The handicraft market is poised for significant growth, with the global market size projected to reach USD 387.07 billion by 2024. The handicraft sales are expected to witness a strong CAGR of 10.5% between 2024 and 2034. By 2034, the handicraft demand is anticipated to reach a valuation of USD 1,050.53 billion.
The handicraft industry is growing due to the government’s supportive initiatives and policies that support local craftsmanship through grants, workshops, and exhibitions. The expanding spending power of consumers, which enables them to spend more on handicrafts, is a factor promoting the market expansion of handicrafts.
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- Increase in Travel and Tourism: The growth of travel and tourism drives demand for handicrafts, as travelers often seek unique, culturally significant souvenirs.
- Rise in Cultural Events and Festivals: Cultural events and festivals provide excellent platforms for craftspeople to showcase and sell their creations, positively impacting the handicraft market’s growth.
- Emergence of Social Media: Social media offers artisans an inexpensive and effective way to display their goods and reach a broader audience, boosting market growth.
- Educational Use: Handicrafts are increasingly used in educational institutions to teach arts and crafts skills, further driving demand in the industry.
- Price Fluctuations for Raw Materials: The cost of producing handmade goods is directly affected by the price of raw materials. Rising raw material costs lead to higher prices for finished products, reducing profit margins for manufacturers and artisans.
- Market Competition: Higher prices due to increased raw material costs can reduce the competitiveness of handicraft products in the market, especially against more reasonably priced alternatives.
- Impact on Global Market Expansion: Price sensitivity among consumers and the availability of cheaper options can hinder the global expansion of the handicraft market.
“Tradition and innovation are merging to create a new face of the handicraft market. A rising appreciation for distinctive, handcrafted goods stimulates demand for handicrafts. Sustainable practices and cultural authenticity primarily shape a dynamic and varied market landscape.” Comments analyst at FMI
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Competitive Landscape
To assist small-scale handicraft manufacturers, governments around the world have been implementing a variety of policies and initiatives. More specifically, handicraft vendors provide small-scale artisans with financial support through grants, loans, startup costs, and subsidies.
Along with appropriate workshops, studios, and exhibition spaces, the governments are investing in infrastructure development to establish craft centers. The handicraft market has opportunities for growth due to these initiatives, allowing the artisans to work more productively and present their goods to a larger audience.
Essential Handicraft Manufacturers
- Asian Handicraft
- Fakih Group of Companies
- Laizhou Zhonghe Arts Crafts Co. Ltd.
- Ten Thousand Villages
- The India Craft House
- Creative Expressions
- PT Harmoni Jaya Kreasi
- Gangga Sukta
- PT Fuzen Decor
- Oriental Handicrafts Pte. Ltd.
- Minhou Minxing Weaving Co. Ltd.
- Native Crafts and Arts Industries
Regional Outlook
- Due to its rich cultural legacy, varied craftsmanship, and strong tradition of artisanal skills, Asia Pacific is leading the global sales of handicrafts.
- The Asia Pacific handicraft market is expanding due to rising disposable incomes and rapid urbanization.
- European handicrafts are distinguished by their attention to fine materials, elaborate detailing, and a dedication to using artisanal expression to preserve cultural legacy.
- Social media and online platforms are vital for promoting and selling handicrafts made in North America because they link artisans with more potential customers and stimulate handicraft market expansion.
Novel Developments
- Ten Thousand Villages raised US$ 12.1 million in August 2023 to expand its remaining stores and online sales by selling its Brownstown warehouse.
- In June 2023, the Amazon brand Amazing Home unveiled a collection of furniture and décor pieces to offer customers fashionable options for home décor.
- In May 2023, the United States home furnishings brand Pottery Barn and well-known Hollywood star Ayesha Curry unveiled a new line of home goods, including everything from dinnerware to bedding.
- The United States megastore Target debuted a line of home accessories in January 2023 through its designer partnerships, Threshold with Studio McGee, Hearth & Hand with Magnolia, and Opalhouse designed with Jungalow. Tables, carpets, and other items were among them.
