iCrowdNewswire Mar 8, 2021 8:00 AM ET
According to the recent report by IMARC Group, the global handicrafts market size reached US$ 718 Billion in 2020. Looking forward, the market expects to exhibit strong growth during the next five years.
Handicrafts refer to handmade products that are prepared using simple tools instead of machines. Some of the materials used to create decorative objects include sheet metal, wood, natural fibers, beads, stones, wrought iron, textiles, paper, and ceramics. Handicrafts represent the artistic side of traditions or cultures of a country or a region. Moreover, they play an important role in the economic development of a country as they provide employment opportunities and act as a prominent means for foreign exchange revenue. Apart from this, handicraft items are perceived as a status symbol due to their uniqueness and vibrant art.
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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Global Handicrafts Market Trends:
The proliferating online retail channels represent one of the key factors driving the market growth. An increasing number of e-commerce platforms are now supporting the sales of handicrafts as people are willing to expend on craft items. Furthermore, unlike machine-made products, preparing handicrafts requires low energy as it eliminates the usage of electricity or any other fuel. This associated convenience is stimulating the market growth significantly. Moreover, there is a rising demand for handmade decor items in both the residential and commercial sectors. In line with this, manufacturers are introducing modern designs to cater to the tastes and preferences of consumers, which, in turn, is acting as a growth-inducing factor. Apart from this, governments of several countries have taken initiatives to bolster their travel and tourism industry, while also investing in various programs encouraging handicraft production. Sincere efforts are being made, both at the government and non-governmental levels, to streamline the production process and mainstream operations, in an attempt to economically empower the ground-level workers. This, consequently, is attracting a large number of both domestic and international investors, which is creating a positive outlook for the market. Some of the other factors impelling the market growth are inflating income levels and a shift toward ethnic decor items.
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- Based on the product type, the market has been categorized into artmetal ware, zari and zari goods, sculptures, woodware, hand printed textiles and scarves, embroidered and crocheted goods, imitation jewelry, attars and agarbattis, pottery and glass wares, and others. Among these, woodware is the most popular product type.
- On the basis of the distribution channel, the majority of the handicrafts are distributed through mass retailers. Other segments are independent retailers, departmental stores, online stores, specialty stores, and others.
- Based on the end use, the market has been bifurcated into the residential and commercial segments. Currently, the residential sector accounts for the majority of the total market share.
- Region-wise, North America is the leading market, holding the biggest market share. Other regions include Asia Pacific, Latin America, Europe, and Middle East and Africa.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being Ten Thousand Villages, Oriental Handicrafts Pte. Ltd., Asian Handicrafts Pvt. Ltd., Shandong Laizhou Arts and Crafts Imp. & Exp. Co. Ltd., NGOC Dong Ha Nam Co. Ltd., Fujian Minhou Minxing Weaving Co. Ltd., Native Crafts and Arts Industries, and Fakih Group of Companies Pvt. Ltd.
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