The global handicraft market Share size was valued at USD 915.93 billion in 2022 and is expected to be worth USD 1,007.07 billion in 2023. The market is projected to reach USD 1,972.32 billion by 2030, recording a CAGR of 10.08% during the forecast period.
Handicrafts refer to products that are made by hand and use traditional materials and techniques to produce them. Some of the popular examples of these products include pottery, textiles, paper products, glassware, metal & silver products, woodworks, and many others. Since the travel and tourism activities have skyrocketed in recent years, especially after the COVID-19 pandemic era, the demand for handmade products has also gone up. This is because tourists are seeking unique souvenirs to make their trips memorable. These factors are anticipated to bolster the global handicraft market growth.
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Segmentation:
Aesthetic Appeal Offered by Wooden Handicrafts to Boost Adoption of Woodwork Products
Based on product type, the global market is segregated into woodworks, metal artworks, hand-printed textiles & embroidered goods, imitation jewelry, and others. The woodworks segment is estimated to capture the largest handicraft market share as these products offer great aesthetic appeal and are quite durable.
Growing Home Renovation Activities to Augment Use of Handmade Products in Residential Sector
Based on end-user, the market is divided into residential and commercial. The residential segment is expected to dominate the market as the number of home renovation and interior decoration activities have increased in recent years. These products are used to elevate the aesthetic appearance of homes or add a quirky element to a space.
Vast Range and Easy Availability of Quality Products to Increase Customer Preference for Specialty Stores
Based on distribution channel, the market has been divided into specialty stores, independent retailers, online stores, and others. The specialty store segment is estimated to lead the market growth as these stores have a wide range of high-quality products that give customers a vast collection to choose from.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report conducts a detailed analysis of the market and focuses on crucial areas, such as prominent product types, leading companies, top application areas, and sales channels. It also delivers valuable insights into the latest market trends and covers significant industry developments. Besides the aspects mentioned earlier, the report highlights several factors contributing to the market’s growth in recent years.
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- Asian Handicrafts (India)
- Fakih Group of Companies (UAE)
- Laizhou Zhonghe Arts & Crafts Co. Ltd. (China)
- Ten Thousand Villages (U.S.)
- Minhou Minxing Weaving Co. Ltd. (China)
- The India Craft House (India)
- Creative Expressions (U.K.)
- PT Harmoni Jaya Kreasi (Indonesia)
- Gangga Sukta (Indonesia)
- PT Fuzen Decor Bali (Indonesia)
Drivers and Restraints:
Rise in Tourism Activities to Accelerate Market Growth
The trend of tourism activities has witnessed a strong growth in recent years, especially after the COVID-19 pandemic period. This factor has driven the demand for handmade items. Many tourists traveling to different countries or states always look for unique and locally made products that reflect the culture of that nation. Collecting these souvenirs can help them commemorate their travel experiences. Handmade textiles, ceramic products, traditional jewelry, and other heritage products are widely bought by tourists. These aspects are predicted to fuel the market progress.
However, unstable raw material prices can hinder the market development.
Regional Insights:
Asia Pacific Market to Grow Rapidly With Rising Production of Handmade and Indigenous Products
Asia Pacific held the largest share in the global market as the production of handmade and craft items has increased in countries, such as India, China, Bangladesh, and many others. The region also has a vast presence of well-established handicraft manufacturers and artisans, which will help the regional market grow.
North America is expected to hold the second-largest market share as the region is raising its volume of import of handmade goods from nations, such as India and China.
Competitive Landscape:
Government Initiatives to Support Small-Scale Producers to Strengthen Market Potential
Governments across the world are adopting a wide range of strategies and measures to ensure adequate support for small-scale manufacturers of handmade products. They are providing strong financial assistance to small-scale artisans through grants, loans, and subsidies. They are also increasing their investments in infrastructural development to develop dedicated art & craft centers. These efforts will help the global handicraft market grow.
Notable Industry Development:
May 2023 – Pottery Barn, an American home furnishing company, collaborated with Ayesha Curry, a renowned Hollywood celebrity, to unveil its set of new home collection, ranging from tableware to bedding products.
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