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Handicraft Market Size, Share & Industry Analysis, By Product (Woodworks, Metal Artworks, Hand-printed Textiles & Embroidered Goods, Imitation Jewelry, and Others), By End-user (Residential and Commercial), By Distribution Channel (Specialty Stores, Independent Retailers, Online Stores, and Others), and Regional Forecast, 2024-2032

Last Updated: May 16, 2024 | Format: PDF | Report ID: FBI108435

 

KEY MARKET INSIGHTS

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The global handicraft market size was valued at USD 1,007.07 billion in 2023 and is projected to be worth USD 1,107.67 billion in 2024 and reach USD 2,394.32 billion by 2032, exhibiting a CAGR of 10.11% during the forecast period.


The market encompasses a wide range of products that are traditionally produced by hand, particularly using traditional techniques and materials. These products mainly include textiles, pottery, glassware, paper products, wooden products, metal & silver products, and various other crafts. The growing popularity of travelling activities, which allows consumers to explore different countries and states along with their handmade traditional crafts, is further expected to drive the handicraft market growth. Moreover, the increasing construction of both commercial and residential complexes is propelling the trend of home renovation with unique and aesthetic handicrafts, thus fostering the demand for handicraft products in the long run.


The COVID-19 pandemic had severely threatened the market growth, especially at local levels. The disruptions in the availability of raw materials affected the production capacity of handicraft manufacturers, hence negatively impacting the global handicraft industry. Moreover, with multiple lockdowns, travel restrictions, and economic uncertainties, the demand for handmade products decreased significantly, thus hampering the market growth during 2020.


Handicraft Market Trends


Rising Trend of Home Décor to Accelerate Market Growth


In recent times, homeowners and renters are increasingly investing in improving and personalizing their living spaces. Home décor plays a crucial role in creating a visually appealing and comfortable environment that aligns with individual tastes and preferences. Moreover, the Do-It-Yourself (DIY) culture has gained popularity, with many individuals taking up creative projects and crafts to personalize their homes. This trend has boosted the demand for DIY home décor items, such as handmade wall hangings, customized wooden artworks, and other unique accessories, which further fueled the market expansion.


The artistic traditions and creative culture of countries, such as India, China, Vietnam, Thailand, and Thailand have resulted in high development and export of handicrafts, such as embroidered goods, hand-printed scarves, and imitation jewelry, through these countries. For instance, according to the India Brand Equity Foundation, a New Delhi, India-based semi-government trust under the Department of Commerce, the export of handicrafts from India amounted to USD 4.35 billion in 2021-22, a rise of 25.7% from 2020-21. In addition, as per the trust, there are nearly 744 handicraft clusters in the country that employ around 212,000 artisans providing more than 35,000 products. Furthermore, the rapidly growing demand for unique handicrafts from enthusiasts and art collectors across countries globally supports global market expansion.


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Handicraft Market Growth Factors


Growing Tourism Activities to Amplify Market Growth


The augmenting trend of tourism activities can be considered one of the principal factors driving the demand for craft items. Moreover, tourists often seek unique and locally made items to commemorate their travel experiences. Therefore, handmade items, such as traditional textiles, jewelry, ceramic products, and other cultural products are popular choices among the tourists. Hence, the demand for authentic and locally crafted souvenirs will drive the market growth in the future.


Intensifying Demand for Sustainable Handmade Products to Boost Market Progress


The demand for sustainable handmade products has been growing in recent years as consumers are increasingly making eco-friendly and socially responsible choices. With growing concerns about climate change and environmental degradation, consumers are seeking products that have minimal negative impact on the planet. Therefore, sustainable handmade products are being increasingly demanded as they are often made from renewable or recycled materials, employ eco-friendly production methods, and promote resource conservation. This factor is expected to drive the market in the future.


RESTRAINING FACTORS


Instability in Raw Material’s Prices to Hinder Market Growth


Fluctuations in the raw material prices, such as wood, metal, glass, and others directly affect the cost of producing handmade products. The increased prices of these raw materials also raise the cost of production for artisans and businesses. As the cost of raw materials increases, artisans and manufacturers witness a reduction in their profit margins, which ultimately increases the price of the final product in the market. This make the products less competitive in the market, especially if consumers are price sensitive or have other affordable alternatives. This factor is estimated to hamper the growth of the global market.


Handicraft Market Segmentation Analysis


By Product Analysis


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Aesthetic Features of Wooden Handmade Items to Propel Demand for Woodworks


Based on product, the global market is segregated into woodworks, metal artworks, hand-printed textiles & embroidered goods, imitation jewelry, and others. The woodworks segment is anticipated to dominate the market due to its aesthetic and long lasting features, which drive the consumers to purchase wooden handicrafts. Moreover, these products often possess a timeless and rustic charm that creates a visually appealing environment and beautifies any space, thereby driving the segment’s growth in the future.


By End-user Analysis


Rising Popularity of Home Renovation to Augment Product Demand Across Residential Sector


Based on end-user, the market is divided into residential and commercial. The residential segment is estimated to hold a major share in the market owing to the increasing trends of home décor and home renovation in recent years. Moreover, handmade products are often considered works of art due to their artistic intricacies and design elements. They add a touch of beauty and aesthetic appeal to homes, elevating the overall visual impact of the surroundings. These features will boost the demand for crafted products from the residential segment.


By Distribution Channel Analysis


Availability of High-Quality Products to Boost Customer Footfall in Specialty Stores


The market has been divided into specialty stores, independent retailers, online stores, and others, in terms of distribution channel. The specialty store segment is projected to lead the market owing to its wide product selection and high-quality product offerings. Furthermore, these stores curate their inventory to cater to the unique needs and preferences of their target customer base.


The online segment is predicted to grow at a faster rate during the forecast period owing to benefits, such as hassle-free deliveries and attractive discount offers. Additionally, nowadays, retail shops have also been investing in e-retail business to expand their customer base and geographical presence, which may accelerate the segment’s growth during the forecast period.


REGIONAL INSIGHTS


Asia Pacific Handicraft Market Size, 2023 (USD Billion)

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With regards to region, the global market is sectioned into Asia Pacific, North America, Europe, South America, and the Middle East & Africa.


Asia Pacific captured the largest share in this industry owing to the increasing production of handmade and craft products in countries, such as India, China, and Bangladesh, and others. Moreover, the presence of renowned artisans and handmade product manufacturers in those countries will also provide lucrative opportunities to the Asia Pacific market.


North America is projected to be the second-largest region in the market owing to its increasing import volume of crafted goods from countries, such as India and China. The DIY and crafting activities have gained popularity in the U.S. and Canada, with more people taking up crafts as their hobby or a form of creative outlet. This factor will augment the product demand in North America during the forecast period.


Europe may also acquire a substantial handicraft market share during the projected timeframe owing to the rising tourism activities in the region. Moreover, Europe is known for its culture and heritage, where art and craft events continue to be important avenues for artisans to showcase and sell their work directly to the tourists. These factors are anticipated to contribute to the growth of the European market.


South America market has also showcased tremendous growth in recent times due to the increasing traditional home textile production in the region. Moreover, indigenous communities in Latin America have a rich tradition of crafting unique and culturally significant items. Traditional weavings, carvings, embroided textiles, and other craft products are quite popular among tourists, which will foster the regional market growth.


The market in the Middle East & Africa has been strongly influenced by rapid urbanization in countries, such as Brazil, the UAE, South Africa, and others. Moreover, countries, such as Turkey, Morocco, and Iran are famous for handwoven textile products including carpets, rugs, embroided sheets, and other textile products featuring unique designs and craftsmanship. This will further accelerate the growth of the MEA market.


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List of Key Companies in Handicraft Market


Increasing Government Initiatives to Support Small-Scale Manufacturers to Drive Market Growth


The governments of different countries have been continuously adopting several strategies and measures to support the business of small-scale manufacturers. They are offering financial assistance in the form of loans, grants, startup costs, and subsidies, particularly for small-scale artisans. Furthermore, the governments are also investing in infrastructural development to create dedicated craft centers along with suitable workshops, studios, and exhibition areas. These efforts will enable the artisans to work efficiently and showcase their products to a wider consumer base, thereby providing growth prospects to the market.


LIST OF KEY COMPANIES PROFILED



KEY INDUSTRY DEVELOPMENTS



  • June 2023: Amazing Home, a brand of Amazon, launched its range of home décor and furniture products to offer aesthetic home décor solutions to consumers.

  • January 2023 – Target, a U.S.-based mega retailer, launched a set of home accessories including tables, rugs, and other items through its designer collaborations, Hearth & Hand with Magnolia, Opalhouse designed with Jungalow, and Threshold with Studio McGee.

  • September 2022 – Crate&Barrel, a U.S.-based furniture retail company, undertook a partnership with Athena Calderone, a renowned interior designer, to design its exclusive home collection products including, furniture, textiles, glassware, and other home décor products.

  • June 2022– Walmart, a U.S.-based mega retailer, collaborated with Gap, a U.S.-based clothing retail company, for launching its set of home textile products including, rugs, sheets, wooden products, and others.

  • November 2021: The LEGO Group, a toy manufacturer of Denmark, launched a range of wooden accessories in partnership with Danish design brand Room Copenhagen. This includes picture frames, drawers, wall hangers, and other products.


REPORT COVERAGE


An Infographic Representation of Handicraft Market

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The report analyzes the market in depth and highlights crucial aspects, such as prominent companies, product types, sales channels, and top application areas. Besides this, it provides insights into the market trends and highlights significant industry developments. In addition to the aspects mentioned earlier, the report encompasses several factors contributing to the market's growth in recent years.


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Report Scope & Segmentation



















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 10.11% from 2024 to 2032



Unit



Value (USD Billion)



Segmentation



By Product



  • Woodworks

  • MetalArtworks

  • Handprinted Textiles & Embroided Goods

  • Imitation Jewelry

  • Others



By End-user



  • Residential

  • Commercial



By Distribution Channel



  • Specialty Stores

  • Independent Stores

  • Online stores

  • Others



By Geography



  • North America (By Product, End-user, Distribution Channel, and Country)

    • U.S.

    • Canada

    • Mexico



  • Europe (By Product, End-user, Distribution Channel, and Country)

    • Germany

    • France

    • Italy

    • Spain

    • U.K.

    • Rest of Europe



  • Asia Pacific (By Product, End-user, Distribution Channel, and Country)

    • China

    • India

    • Japan

    • Australia

    • Rest of Asia Pacific



  • South America (By Product, End-user, Distribution Channel, and Country)

    • Brazil

    • Argentina

    • Rest of South America



  • Middle East & Africa (By Product, End-user, Distribution Channel, and Country)

    • South Africa

    • UAE

    • Rest of ME&A








Frequently Asked Questions

Fortune Business Insights says that the global market size was valued at USD 1,007.07 billion in 2023 and is anticipated to reach USD 2,394.32 billion by 2032.

The global market will exhibit a CAGR of 10.11% over the forecast period of 2024-2032.

By product, the woodworks segment is predicted to dominate the market during the forecast period of 2024-2032.

The rising trend of tourism activities is the critical factor driving the global market.

Asian Handicrafts, Fakih Group of Companies, and Laizhou Zhonghe Arts&Crafts Co., Ltd. are the leading players in the market.

Asia Pacific dominated the global market in 2023.

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