Handicrafts Market Share, Size, Trends, Industry Analysis Report, By Product Category (Woodwork, Potteryware), By Distribution Channel (Mass Retailers, Online Stores), By Region, And Segment Forecasts, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM4136
- Base Year: 2023
- Historical Data: 2019-2022
The global handicrafts market was valued at USD 706.83 billion in 2023 and is expected to grow at a CAGR of 4.8% during the forecast period.
The market is witnessing a notable expansion owing to the increasing trend of travel, allowing consumers to explore traditional crafts from diverse regions. Furthermore, the ongoing construction of commercial and residential properties is driving a surge in home renovations, creating a demand for unique and artistic handicrafts. Consequently, there is a sustained and growing interest in handicraft products expected to continue in the foreseeable future.
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Industry is experiencing substantial growth, thanks to the increased availability of handicraft products on various online platforms. This growth is further fueled by the booming travel and tourism industry, where tourists are willing to spend significantly on souvenirs and craft items, creating ample opportunities for local artisans. Moreover, the rising demand for handmade décor accessories in various settings like homes, offices, & restaurants, coupled with the increasing demand from the gifting industry, is driving handicrafts market expansion. This sector proves to be economically viable due to its low capital investment, high-value addition ratio, and significant export potential.
Innovations that facilitate international communication have significantly benefited the handicraft industry, making it feasible to reach a global customer base. The emergence of e-commerce platforms has simplified the accessibility of consumer goods, fostering inclusivity by allowing artisans worldwide to display their products on these digital marketplaces. Additionally, social media platforms are playing a pivotal role in globally promoting handicraft products, thereby driving market growth throughout the forecast period.
Several national governments are actively working to boost the handicraft sector by implementing various initiatives. These efforts aim to overcome challenges faced by artisans and foster the sector's growth. For instance, the Indian government has introduced programs like Ambedkar Hastshilp Vikas Yojana & Dastkar Sashaktikaran Yojana. These initiatives focus on building necessary infrastructure, connecting craftsmen with self-help organizations and diverse societies, enabling them to produce goods in larger quantities, and providing financial guidance. Additionally, these programs assist artisans in acquiring essential supplies required for their creations.
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Fluctuations in the prices of raw materials such as wood, metal, and glass significantly influence the production costs of handmade products. Higher prices for these materials result in increased expenses for artisans and businesses alike. This factor is expected to hinder the global market's growth. Conversely, the rising demand for sustainable handicraft products is anticipated to fuel market expansion in the foreseeable future.
- Growing global interest in diverse cultures and traditions fuels the demand for authentic and traditional handicrafts, driving market growth.
The growing trend in tourism has a substantial impact on the demand for handicraft items. Travelers often seek unique and authentic experiences during their journeys, and this desire extends to the souvenirs they choose to bring back home. Handmade items, including traditional textiles, jewelry, ceramics, and other culturally significant products, offer a genuine reflection of the local culture and craftsmanship of the place’s tourists visit.
Tourists are increasingly interested in supporting local artisans and preserving traditional crafts. They prefer souvenirs that are not mass-produced but instead crafted by hand, showcasing the unique cultural heritage of the region they have visited. These locally-made products serve as tangible reminders of their travel experiences, carrying sentimental value and cultural significance. As a result, the demand for these genuine, locally crafted souvenirs is rising steadily. Artisans and craftsmen are responding to this demand by creating high-quality, culturally rich items, which, in turn, fuels the growth of the craft market. This symbiotic relationship between tourism and the handicraft industry underpins the market's expansion, creating opportunities for artisans, businesses, and tourists alike.
The market is primarily segmented based on product, distribution channel, and region.
By Distribution Channel
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By Product Analysis
- Woodwork segment dominated the market in 2022
Woodwork segment garnered the largest share in the market. Its appeal lies in both aesthetics and durability, drawing consumers to invest in the wooden handicrafts. These items often exude a timeless & rustic charm, adding visual allure to spaces and enhancing their ambiance. This characteristic is expected to drive the growth of this segment in the future.
Glassware segment will grow at significant pace. Changes in consumer lifestyles and preferences are expected to drive the global market for handicrafts glassware. Additionally, advancements in the production technologies are likely to create favorable opportunities for growth in the upcoming years.
By Distribution Channel Analysis
- Mass retailers segment accounted for the largest market share in 2022
Mass retailers segment accounted for the largest market share. Many consumers find shopping at mass retailers enjoyable, particularly during festive seasons, as it adds a fun and festive element to their experience. Moreover, an expanding number of mass retailers are now providing sustainable handicrafts to meet the rising consumer demand for environmentally friendly products. These retailers recognize the growing interest in eco-friendly options among consumers.
By offering sustainable handicrafts, they not only cater to the preferences of environmentally conscious customers but also showcase their commitment to corporate social responsibility and sustainability. By stocking and promoting these sustainable options, these retailers enhance their brand reputation, appealing to a broader customer base that values eco-friendly and socially responsible products. This approach not only aligns with consumer values but also reflects a proactive stance towards environmental conservation and ethical business practices.
Online segment will exhibit robust growth rate. The pandemic played a significant role in accelerating the shift towards online sales in the market, as consumers sought safe and convenient ways to shop and entertain themselves from the comfort of their homes. Additionally, retail outlets have embraced e-commerce initiatives to expand their customer base and reach a broader geographical audience, potentially contributing to the segment's growth in the projected period.
- Asia Pacific region accounted for the largest share of global market in 2022
Asia Pacific dominated the global market The region's prominence can be attributed to the increased production of handmade and crafted items in the emerging countries. Additionally, the presence of skilled artisans and renowned manufacturers of handmade products in these regions is poised to drive substantial market growth in the forecast period.
MEA will grow at the substantial pace. The market in this region has been significantly influenced by rapid urbanization. Countries such as Turkey, Morocco, & Iran are particularly well-known for their handwoven textile offerings, such as carpets, rugs, embroidered sheets, and other textile products, which are characterized by unique designs and exceptional craftsmanship. This factor is anticipated to contribute significantly to the regional market's growth.
Key Market Players & Competitive Insights
The handicraft market is becoming highly competitive, featuring both large and small-scale manufacturers. Key players in the industry are employing strategies such as mergers & acquisitions, partnerships, product launches, innovation, and promotional activities to maintain their competitiveness in the market.
Some of the major players operating in the global market include:
- Asian Handicrafts Pvt. Ltd.
- Fakih Group of Companies
- Gangamani Fashions (Art & Crafts)
- Haswani Handicrafts
- HN Handicrafts
- Native Crafts and Arts, Inc.
- S. N. Handicrafts
- Sushil Craft
- Unique Handicrafts Ltd
- Vietnam Handicraft Co., Ltd
- In June 2023, Amazon's brand, Amazing Home, has launched a range of home décor and furniture items, offering consumers attractive options to enhance the visual appeal of their homes.
- In April 2022, Reliance Retail, has unveiled a new retail concept called Swadesh. This platform will focus on selling handmade textiles, handicrafts, agricultural products, and various other items directly sourced from the artisans.
Handicrafts Market Report Scope
Market size value in 2024
USD 738.07 billion
Revenue forecast in 2032
USD 1072.31 billion
4.8% from 2024 – 2032
2019 – 2022
2024 – 2032
Revenue in USD billion and CAGR from 2024 to 2032
By Product, Distribution Channel, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Report customization as per your requirements with respect to countries, region, and segmentation.
The handicrafts market report covering key segments are product, distribution channel, and region.
Handicrafts Market Size Worth $1,072.31 Billion By 2032
The global handicrafts market is expected to grow at a CAGR of 4.8% during the forecast period.
Asia Pacific is leading the global market
key driving factors in handicrafts market Rising Consumer Preferences for Unique Products