Handicrafts Market Size, Share, Scope and Comprehensive Analysis

Posted by Rahul Gautam on December 29th, 2021

Travel & tourism activities has increased considerably across the globe over the past few years. Now that various forms of transportation are available, ranging from cheap to expensive, a larger number of people have taken an interest in exploring the world. Furthermore, globalization and increased disposable income of people in various countries have also resulted in the growth of the travel and tourism industry. Getting acquainted with the culture of a new place is a major aspect of traveling that people look forward to, and the artistic and cultural aspects of any society are almost always deeply rooted in their handicrafts items.

The global handicrafts market is registering growth because of the fact that people usually buy such items for presenting their family and friends with some kind of souvenirs. In addition to this, handicrafts are cheap to begin with and make for excellent ornamental pieces. The artisans in this domain wither work independently or are employed by small companies or exporters. The initial investment in this domain is less and companies can employ cheap labor, owing to which, the industry is growing rapidly in emerging economies, such as India.

Developed countries, such as the U.S., the U.K., France, Japan, Spain, Hong Kong, and the Netherlands, are increasingly exporting handicrafts items from several developing countries, including Guatemala, Colombia, Ghana, India, Vietnam, China, South Africa, Mexico, Peru, and Mozambique. The improvement in trade relations across countries is a key factor which is driving the demand for handicrafts items. Other than this, the number of distribution channels has also increased in recent years, with online retail platforms emerging as a major advancement. Now handicraft products have become more accessible to people all across the globe, as their visibility has increased.

Apart from online retail, some other distribution channels in the handicrafts market are discount retailers, specialty stores, department stores, independent retailer, and catalogue retailer. The involvement of non-profit organizations when it comes to the promotion of handicrafts has benefitted artisans immensely. Handicrafts items are made by using various materials, such as wrought iron, textiles, sheet metal, natural fiber, river stone, wood, beads, ceramics, and horn & bone. The demand for different kinds of handicrafts is hard to analyze, since the trends these days are changing constantly. Because of this, producers in the domain have to keep themselves knowledgeable regarding the evolving needs of people and the changing market trends.

As per a report by P&S Intelligence, the handicrafts market is divided into officeware, furnishings & furniture, kitchenware, toys, gardenware, bathroom accessories, jewelry, and others. Among all these, the furniture and furnishings division is predicted to advance at a considerable pace in the years to come. The domain has further been registering shifting preference to contemporary styles from ethnic designs. In addition to this, the combinations of these styles is also gaining popularity these days. Owing to these trends, artisans have also started paying attention to the quality of products.
In conclusion, the demand for handicrafts is growing due to the expanding travel & tourism industry and surging demand for developed countries.