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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:
Further Report Findings
Table of Segmentation
CAGR of 10.08% from 2023 to 2030
Value (USD Billion)
By Distribution Channel
North America (By Product, End-user, Distribution Channel, and Country)
Europe (By Product, End-user, Distribution Channel, and Country)
Asia Pacific (By Product, End-user, Distribution Channel, and Country)
South America (By Product, End-user, Distribution Channel, and Country)
Middle East & Africa (By Product, End-user, Distribution Channel, and Country)