About Handicrafts
Handicrafts are a cottage-based enterprise that requires a lot of labor. Rural and urban areas alike are affected by the industry. Over millions of artisans are employed in the sector, including many women and people from underprivileged backgrounds. Because of its minimal capital investment, high value addition ratio, and high potential for export and foreign exchange gains, the handicraft sector is an economically important sector. Articles of everyday use and decorative goods are the two main types of handicrafts. Textiles, precious and semi-precious metals, wood, valuable and semi-precious stones, ceramics, and glass all reflect the diversity of handicrafts. Globalization has turned the entire planet into a single compartment, and a single hamlet has become a global village. In both the domestic and international markets, handicraft products have a lot of potential.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Analyst at AMA Research estimates that Indian Vendors will contribute the maximum growth to Global Handicrafts market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Asian Handicrafts (India), Fakih Group of Companies (United Arab Emirates), Shandong Laizhou Arts and Crafts (China), Ten Thousand Villages (United States), Oriental Handicrafts Pte. Ltd. (Singapore), NGOC Dong Ha Nam (Vietnam), Minhou Minxing Weaving Co. Ltd. (China), Haswani Handicrafts (India), Craft Maestros (India) and Native Crafts and Arts Industries (Philippines) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are ExclusiveLane (India), Lalji Handicrafts (India) and Handicraft Villa (India).
Segmentation Overview
AMA Research has segmented the market of Global Handicrafts market by Type (Applique, Crocheting, Embroidery, Knitting and Others) and Region.
On the basis of geography, the market of Handicrafts has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Use, the sub-segment i.e. Residential will boost the Handicrafts market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution, the sub-segment i.e. Retail Outlets will boost the Handicrafts market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Material, the sub-segment i.e. Wood will boost the Handicrafts market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Regulatory Policies Promoting Handicrafts Sector
Market Growth Drivers:
Rising Disposable Income and Demand for Traditional Home Décor
Challenges:
Fierce Competitive Pressure
Restraints:
Lack of Proper Facilities to Manufacturers and Improper Pricing Mechanism
Opportunities:
Export Opportunities Across International Markets
Market Leaders and their expansionary development strategies
In June 2023, Amazing Home, a brand under Amazon, introduced a selection of home décor and furniture items. This is aimed at providing consumers with appealing solutions for enhancing the aesthetic of their homes.
On 17th October, 2020 - Direct Create (Leading Online-Offline Technology Handicrafts Platform) Launched Awareness Campaign 'Empowerment through Craft' to Promote Handicrafts. Designers, Craftspeople, And Customers Can Collaborate and Establish Their Own Project Using the Web-Based Platform.
Key Target Audience
Handicrafts Manufactures, New Entrants and Investors, Handicrafts Distributors and Suppliers, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.