by 2030, exhibiting a CAGR of 8.41% over the forecast period.
Handloom products hold cultural significance in several regions globally, reflecting heritage and identity. These products include carpets, mats, rugs, handbags, and apparel. The rising consumer demand for sustainable, unique, and culturally significant products is expected to drive the handloom products market growth during the forecast period.
Fortune Business Insights™ mentioned this in a report titled, “Handloom Products Market, 2023-2030.”
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List of Key Players Profiled in the Handloom Products Market:
- Maheshwari Handloom Works (India)
- GoCoop (India)
- Chandan Rugs (India)
- Sri Laxmi Narasimha Handloom Sarees (India)
- Manisha Silk Weaves (India)
- Medusa Exim (India)
- Dhananjay Creations (India)
- Shree Jee (India)
- Global Floor Furnishers (India)
- Dream Home Carpets Pvt. Ltd. (India)
Report Coverage-
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Growing Shift Toward Environment-Friendly Products to Boost Market Growth
The increasing shift toward environment-friendly products, changing consumer preferences, rising emphasis on conserving cultural art and heritage, and a renewed appreciation of traditional craftsmanship are expected to drive market growth. The handloom products are mainly produced using age-old methods, which align with their values. These fabrics are largely preferred by people looking to decrease fashion-related carbon footprint which is estimated to increase market share during the forecast period.
However, the difficulties faced by several handloom weavers in carrying out their livelihood due to the increasing competition may impede market growth.
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COVID-19 Impact
Sudden Disruption of Businesses During COVID-19 Pandemic Hindered Market Growth
The COVID-19 pandemic negatively impacted the handloom products market. The pandemic led to the disruptions of businesses globally, and the contemporary and traditional markets for artisans. The demand for handloom products decreased due to economic uncertainty and reduced consumer spending.
Segments:
Increasing Sustainable Fashion to Augment Sarees Segment Growth
By type, the market is segmented into sarees, apparel & accessories, bedding & bath, carpets, mats, & rugs, and others. The sarees segment accounted for the majority of the market share in 2022. The growth is attributed to the rising sustainable fashion, creating a huge appetite for handcrafted and hand-loomed items.
Growing Popularity of Cotton to Drive Cotton Segment Growth
Based on material, the market is divided into cotton, silk, linen, and wool. The cotton segment accounted for the majority of handloom products market share due to the increasing popularity of cotton among people globally.
Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights
Asia Pacific Leads Due to Growing Integration of Modern Innovations with Age-Old Techniques
Asia Pacific is estimated to hold the largest handloom products market share during the forecast period. The increasing integration of modern innovations with age-old techniques is driving a rich tradition of textile production and craftsmanship in the region.
North America is estimated to witness moderate growth during the forecast period due to the rising interest of people in sustainable and locally-produced artisanal products.
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Competitive Landscape
Rising Key Players Focus on Partnerships to Augment Market Growth
The increasing focus of major market players on adopting collaborative and partnership strategies to strengthen their market position is estimated to drive market growth. For instance, in 2019, Tata Trusts and Microsoft India signed a MoU to revive the handloom clusters in the northeastern and eastern parts of India.
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)
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- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
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- Global Handloom Products Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Sarees
- Apparel & Accessories
- Bedding & Bath
- Carpet, Mats, & Rugs
- By Material (Value)
- Cotton
- Silk
- Linen
- Wool
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
TOC Continued...!
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