DUBLIN--(BUSINESS WIRE)--The "Handicrafts Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global handicrafts market size reached US$ 680 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 1,252 Billion by 2027, exhibiting a CAGR of 10.41% during 2022-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use sectors. These insights are included in the report as a major market contributor.
Handicrafts refer to products that are handmade using simple tools and represent the culture and traditions of a country or region. Their production requires considerable hand-eye coordination and intense concentration.
Each handcrafted product is unique as each craftsperson applies their strength differently, owing to which every product has distinct qualities. Handicrafts play a vital role in the economic development of a country as they are a prominent medium for foreign exchange revenue, require low capital investments and offer employment opportunities. In addition, handicraft items are perceived as a symbol of status owing to their uniqueness, quality, usage of natural materials, and the essence of vibrant art and culture.
Handicrafts Market Trends:
In recent years, with the emergence of online retail and the proliferation of various e-commerce channels, the accessibility to handicrafts has become more convenient for consumers. This has provided a boost to the sales of handcrafted goods across the globe. Another factor driving the market growth is the shift from ethnic to contemporary designs, coupled with the strong demand from offices, hospitals and hotels.
Apart from this, the growing travel and tourism industry has provided vast opportunities to local artisans and handicraft manufacturers to produce commoditized products and sell them to tourists who are willing to spend significantly on souvenirs and other craft items. Moreover, handicrafts have lower energy requirements, unlike machine-made products which involve the utilization of electricity and various other fuels. On account of the low capital investments, the industry is flourishing, particularly in developing regions such as India, China, and Afghanistan.
Key Questions Answered in this Report
1. What is the size of the global handicrafts market?
2. What has been the impact of COVID-19 on the global handicrafts market?
3. What is the expected growth rate of the global handicrafts market?
4. What are the key factors driving the global handicrafts market?
5. What is the breakup of the global handicrafts market based on the product type?
6. What is the breakup of the global handicrafts market based on the distribution channel?
7. What is the breakup of the global handicrafts market breakup based on the end use?
8. What are the key regions in the global handicrafts market?
9. Who are the key companies/players in the global handicrafts market?
Companies Mentioned
- Asian Handicraft
- Fakih Group of Companies
- Shandong Laizhou Arts
- Crafts
- Ten Thousand Villages
- Oriental Handicrafts Pte. Ltd.
- NGOC Dong Ha Nam
- Minhou Minxing Weaving Co. Ltd.
- Native Crafts
- Arts Industries
For more information about this report visit https://www.researchandmarkets.com/r/hrtx2l
