Handicrafts Market 2024-2032 | Share, Size, Trends, Forecast and Key players Analysis

How big is the handicrafts market?

The global handicrafts market size reached US$ 830.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,864.1 Billion by 2032, exhibiting a growth rate (CAGR) of 9.2% during 2024-2032.

Handicrafts, often referred to as handcrafted or handmade items, represent a vibrant and diverse sector of the global market. These products are created through skilled craftsmanship and artistic flair, reflecting the unique cultural heritage and creativity of artisans. Handicrafts encompass a wide range of products, including textiles, pottery, jewelry, woodwork, metalwork, and much more. These products often carry cultural and artistic significance, reflecting the heritage and traditions of the region in which they are crafted. Handicrafts are not mass-produced and are unique and personalized creations that showcase the craftsmanship and creativity of the artisans behind them. These handmade products hold a special place in the market due to their authenticity, cultural value, and the human touch that goes into their creation.

Global Handicrafts Industry Trends and Drivers:

Consumers today are seeking authenticity and a connection to the products they purchase. This demand for authenticity has propelled the handicrafts market to new heights, as consumers appreciate the value of owning unique items. Another driving force in the handicrafts industry is sustainability. As the world becomes more environmentally conscious, consumers are increasingly drawn to products that have minimal environmental impact. Handicrafts align with this trend as they are typically made using traditional techniques and natural materials. This focus on sustainability not appeals to eco-conscious consumers and positions the handicrafts market as a responsible and ethical choice for businesses looking to align with sustainable practices. Besides, the rise of e-commerce and digital platforms has also played a pivotal role in the growth of the handicrafts market.

Artisans from around the world now have the opportunity to showcase and sell their products to a global audience. This accessibility has opened up new markets and expanded the reach of handmade goods, allowing small-scale artisans to compete on a larger scale. Additionally, the appreciation for handmade products extends beyond individual consumers to corporate buyers and businesses. Many companies recognize the value of incorporating unique handicrafts into their branding and corporate gifting. Handcrafted items, with their personal touch and cultural significance, make for memorable corporate gifts and promotional items. This trend is creating new business opportunities for artisans and fostering partnerships between the corporate sector and the handicrafts industry.

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List of Major Key Players:

The major players in the market are
• Asian Handicraft
• Fakih Group of Companies
• Shandong Laizhou Arts and Crafts Imp & Exp Co. Ltd.
• Ten Thousand Villages
• Oriental Handicrafts Pte. Ltd.
• NGOC Dong Ha Nam
• Minhou Minxing Weaving Co. Ltd.
• Native Crafts and Arts Industries

The report has segmented the market into the following categories:

Breakup by Product Type:
• Woodware
• Artmetal Ware
• Handprinted Textiles and Scarves
• Embroidered and Crocheted Goods
• Zari and Zari Goods
• Imitation Jewelry
• Sculptures
• Pottery and Glass wares
• Attars and Agarbattis
• Others

Breakup by Distribution Channel:
• Mass Retailers
• Departmental Stores
• Independent Retailers
• Specialty Stores
• Online Stores
• Others

Breakup by End-Use:
• Residential
• Commercial

Regional Insights:
• North America (U.S. & Canada)
• Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
• Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
• Latin America (Brazil, Mexico)
• Middle East & Africa

Recent Developments:

In August 2023, Ten Thousand Villages sold its Brownstown warehouse for $12.1 million to expand its remaining stores and online sales.

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This release was published on openPR.