The global handicrafts market size reached US$ 680 Billion in 2021. Looking forward, the market expects to reach US$ 1,252 Billion by 2027, exhibiting at a CAGR of 10.41% during 2022-2027, according to the latest report by IMARC Group.
Handicrafts are handmade products that are intricately prepared using simple tools instead of machines. They are an artistic representation of a culture or tradition and require intense concentration during production. They are generally made using materials, such as wood, beads, textiles, sheet metal, river stone, natural fiber, wrought iron, horn and bone, and ceramics.
As handicrafts require low capital investments, provide employment opportunities to artisans and act as a prominent means for foreign exchange revenue, they play a pivotal role in the overall growth of an economy. Besides this, they are also perceived as a status symbol for consumers, on account of their quality and uniqueness.
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One of the key factors bolstering the handicrafts market growth is the escalating demand for handmade decor items, especially in homes, offices, restaurants and other commercial places. In line with this, the burgeoning e-commerce sector, in confluence with the proliferation of various online retail channels, is also boosting the sales of handicrafts across the globe. Apart from this, the flourishing travel and tourism sector is offering opportunities to local artisans to prepare commoditized products and selling them to tourists who are willing to expend on souvenirs and other craft items.
Furthermore, unlike machine-made products that involve the utilization of electricity and other fuels, handicrafts have low energy requirements, which is anticipated to contribute to the market growth in the coming years. Looking forward, the market is expected to continue its moderate growth during the next five years
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Note: 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.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the key players being
- Asian Handicrafts Pvt. Ltd.,
- Fakih Group of Companies Pvt. Ltd.,
- Shandong Laizhou Arts and Crafts Imp. & Exp. Co. Ltd.,
- Ten Thousand Villages,
- Oriental Handicrafts Pte. Ltd.,
- Ngoc Dong Ha Nam Co. Ltd.,
- Fujian Minhou Minxing Weaving Co. Ltd.
- Native Crafts and Arts Industries.
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