This market research report presents a detailed segmentation of the global handicrafts market by product type (woodware, art metal, hand-printed textile and scarves, embroidered and crocheted goods, zari and zari goods, and imitation jewellery). It provides a market share analysis and projections of its key regions, including Americas, APAC, Europe, and MEA. Key findings also include an analysis of the leading vendors such as Asian Handicrafts, Fakih, Handicrafts and Handlooms Exports, Minhou Minxing Weaving, NGOC Dong Ha Nam, and Oriental Handicrafts.
Technavio has released its new market research report, global handicrafts market, which is expected to grow at a CAGR of 12% between 2015 and 2019. The small initial investment required such as the setup cost, labor, raw material, and transportation cost is the primary driver for the growth of this market. The Americas dominate the global market for handicrafts, accounting for 38% of the total market share. The US is the largest revenue contributor in this region. The high demand for home accessories, jewelry, and other fashion accessories such as handbags and belts is driving the market growth in this region.
“The growth in international and domestic tourism is also expected to boost the growth of the market during the forecast period. Rise in the number of tourists increases the chances of increased sales of handicrafts. This market is also witnessing increased collaboration between designers and artisans, who aim to offer designer products at reasonable costs,” Sriram Mohan, Lead Analyst, Consumer & Retail, Technavio Research
Handicraft products are considered unique expressions of a community or culture. Rising demand for luxury products such as high-end home décor, consumers are willing to pay a premium price for unique handicraft items. Such products that are a combination of unique contemporary design and ethnic are gaining popularity. Woodware handicrafts occupy the largest share of the handicrafts market.
The key players in the global handicrafts market include Asian Handicrafts, Fakih, Handicrafts and Handlooms Exports Corporation, Minhou Minxing Weaving, NGOC Dong and Oriental Handicrafts. The market is highly fragmented due to the presence of several small and medium providers. Handicrafts is a dynamic industry, and its development is underpinned by factors such as economic conditions, technology, skilled workforce, and innovative use of raw materials.
A more detailed analysis is available in the Technavio report, Global Handicrafts Market 2015-2019.
We can customize this reports by other regions and specific segments upon request.
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