Global Handicrafts Market to Grow at 10.41% CAGR by 2027 | IMARC Group
According to IMARC Group latest published report, titled “Handicrafts Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” that the global handicrafts market size reached US$ 680.10 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,252.30 Billion by 2027, exhibiting a growth rate (CAGR) of 10.41% during 2022-2027.
Handicrafts are goods that are handmade using basic tools as opposed to machinery. Because they are an artistic representation of a heritage or culture, they require tremendous concentration when being created. Typically, materials including wood, beads, fabrics, sheet metal, river stone, natural fibre, wrought iron, horn and bone, and ceramics are used to create them. Handicrafts play a crucial role in the expansion of an economy since they need little initial capital, offer employment to artisans, and generate significant amounts of foreign cash. In addition, because of their high quality and distinctiveness, they are seen by consumers as status symbols.
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Global Handicrafts Market Trends:
One of the key factors influencing the growth of the handicrafts market is the rising demand for handcrafted decor items, particularly in homes, workplaces, restaurants, and other commercial areas. Accordingly, the global sales of handicrafts are increasing as a result of the booming e-commerce industry, the expansion of various online retail channels, and other factors. In addition, the booming travel and tourism industry gives local craftsmen the chance to create commodities and sell them to tourists wanting to spend money on souvenirs and other handcrafted goods. Handicrafts have low energy requirements, which is expected to help the market grow in the next years, in contrast to machine-made products, which require the use of electricity and other fuels.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
- Native Crafts and Arts Industries.
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