Handicrafts Market size to grow by USD 407.15 billion between 2022 and 2027; Asian Handicrafts Pvt. Ltd, Crossroads Foundation, among others, identified as key vendors

NEW YORK, May 8, 2023 /PRNewswire/ -- The handicrafts market size is estimated to increase by USD 407.15 billion from 2022 to 2027, with a CAGR of 8.87%, according to a recent market study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover some more key insights on market size before buying the full report -Request a sample report

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability.Find Technavio's Exclusive Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria

One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.

Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.

Furthermore, market adoption rates for all regions have been covered.

Vendor Analysis

The global handicrafts market and highly competitive with the presence of numerous players. To stay ahead of the competition, vendors are continuously innovating and introducing new and advanced products in the market. They are also investing heavily in research and development activities to improve the quality and functionality of their products. Some of the key vendors covered in the report include:

Asian Handicrafts Pvt. Ltd: The company offers different types of handmade Christmas decoration items which are often used as gift items by the consumers.

Crossroads Foundation: The company offers different types of handmade jute farmhouse carry bags which are used to carry multiple things.

Divya Exports: The company produces and distributes different types of aluminum ware and beaded glitter handicraft items worldwide.

Fakih Group of Companies: The company is involved in trading, manufacturing, and exporting different types of handicraft products from small-scale and cottage industries, eco-friendly products, and women-crafted products.

Craft India Overseas

Earthy Workshop and Co Pty Ltd. and Akkaara

HimalayanMart.com

Kathmandu Handicrafts Pvt. Ltd.

Native Crafts and Arts

Nepal Craft Shop Pvt. Ltd.

NGOC DONG HA NAM

Orient Handicraft Ltd.

OSM HANDICRAFT

RTCrafts Enterprise

S.Sundaravadivel and Co.

Sana Hastakala

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Chart & Data Table on 5-Year Historic (2017-2021) Market Size, Comparative Analysis of Segments, and Y-O-Y Growth of Handicrafts market

The market is segmented by product (Metal art ware and jewelry, Woodware, Textile products, and Pottery and others), distribution Channel (Offline and Online), and geography (North America, Europe, APAC, Middle East and Africa, and South America)

The market growth in the metal art ware and jewelry segment will be significant over the forecast period. The term metal art includes wall decorations, statues, sculptures, metal furniture, cooking utensils, traditional weapons, frames, decorative mats, lighting products (portable lamps, etc.), religious artifacts, musical instruments, etc. These metal crafts are mainly made from raw materials based on metals and alloys such as iron, brass, copper, gold, silver, and stainless steel. This segment also includes jewelry such as replica jewelry and jewelry made of gemstones and stones. With the increasing verticalization (purchasing by retailers directly from exporters in developing countries) and horizontalization (incorporating retailers and brands in sectors such as stationery, fashion, and furniture), artisans now have direct access to the market. The growing popularity of metalwork is also fueled by innovations in this area, especially in tableware, lighting and ornaments. Additionally, there is a growing market for black and rust-colored metal-based crafts that add a retro feel to the item. Thus, such factors will further drive the revenue growth of the segment during the forecast period.

Market Dynamics

Driver - The need for low-capital investments will drive the growth of the market. A craft business requires only a small initial investment. Small craft stores, individual craft stores, and medium-sized businesses can all produce crafts. The majority of producers in the global market are small agricultural businesses that prioritize profitable production by obtaining the best working capital from local investors or government assistance. Building machinery and leasing/owning land represent a significant portion of the initial investment in various industries. However, since the craft industry relies on manual labor rather than sophisticated machinery, initial costs for machinery and equipment are minimal or low. Hence, lower working capital and initial investment requirements will drive revenue growth in the market during the forecast period.

Trend - Increasing demand for social and environmental sustainability of handicraft products is the key trend in the market. Most handicrafts are made from eco-friendly raw materials such as jute, bamboo, teak, metal, and cotton. However, manufacturers are increasingly turning to unconventional materials such as plastic when producing handcrafted items such as face masks, piggy banks, water bottles, decorative flowers, and traditional toys. As a result, there is an increasing demand for environmentally friendly materials to replace these products. For example, US, European and Japanese importers have expressed concerns about certain raw materials used in the manufacture of handicrafts in India. These countries require Indian handicraft exporters to comply with a set of social and environmental standards that ensure sustainability. These demands have led more and more handicraft producers to focus on using safe and environmentally friendly raw materials, further boosting the expansion of the market during the forecast period.

Challenge - The lack of managerial capabilities is a major challenge in the market. Handicraft manufacturers often lack management skills in areas such as workplace management, market research, inventory management, and merchandising. This shortage is often seen as an obstacle to the progress of handicrafts. Artisan manufacturers often do not have access to business development service providers (BDSPs) because they have limited budgets and operate independently of local governments. Even with BDSPs in place, there is a significant difference between the perceived need for managed services and the actual willingness to pay for them. Additionally, arts and crafts manufacturers may lack the financial means to access BDSP services. Additionally, craft producers rarely communicate with importers or other foreign retailers, limiting their exposure to normative business practices in other countries. Therefore, market growth will be limited during the forecast period due to a lack of understanding of the special needs of foreign exporters.

Chart & Data Table on Historical Market Size (2017-2021), Historic Industry Size & Analysis of Vendors and CountriesThe market is segmented by region North America, Europe, APAC, Middle East and Africa, and South America. An analysis of key leading countries has been included.

North America will account for 31% of the market growth during the forecast period. The growth of the regional market is driven by the presence of favorable government policies on handicraft imports and increasing demand for handicrafts such as hand-printed textiles, metalwork, and embroidery products. Additionally, the existence of laws that ensure the authenticity of Indigenous or Native American artifacts, such as the Indian Arts and Crafts Act of 1990, helps maintain scrutiny of counterfeit artifacts in the United States. Such factors thus drive the growth of the regional market during the forecast period.

In addition to the forecast, the report also highlights the key opportunities by analyzing drivers, trends, and challenges for the market. VIEW a PDF SAMPLE!

What are the key data covered in this Handicrafts Market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the Handicrafts Market between 2023 and 2027

Precise estimation of the size of the Handicrafts Market size and its contribution to the market in focus on the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the Handicrafts Market industry across North America, Europe, APAC, Middle East and Africa, and South America

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of Handicrafts Market vendors

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Handicrafts Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 8.87%

Market growth 2023-2027

USD 407.15 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

10.65

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 31%

Key countries

US, United Arab Emirates, China, UK, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Asian Handicrafts Pvt. Ltd., Craft India Overseas, Crossroads Foundation, Divya Exports, Earthy workshop and Co Pty Ltd. and Akkaara, Fakih Group of Companies, HimalayanMart.com, Kathmandu Handicrafts Pvt. Ltd., Native Crafts and Arts, Nepal Craft Shop Pvt. Ltd., NGOC DONG HA NAM, Orient Handicraft Ltd., OSM HANDICRAFT, RTCrafts Enterprise, S.Sundaravadivel and Co., Sana Hastakala, Ten Thousand Villages, Thar Handicrafts Gallery Pvt. Ltd., The Handicrafts and Handloom Exports Corp. of India Ltd., and Zhejiang Hengtai Crafts Manufacturing Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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Table of contents:

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global handicrafts market 2017 - 2021

4.2 Product Segment Analysis 2017 - 2021

4.3 Distribution Channel Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Product

6.1 Market segments

6.2 Comparison by Product

6.3 Metal art ware and jewelry - Market size and forecast 2022-2027

6.4 Woodware - Market size and forecast 2022-2027

6.5 Textile products - Market size and forecast 2022-2027

6.6 Pottery and others - Market size and forecast 2022-2027

6.7 Market opportunity by Product

7 Market Segmentation by Distribution Channel

7.1 Market segments

7.2 Comparison by Distribution Channel

7.3 Offline - Market size and forecast 2022-2027

7.4 Online - Market size and forecast 2022-2027

7.5 Market opportunity by Distribution Channel

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 North America - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 APAC - Market size and forecast 2022-2027

9.6 Middle East and Africa - Market size and forecast 2022-2027

9.7 South America - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 UK - Market size and forecast 2022-2027

9.10 Germany - Market size and forecast 2022-2027

9.11 China - Market size and forecast 2022-2027

9.12 United Arab Emirates - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Asian Handicrafts Pvt. Ltd.

12.4 Crossroads Foundation

12.5 Divya Exports

12.6 Fakih Group of Companies

12.7 HimalayanMart.com

12.8 Kathmandu Handicrafts Pvt. Ltd.

12.9 Native Crafts and Arts

12.10 Nepal Craft Shop Pvt. Ltd.

12.11 NGOC DONG HA NAM

12.12 Orient Handicraft Ltd.

12.13 OSM HANDICRAFT

12.14 RTCrafts Enterprise

12.15 Sana Hastakala

12.16 Ten Thousand Villages

12.17 Thar Handicrafts Gallery Pvt. Ltd.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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