Handicrafts refer to hand made products such as handmade embroidery made using easy tools rather than machines. Handicrafts are creative representation of a specific ethnic or cultural tradition. Handicraft products comprise objects of decoration and utility. In the handicrafts market, small initial capital spending is required, for instance for labor, setup, transportation, and raw material.
The global handicraft market is an emerging market for household accessory products, especially in the high-end segment. The growth in domestic and international tourism is expected to boost the handicraft market in the coming years. Furthermore, the handicrafts business is also an essential source of huge exports and potential foreign exchange, which are key drivers that are likely to boost the global handicraft market in the near future. Currently, the furnishings and furniture segment in the handicrafts market is rising at a rapid pace globally, which in turn is expected to move from ethnic designs to contemporary styles that will boost the handicraft market in the near future. However, handicrafts is all manual work and replicating or producing large number of similar items would require significant effort and time and as such is not feasible for mass production.
The global handicraft market has been segmented based on product type, application, material, distribution channel, and region. Based on product type, the handicraft market is divided into woodcraft, pottery, jewelry making, paper craft, textile printing and dying, hand embroidery, Zari work, and others which include basket weaving, doll making, and knitting. According to application, the overall market is divided into residential and commercial. On the basis of material, the market is bifurcated into sheet metal, natural fiber, wrought iron, river stone, wood, beads, horn and bone, textiles, and ceramics. Based on distribution channel, the market is divided into online and offline. The offline segment can be further bifurcated into discount retailers, specialty stores, department stores, catalogue retailer, independent retailer, and internet retailer. The offline segment held a prominent share in terms of revenue of the handicraft market. The online segment is also bifurcated into direct sales and third-party sales.
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In terms of region, the global handicraft market is segmented into North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA). North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the handicraft market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the handicraft market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America handicraft market is segmented into Brazil, Mexico, and Rest of South America. Asia Pacific is expected to dominate the market for handicraft products owing to increasing production and rising tourist.
Key players operating in the global handicraft market include Asian Handicrafts Pvt. Ltd., Fakih Group of Companies Pvt. Ltd., The Handicrafts & Handlooms Store, Minhou Minxing Weaving Co., Ltd., NGOC Dong Ha Nam Handicrafts Export CO., LTD, Oriental Handicrafts, Divya Exports, Global Model Art Design Company, Native Crafts and Arts, Nepal Craft Shop Pvt., Ltd., OSM Handicraft, RT Crafts Enterprise, S.Sundaravadivel and Company, Sana Hastakala, Laizhou Arts & Crafts Group Co., Ltd., Ten Thousand Villages, The Handicrafts Gallery, and Zhejiang Ocean Handicrafts Co., Ltd. The handicrafts market is extremely fragmented owing to the presence of various small and medium players around the globe. Handicrafts is an active industry, and its improvement is supported by factors such as technology, economic conditions, innovative use of raw materials, and skilled workforce.
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