Handicrafts market across the globe enjoys a significant market position thanks to the changing scenario in art and culture domain. Flexible policies pertaining to transport of artifacts and government support are some of the major reasons for this industry to flourish worldwide. The sector has a higher potential in the developed and developing economies due to rise in exports exhibiting some lucrative opportunities such as free trade, duty free items and specific funding by the government.
According to the latest report published at Upmarketresearch, the global handicrafts market is majorly driven by rise in interest of people in artifacts and culture. The market is highly volatile due to constant change in trends and changing consumer expectations. Increase in disposable income coupled with consumer taste for contemporary styles is likely to project a high CAGR in the near future. On the other hand, improvised distribution channels and rise of e-commerce outlets around the globe adds to its economic development.
Major problems faced by handicrafts industry across the globe include limitation of raw materials, lack of accurate information on manufacturers and sellers, budget constraints and high dependency on small-scale orders.
Handicrafts market is dominated by products such as handprinted textile & scarves, imitation jewellery, artmetal ware, woodware, zari and zari goods, crotcheted and embroidered goods.
Nepal and China in the APAC sector account for a remarkable market share of the overall global market. The regions have a significance in producing attractive wooden struts and architecture. Advances in distribution channels and rise in e-commerce ventures is likely to propel the handicrafts market in the near future. Indian handicrafts is a huge market with a higher estimation to grow in the near future attributing to increase in demand for hand knitted, embroidered goods, hand printed textiles, imitation jewellery and woodwares. Rise in exports, is another reason attributing for a relative market share.
In the European counterparts, importing countries such as France, The Netherlands and Spain are majorly engaged in handicrafts business with a remarkable turnover. Presence of market channels and availability of artisans with novel ideas, pumps the market growth in these regions.
The U.S. crafts industry is home to 70 craft societies and associations directly or indirectly supporting the economic growth for craft industry in the United States. Presence of other support channels offering financial and market assistance for artisans to present and sell their work, acts as a catalyst in the economic development of the region.
Prominent players in the global handicrafts market include Asian Handicrafts, Fakih Handicrafts, Shandong Laizhou Arts, Ten Thousand Villages, Minhou Minxing Weaving, Dong Ha Nam, Oriental Handicrafts, The Handicrafts Gallery, Himalayan Asian Handicrafts, Native Crafts and Arts, OSM Handicraft, RT Crafts, Sana Hastakala and Model Art Design.