The global handicraft market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The global craft market has been booming, due to growing interest in the arts and culture. A large number of small and medium enterprises developed in developing countries over the past few years, where artisans from poor communities have been involved in the creation of handicrafts. Their works of art are also revered for human reasons. Handicrafts refer to handmade products, with the help of simple tools instead of machines. Handicrafts are an artistic representation of a particular culture or ethnic group. Handmade products include practical and decorative items. In addition, the growth of the tourism and leisure industry has also provided great opportunities for local artists and artisans to produce products for sale and sell to tourists who are willing to spend more money on handicrafts. In addition, handicrafts require less energy, unlike mechanical products, which involve the use of electricity. Due to low investment, the craft market is growing, especially in developing regions such as India and China. In addition, the handicraft business is an important source of exports and possible trade; therefore, they are likely to grow the global handicraft market during the forecastperiod.
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In addition, the gradual change in modern designs, in line with the growing demand for handicrafts in offices, hospitals, and hotels, represents one of the key drivers of market growth. In addition, access to handicrafts has become much easier for consumers due to the growth of internet penetration and the proliferation of e-commerce channels. Apart from this, the developing tourism industry provides lucrative growth opportunities for local artisans and craftsmen to produce products for sale and sell to tourists who are willing to spend more on souvenirs and other handicrafts. In addition, handicrafts have lower energy requirements, unlike mechanical products, which combine the use of electricity with various other fuels. In addition, craft production helps to promote creativity and imagination, reduces stress and anxiety, and promotes communication, social cohesion, participation, and collaboration. In addition, they require low investment and provide a variety of job opportunities for individuals, which creates a positive view of the market.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Fakih Group Co., Ten Thousand Villages, Oriental Handicraft Pte. Ltd., NGOC Dong Ha Nam, and Native Craft & Art Industries, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Handicraft Market Report by Segment
By Product Type
- Woodware
- Artmetal Ware
- Handprinted Textiles & Scarves
- Zari and Zari Goods
- Imitation Jewelry
- Sculptures
- Pottery and Glass Wares
- Others
By Distribution Channel
- Mass Retailers
- Departmental Stores
- Independent Retailers
- Specialty Stores
- Online Stores
- Others
By End-Use
- Residential
- Commercial
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