Handicrafts Market Analysis 2022-2027, Size, Share, Trends And Forecast

 
NEW YORK - May 18, 2022 - PRLog -- 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.

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.

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.

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Competitive Landscape

Asian Handicrafts, Fakih Handicrafts, Shandong Laizhou Arts and Crafts, Ten Thousand Villages, Native Crafts and Arts, The Handicrafts Gallery, Minhou Minxing Weaving, NGOC Dong Ha Nam and Oriental Handicrafts.

Insights on Market Segmentation:

Market Breakup by Product

1. Woodware

2. Artmetal Ware

3. Handprinted Textile and Scarves

4. Embroidered and Crocheted Goods

5. Zari and Zari Goods

6. Imitation Jewellery

7. Others

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Market Breakup by Distribution Channel

1. Mass Retailers

2. Departmental Stores

3. Specialty Stores

4. Independent Retailers

5. Online

6. Others

Market Breakup by End-Use

1. Residential

2. Commercial

Market Breakup by Region

1. North America

2. Europe

3. Asia Pacific

4. Middle East and Africa

5. Latin America

Browse related reports:

India Handicrafts Market: https://www.imarcgroup.com/india-handicrafts-market

US Handicrafts Market: https://www.imarcgroup.com/united-states-handicrafts-market

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