"We Envision Growth Strategies Most Suited
to Your Business"

Handicraft Market Size to Record 10.08% CAGR Over 2023-2030; Rising Demand for Eco-Friendly Handicraft Items to Expand Market Size

September 18, 2023 | Consumer Goods

The global handicraft market size touched USD 915.93 billion in 2022 and is predicted to reach USD 1,007.07 billion in 2023. The market is anticipated to touch USD 1,972.32 billion by 2030, recording a CAGR of 10.08% over 2023-2030.


Fortune Business Insights™ presents this information in its latest report titled Handicraft Market Size, Share & COVID-19 Impact Analysis, By Product (Woodworks, Metal Artworks, Hand-printed Textiles & Embroidered Goods, Imitation Jewelry, and Others), End-user (Residential and Commercial) and Distribution Channel (Specialty Stores, Independent Retailers, Online Stores, and Others), and Regional Forecast, 2023-2030”.


The demand for handicraft products has increased tremendously in recent years as many countries are increasing their focus on improving the performance of their tourism sector. The number of tourists visiting different countries across the world has increased considerably in recent years, especially after the travel restrictions were lifted post the COVID-19 pandemic. Since tourists are seeking some unique souvenirs to make their trips memorable, most of them buy handmade products, such as textiles, jewelry, pottery products, wooden & paper products, and many other items. These factors will help the handicraft market share grow.


Restrictions and Lockdowns During COVID-19 Pandemic Hampered Demand for Handicrafts


The COVID-19 outbreak posed a major threat to the growth of this market as the demand for handmade products dropped drastically during this period. This was due to a major decline in tourism activities as governments across the world had imposed several movement & travel restrictions and lockdowns to prevent the spread of the virus. The shortage of the required raw materials due to these restrictions also hampered the production capacity of manufacturers, which consequently decreased their supply. This factor decelerated the market growth.


Amazing Home Introduced New Range of Home Décor and Furniture for Consumers


Amazing Home, a brand of Amazon, announced that it had launched a new collection of furniture and home décor to provide aesthetic home décor solutions and products to its consumers across the word. New products launched by Amazon Home is set to expand its customer base.


Rising Demand for Eco-Friendly Handmade Items to Expand Market Size


Customers are increasingly becoming conscious about their impact on the environment and looking for handmade art products that are sustainably manufactured. The growing concerns regarding climate change and global warming have prompted manufacturers to source eco-friendly raw materials and choose production processes that have minimal effect on the planet. Eco-friendly handmade products are usually made from recycled or renewable raw materials, which can help customers decrease their negative impact on the environment. These aspects will drive the growth of the market in the coming years.


Market to Witness Commendable Growth With Increasing Government Support for Small-Scale Manufacturers


Governments across the globe are increasing their efforts to boost their tourism sector, especially after the COVID-19 pandemic adversely impacted this industry due to travel and movement restrictions. They are offering their support to small-scale manufacturers by providing financial assistance in the form of loans, startup investments, grants, and subsidies. Small-scale artisans are also being provided with ample financial support to help them promote and sell their art and craft products. They are also investing in infrastructure development projects, which will boost the handicraft market growth during the forecast period.


Notable Industry Development:


June 2022: RHODE, a popular fashion brand, announced the launch of its new range of home décor products which consists of textiles and ceramic products.


List of the Companies Profiled in the Report:



  • Asian Handicrafts (India)

  • Fakih Group of Companies (UAE)

  • Laizhou Zhonghe Arts & Crafts Co. Ltd. (China)

  • Ten Thousand Villages (U.S.)

  • Minhou Minxing Weaving Co. Ltd. (China)

  • The India Craft House (India)

  • Creative Expressions (U.K.)

  • PT Harmoni Jaya Kreasi (Indonesia)

  • Gangga Sukta (Indonesia)

  • PT Fuzen Decor Bali (Indonesia)


Further Report Findings



  • Asia Pacific captured a dominant market share as countries across the region, such as India, China, and Bangladesh are the leading producers of handmade products. The annual production of these items is increasing every year to cater to the growing demand for these products across the world. Moreover, many renowned artisans have established their base in this region. These factors will further help the regional market grow.

  • The market in Europe is predicted to account for a major share of the global market during the forecast period as the region is witnessing a notable growth in tourism activities. In addition to this, the region is widely known for its rich heritage and culture, which will give artisans and handmade product manufacturers several avenues to make and sell unique products.

  • The woodworks segment is projected to hold a dominant share in the market as the demand for wood-based craft items is rising due to their durability and ability to elevate the aesthetic appearance of a residential or commercial space.


Table of Segmentation













































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 10.08% from 2023 to 2030



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


Handicraft Market
  • PDF
  • 2023
  • 2019-2022
  • 150

    CHOOSE LICENSE TYPE

  • 4850
    5850
    6850

Our Clients

Itochu
Lg
Johnson
Itic
Krones
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X