The latest research study “Handicrafts Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
“, the global handicrafts market size
reached US$ 680 Billion in 2021. Looking forward, the market expects to reach US$ 1,252 Billion by 2027, exhibiting at a CAGR of 10.41%
Handmade goods created by hand rather than by machine are referred to as handicrafts. Materials including sheet metal, wood, natural fibres, beads, stones, wrought iron, fabrics, paper, and ceramics are some of those utilised to make beautiful things. The artistic side of a tradition or culture in a nation or region is represented by handicrafts. Additionally, they contribute significantly to the economic growth of a nation by creating job opportunities and serving as a significant source of foreign exchange earnings. In addition, handicrafts are seen as status symbols because of their originality and bright artwork.
The proliferating online retail channels represent one of the key factors driving the market growth. An increasing number of e-commerce platforms are now supporting the sales of handicrafts as people are willing to expend on craft items. Furthermore, unlike machine-made products, preparing handicrafts requires low energy as it eliminates the usage of electricity or any other fuel. This associated convenience is stimulating the market growth significantly. Moreover, there is a rising demand for handmade decor items in both the residential and commercial sectors. In line with this, manufacturers are introducing modern designs to cater to the tastes and preferences of consumers, which, in turn, is acting as a growth-inducing factor.
In addition, governments in a number of nations have made steps to support their travel and tourism sectors while simultaneously funding numerous initiatives that promote the creation of handicrafts. In an effort to economically empower the employees on the ground, sincere efforts are being made at both the government and non-governmental levels to streamline production and mainstream operations. As a result, both domestic and foreign investors are becoming quite interested in this, which is improving the market’s outlook. Other elements driving market expansion include rising income levels and a trend toward ethnic decor.
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The competitive landscape of the market has also been examined with some of the key players being Asian Handicrafts, Fakih Handicrafts, Shandong Laizhou Arts and Crafts, Ten Thousand Villages, Native Crafts and Arts, The Handicrafts Gallery, Minhou Minxing Weaving, NGOC Dong Ha Nam and Oriental Handicrafts.
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