The global handicrafts market size reached US$ 680.10 Billion in 2021 and is expected to reach US$ 1,252.30 Billion by 2027, exhibiting a CAGR of 10.41%

SHERIDAN, WYOMING, UNITED STATES, April 20, 2022 /EINPresswire.com/ -- The latest research study, "Handicrafts Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" has been added by IMARC Group. The global handicrafts market reached a value of US$ 680.10 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,252.30 Billion by 2027, exhibiting a CAGR of 10.41% during 2022-2027.

Handicrafts, also known as artisanry, refer to unique artefacts representing the tradition, culture, and heritage of a country. They are handmade products that are made entirely by hand or using simple non-automated tools such as scissors, carving equipment, or hooks instead of machines. Many handcrafters use natural and entirely indigenous materials, while others prefer modern materials such as sheets, wood, metals, beads, stones, wrought iron, textiles, paper, and ceramics. Moreover, handicrafts play a vital role in the economic development of a country as they provide employment opportunities and act as a prominent medium for foreign exchange revenue.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Global Handicrafts Market Trends:

In recent years, the emergence of online retail and the proliferation of various e-commerce channels have made handicrafts more accessible to consumers. In addition, the escalating demand for handmade decor items in both the residential and commercial sectors represents another major growth-inducing factor. Besides this, the growing travel and tourism industry provides vast opportunities for local artisans and manufacturers to produce commoditized products and sell them to tourists. This, coupled with the introduction of favorable government initiatives to encourage handicrafts production, is positively influencing the market growth. Moreover, manufacturers are introducing modern designs to cater to the tastes and preferences of different consumers. Furthermore, the inflating income levels, the shifting consumer preferences toward ethnic decor items, and the low capital investment required by handicrafts manufacturing units are some of the other factors creating a positive market outlook across the globe.

Competitive Landscape

The competitive landscape of the market has been examined, with 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. and Native Crafts and Arts Industries.

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The report has segmented the market on the basis on Region, Product, Distribution Channel and End-Use.

Segmentation by Product

1. Woodware

2. Artmetal Ware

3. Handprinted Textile and Scarves

4. Embroidered and Crocheted Goods

5. Zari and Zari Goods

6. Imitation Jewelery

7. Others

Segmentation by End-Use

1. Residential

2. Commercial

Segmentation by Distribution Channel

1. Mass Retailers

2. Departmental Stores

3. Independent Retailers

4. Specialty Stores

5. Online Stores

6. Others

Top Handicraft Manufacturers in the World - https://blackswanzine.com/top-handicraft-manufacturers-in-the-world/

Segmentation by Region

1. North America

2. Europe

3. Asia Pacific

4. Middle East and Africa

5. Latin America

Key highlights of the report:

Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Services Private Limited
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