New York City, New York May 20, 2021 (Issuewire.com) - According to the recent report by IMARC Group, titled “Handicrafts Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global handicrafts market size reached S$ 718 Billion in 2020. Looking forward, the market expects to exhibit strong growth during the next five years.
Historical: 2015-2020
Base Year: 2020
Forecast Year: 2021-2026
Industry Definition and Application:
Handicrafts refer to handmade products that are prepared using simple tools instead of machines. Some of the materials used to create decorative objects include sheet metal, wood, natural fibers, beads, stones, wrought iron, textiles, paper, and ceramics. Handicrafts represent the artistic side of the traditions or cultures of a country or a region. Moreover, they play an important role in the economic development of a country as they provide employment opportunities and act as a prominent means for foreign exchange revenue. Apart from this, handicraft items are perceived as a status symbol due to their uniqueness and vibrant art.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Download a free sample of the report: https://www.imarcgroup.com/handicrafts-market/requestsample
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends and Drivers:
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. Apart from this, governments of several countries have taken initiatives to bolster their travel and tourism industry, while also investing in various programs encouraging handicraft production. Sincere efforts are being made, both at the government and non-governmental levels, to streamline the production process and mainstream operations, in an attempt to economically empower the ground-level workers. This, consequently, is attracting a large number of both domestic and international investors, which is creating a positive outlook for the market. Some of the other factors impelling the market growth are inflating income levels and a shift toward ethnic decor items.
For more information about this report visit: https://www.imarcgroup.com/handicrafts-market
Handicrafts Market Segmentation:
The report has segmented on the basis of product type, distribution channel, end-use and geography
By Product Type
1. Woodware
2. Artmetal Ware
3. Handprinted Textile and Scarves
4. Embroidered and Crocheted Goods
5. Zari and Zari Goods
6. Imitation Jewellery
7. Others
Based on the product type, the market has been categorized into artmetal ware, zari and zari goods, sculptures, woodware, hand-printed textiles and scarves, embroidered and crocheted goods, imitation jewelry, attars and agarbattis, pottery and glasswares, and others. Among these, woodware is the most popular product type.
By Distribution Channel
1. Mass Retailers
2. Departmental Stores
3. Independent Retailers
4. Specialty Stores
5. Online Stores
6. Others
On the basis of the distribution channel, the majority of handicrafts are distributed through mass retailers. Other segments are independent retailers, departmental stores, online stores, specialty stores, and others.
By End-Use
1. Residential
2. Commercial
Based on the end-use, the market has been bifurcated into the residential and commercial segments. Currently, the residential sector accounts for the majority of the total market share.
By Region
1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. Latin America
Region-wise, North America is the leading market, holding the biggest market share. Other regions include Asia Pacific, Latin America, Europe, and the Middle East and Africa.
Who are the Major Handicrafts Market Key players?
The report provides a detailed analysis of the market leaders, including.
- Ten Thousand Villages,
- Oriental Handicrafts Pte. Ltd.,
- Asian Handicrafts Pvt. Ltd.,
- Shandong Laizhou Arts and Crafts Imp. & Exp. Co. Ltd.,
- NGOC Dong Ha Nam Co. Ltd.,
- Fujian Minhou Minxing Weaving Co. Ltd.,
- Native Crafts and Arts Industries,
- Fakih Group of Companies Pvt. Ltd.
Browse related reports:
The United States Handicrafts Market Report: https://www.imarcgroup.com/united-states-handicrafts-market
India Handicrafts Market Report: https://www.imarcgroup.com/india-handicrafts-market
Asia Pacific Handicrafts Market Report: https://www.imarcgroup.com/asia-pacific-handicrafts-market
Europe Handicrafts Market Report: https://www.imarcgroup.com/europe-handicrafts-market
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Media Contact
IMARC Group robertsmith0252@gmail.com 6317911145 30 N Gould St Ste R https://www.imarcgroup.com/
