DIY Trend, Innovations in Design, and Entry of New Bead Materials to Propel Market
The global bead products market is on the course to witness considerable growth during the forecast period. The demand for bead products, particularly in the past decade has increased at a rapid pace and the trend is likely to continue over the assessment period, owing to the widening application of bead products. In the current scenario, bead products are extensively used in different products, including home décor, jewelry, pet items, models, and accessories. Bead products continue to gain attention from craftsmen and jewelers across the world, owing to the entry of an array of innovative bead designs made from different materials.
In addition, the advent of the do it yourself (DIY) trend that is largely gained popularity, due to social media platforms, including Pinterest, Instagram, and Facebook is another factor that is expected to boost the adoption of bead products in the upcoming years. In the current scenario, manufacturers operating in the current bead products market landscape continue to focus on improving the physical aspects of their products, such as color, shape, size, etc. In addition, bead manufacturers are also focusing on the production of beads using different materials to attract a larger consumer base. Advancements in bead production techniques, along with growing emphasis on innovation are some of the major factors that are likely to define the course of the global bead products market in the upcoming decade.
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Home Décor and Fashion Industry Offer Attractive Opportunities for Bead Producers
The demand for various types of beads from home décor and fashion industry has witnessed an impressive growth in the past few years and the trend is likely to continue during the forecast period. Beads that were traditionally used in various cultures across the world are gradually gaining immense popularity among jewelers, fashion designers, interior designers, etc. The modern fashion industry is expected to provide abundant opportunities for participants involved in the current bead products market due to the advent of an array of innovative bean forms. Bead woven fashion trends have evolved over the past couple of decades and at present, the adoption of bead products across the fashion industry is on the rise.
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While the demand from the fashion industry is projected to aid the growth of the global bead products market, the ascending interest in bead products from the home décor sphere is likely to create lucrative opportunities for bead manufacturers. At present, bead products are increasingly being used in a majority of home décor projects mainly in the Asia Pacific and Middle East & Africa. The growing popularity of social media marketing coupled with growing consumer affinity toward bead products are some of the leading factors that are likely to provide an impetus to the expansion of the bead products market.
Demand for Beads Made from Natural Materials on Rise; Lead-free Crystal Beads Gain Traction
In the current scenario, the consumer demand for beads made from natural materials, including horn, shells, seeds, stone, and wood is witnessing a fast-paced growth. Natural bead products are gaining considerable traction around the world, particularly from individuals that are allergic to metals and are largely inclined toward using products that can be recycled or reused. In addition, as natural bead products are cost-effective and eco-friendly, the market share of natural bead products is gradually increasing each year. At present, crystal producers are swaying toward the production of zero-lead and low-lead bead products, and the trend is set to continue over the forecast period. Lead-free crystal beads are expected to gain considerable momentum over the next few years.
Demand Likely to Take Hit amid COVID-19 Pandemic
As per the analysts at the Transparency Market Research, the COVID-19 pandemic is likely to have a moderate impact on the global bead products market. The demand is projected to take a major hit amid the ongoing health crisis due to the preventive measures taken by the governments around the world to combat the COVID-19 pandemic. The lockdown in different regions of the world is likely to affect the demand for bead products due to which, the market is expected to witness sluggish growth. Although the demand is anticipated to grow in the second half of 2024, as home décor projects are likely to resume gradually. Thus, the bead products market growth is expected to experience moderate slump over the next few months.
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Bead Products Market: Overview
- According to Transparency Market Research’s latest report on the global bead products market for the period 2018–2030 (wherein 2020 to 2030 is the forecast period and 2019 is the base year), the therapeutic benefits offered by beads coupled with advent of digital platforms for the trade of bead products is significantly driving the global bead products market
- In the report, revenue generated by the global bead products market has been mentioned in terms of value (US$ Mn) and volume (Thousand Units) throughout the forecast period
Large Scale Adoption of Digital Platforms for Promotion and Trade of Bead Products: A Key Driver of the Market
- Technological advancements in global connectivity, along with rising urbanization has provided bead products manufacturers and associations an opportunity to drive the sales of handicraft bead products
- In this era of the Internet, it has become easier for traders to showcase their potential to a wide target audience with bare minimal investments and higher returns
- Rise in digitalization has enabled bead products to gain higher penetration in the market and reduced the capital expenditure for supply and procurement of resources and commodities
- In the coming years, this digitalization of marketing and selling platforms is expected to have an even greater impact, as more number of buyers are likely to shift to online channels rather than offline channels
Limited Source of Resources, including Talent and Skills: A Key Restraining Factor of the Market
- The trend of manufacturing traditional handicraft products is subsiding due to rising modernization. The production of bead products, particularly handcrafted bead products is a highly labor intensive business, that demands extensive capital investment on skilled workforces.
- With transforming dynamics of the demography, the youth are increasingly opting for jobs that pay more and provides future stability. This trend has subsequently resulted in shortage of labor.
- This shortage of labor has also impacted the creativity and innovation aspect of bead products. However, several associations across the globe are encouraging the trade of bead products, which is likely to truncate the challenges faced by the market with respect to labor shortage.
Consideration of Bead Products by Various Artists and Designers: A Key Demand Trend in the Bead Products Market
- Several renowned interior designers and jewelry artists have long been taking inspiration from the ancient bead crafts and recreating the same with modern designs. This in turn has offered bead products manufacturers with an opportunity to collaborate with such major designer brands, and collaboratively create innovative products and designs for more promising future demands.
Bead Products Market: Competition Landscape
- Detailed profiles of manufacturers in the bead products market have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global bead products market include
- African Crafts Market
- Alamy Ltd.
- BeadforLife
- Earth Africa Curio
- Global Village Gifts
- Indego Africa
- Kenya Crafts
- Naushad Trading Company (NTC) Limited
- The Kenyan Craft Company
- WorldCrafts
Bead Products Market: Key Developments
- In June 2019, the Tribal Cooperative Marketing Development Federation of India (TRIFED) signed an agreement to collaborate with Amazon’s Global Selling Program. The joint initiative aimed at promoting India’s tribal communities beyond the country’s borders and expand their opportunities for a sustainable livelihood.
- In April 2019, an exhibition conducted in India invited artisans from the different parts of the country, including Madhya Pradesh, Bihar, Jharkhand, Odisha, Telangana, and Andhra Pradesh to design more than 3,000 products, such as handcrafted beads, paper-mache jewelry, Ikat saris, and leather puppets. The initiative has had a significant impact on the bead products market.
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