Global Handicrafts Market 2024-2031

Description

List of Tables

Handicrafts Market Size, Share & Trends Analysis Report by Product Type (Woodwork, Metal Artwork, Hand Printed Textiles & Embroider Goods, Imitation Jewelry, and Others), by End-User (Residential, and Commercial), and by Distribution Channel (Specialty Stores, Independent Retail Stores, and Online Stores) Forecast Period (2024-2031)

Handicrafts market is anticipated to grow at a CAGR of 4.1% during the forecast period (2024-2031). The market growth is driven by the rising demand for handcrafted home decor and textile products, increasing support from state-run organizations, expansion towards e-commerce distribution channels, and a shift in consumer preference towards sustainable products. The growth of the tourism industry, increasing social media influence, and shifts in home decoration and renovation trends are other promoters of global industry growth.

Market Dynamics

Growing Demand for Handcrafted Products

The increasing demand for handcrafted products such as home decor, textiles, and jewelry, especially in Western countries, owing to the rising trend for sustainable products and changing consumer preferences towards purchasing environment-friendly products driving the global market. For instance, as per IBEF, between April and February 2024, the total exports of handicrafts were valued at $3.29 billion, compared to $3.37 billion in the same period last year. Whereas, in FY23, the total exports of handicrafts stood at $3.60 billion. In 2021-22, the total exports of Indian handicrafts were valued at $4.35 billion, a 25.7% increase from the previous year.

Expansion of the E-Commerce Handicrafts Sales Channel

The global handicraft industry is aiming to expand its distribution network by listing the products of artisans on several public and private e-commerce portals, providing the products and artists with the platform, support, and resources to increase their businesses. Also, various NGOs and government-run organizations are developing portals to strengthen and increase sales of handicrafts. For instance, according to the Textile Ministry of India, the Indian government developed an e-commerce network called Indiahandmade.com that allows artists and weavers to sell their handloom and handicraft products directly to clients, eliminating the need for middlemen. The platform will lead buyers to products made by over 35 lakh handloom weavers and 27 lakh handicraft artists. According to a statement from the textile ministry, the portal now sells apparel, home decor, jewelry, accessories, and other things manufactured by professional artisans.

Segmental Outlook

Based on product type, the market is segmented into woodworks, metal artworks, hand-printed textiles & embroidery goods, imitation jewelry, and others (pottery, stone craft).
Based on end-user, the market is segmented into residential, and commercial.
Based on distribution channels, the market is segmented into specialty stores, independent retail stores, and online stores.

Textiles and Embroidered Goods holds Major Share

Textile and embroidered goods are the most demanded handicraft products globally, owing to the rising demand for apparel, a growing trend for handcrafted apparel, and an increasing demand for home decor products. For instance, as per IBEF, over the past three years, the export of handmade goods, especially carpets, has grown steadily, with India accounting for roughly 40% of global exports of handmade carpets. India's carpet exports in FY23 stood at $1.36 billion, while in FY22, they reached $1.79 billion. Carpet exports from India totaled $1.37 billion in FY20.

Online Stores Are Projected to Dominate the Distribution Channel Segment

The online store segment is projected to dominate the distribution channel segment owing to the expansion of the handicraft industry towards e-commerce platforms, the increasing number of product listings and websites for handicrafts on online platforms, and government support. For instance, the Sheelpovaas Foundation, a well-known non-profit organization dedicated to promoting great rural talent, is about to open a new e-commerce store to further assist Bengali craft and craftsmanship. This exciting new initiative will bring the magnificent and timeless creations of rural artisans to an international audience, bridging the gap between overlooked artists and global recognition.

Regional Outlook

The global handicrafts market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

Asia-Pacific is Projected to Exhibit the Highest CAGR

Asia-Pacific is projected to exhibit the highest CAGR attributed to the increasing investment by governments to strengthen the handicraft industry. The rising consumption of handmade products in the region, the presence of major handicraft artisans and craftsmen in the region, and the growing handicraft export industry are other major contributors to the regional market growth. For instance, as per the Export Promotion Council of India, demand for Indian handicraft products has constantly been increasing in foreign markets. The major handicraft export destinations for India were the US, the UAE, the UK, Germany, the Netherlands, and France. The US was the top importer of Indian handicrafts, with a share of 37.0% of the total exports during 2022-23. India exports carpet to over 70 countries worldwide, primarily to the US, Australia, and Europe. The largest carpet export destinations for India were the USA, the UAE, the UK, and Germany, with a share of about 37.0%, 6.0%, 6.0%, and 5.0%, respectively.

Market Players Outlook

The major companies serving the global handicrafts market include Amazon.com, Inc., IKEA Group., and Reliance Retail Ltd. among others. The market players are focusing on capitalizing on growth by adopting strategies such as collaboration, partnerships, and market expansion among others. For instance, in November 2023, Nita Ambani, the founder and chairperson of the Reliance Foundation, launched the first Swadesh store of Reliance Retail in Telangana, ushering in a new era for Indian arts and crafts. The first Swadesh store, built on 20,000 sq. feet in Telangana's Jubilee Hills, will house a broad assortment of carefully selected products created entirely by hand by India's skilled and gifted artisans employing long-forgotten methods and local materials.

Product Code: OMR2028750

1. Report Summary

Current Distribution Channel Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
- 1.2.1. By Segments
- 1.2.2. By Region

2. Market Overview and Insights

2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
- 2.2.1. Key Market Trends
- 2.2.2. Recommendations
- 2.2.3. Conclusion

3. Competitive Landscape

3.1. Key Company Analysis
3.2. Amazon.com, Inc. (Amazing Homes)
- 3.2.1. Overview
- 3.2.2. Financial Analysis
- 3.2.3. SWOT Analysis
- 3.2.4. Recent Developments
3.3. IKEA Group
- 3.3.1. Overview
- 3.3.2. Financial Analysis
- 3.3.3. SWOT Analysis
- 3.3.4. Recent Developments
3.4. Reliance Retail Ltd. (Swadesh)
- 3.4.1. Overview
- 3.4.2. Financial Analysis
- 3.4.3. SWOT Analysis
- 3.4.4. Recent Developments
3.5. Key Strategy Analysis

4. Market Segmentation

4.1. Global Handicrafts Market by Product Type
- 4.1.1. Woodworks
- 4.1.2. Metal Artworks
- 4.1.3. Hand Printed Textiles & Embroider Goods
- 4.1.4. Imitation Jewelry
- 4.1.5. Others (Pottery, Stone Craft)
4.2. Global Handicrafts Market by End-User
- 4.2.1. Residential
- 4.2.2. Commercial
4.3. Global Handicrafts Market by Distribution Channel
- 4.3.1. Specialty Stores
- 4.3.2. Independent Retail Stores
- 4.3.3. Online Stores

5. Regional Analysis

5.1. North America
- 5.1.1. United States
- 5.1.2. Canada
5.2. Europe
- 5.2.1. UK
- 5.2.2. Germany
- 5.2.3. Italy
- 5.2.4. Spain
- 5.2.5. France
- 5.2.6. Rest of Europe
5.3. Asia-Pacific
- 5.3.1. China
- 5.3.2. India
- 5.3.3. Japan
- 5.3.4. South Korea
- 5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
- 5.4.1. Latin America
- 5.4.2. Middle East and Africa

6. Company Profiles

6.1. Aakriti Art Creations
6.2. Decor Remedy Pvt. Ltd.
6.3. ERS GROUP LTD. (Creative Expressions)
6.4. Fujian Minhou Minxing Weaving Co., Ltd.
6.5. Gangga Group
6.6. Gaatha
6.7. Handikart Online Sales Private Ltd.
6.8. JAIPUR CRAFT
6.9. Laizhou Zhonghe Arts & Crafts Co., Ltd.
6.10. Native Crafts and Arts, Inc.
6.11. Ngoc Dong Ha Nam Co., Ltd
6.12. PT. Harmoni Jaya Kreasi
6.13. Target Handicraft
6.14. Ten Thousand Village
6.15. The Indian Craft House
6.16. Unique Handicrafts
6.17. Indian Handicrafts Co.