NEW YORK, Jan. 16, 2023 /PRNewswire/ — The global handicrafts market size is estimated to increase by USD 514.92 billion from 2020 to 2025. The market’s growth momentum will be progressing at a CAGR of 13.09% during the forecast period. Discover some insights on market size before buying the full report – Request a sample report
Handicrafts market – Customer Landscape
To help companies evaluate and develop growth strategies, the report outlines –
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Key purchase criteria
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Adoption rates
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Adoption lifecycle
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Drivers of price sensitivity
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Handicrafts market – Vendor Analysis
Vendor Landscape – The global handicrafts market is fragmented and is characterized by the presence of a significant number of small and medium vendors offering significantly differentiated products. Key vendors hold significant shares in the market. Established players have strong financial resources and technical expertise. These players are focusing on product innovations. Small-scale vendors are competing with established players by focusing on low pricing strategies and strengthening their presence in local markets.
A few prominent vendors that offer handicrafts in the market are Asian Handicrafts Pvt. Ltd., Fakih Group of Companies Pvt. Ltd., HimalayanMart.com, Minhou Minxing Weaving Co. Ltd., Native Crafts and Arts, Ngoc Dong Ha Nam Co. Ltd., Orient Handicraft Co. Ltd., OSM HANDICRAFT, Ten Thousand Villages US, and The Handicrafts & Handloom Exports Corp. of India Ltd. and others.
Vendor Offerings –
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Asian Handicrafts Pvt. Ltd.: The company offers Indian handicrafts and fashion jewelry items such as gifts and home decorations, kids room accessories, Christmas and season décor, and fashion jewelry and accessories.
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Fakih Group of Companies Pvt. Ltd.: The company offers handicraft products such as souvenir gifts, furniture, traditional gifts, decorative items, lamps, frames, and oil perfumes.
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HimalayanMart.com: The company offers Nepalese handicrafts such as khukuri, thanka/thangka, cashmere shawl, pashmina shawl, buddhist ritual item, cashmere silk carpet, wooden sculpture, Nepalese silver jewelry, stone sculpture, Nepalese herbal product, Nepali musical instruments, herbal tea, pashmina product, singing bowl, aromatic herb, Himalayan book, Tibetan carpet, prayer wheel, Nepalese doll/puppet/mask, gifts, cashmere wooden product, and Tibetan artifacts.
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Minhou Minxing Weaving Co. Ltd.: The company offers handicraft products such as traditional tables, display shelf, cabinet, coffee table, storage, functional wall items, wall art, and tray.
Handicrafts market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on product (metal art ware and jewelry, woodware, textile products, and others) and geography (North America, Europe, APAC, MEA, and South America).
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The market growth will be significant in the metal art ware and jewelry segment during the forecast period. The market is driven by innovations in metal art ware, specifically in tableware, lighting products, and decorative products. In addition, the increasing demand for metal-based outdoor handicrafts such as swings and furniture is contributing to the growth of the segment.
Geography Overview
By geography, the global handicrafts market is segmented into North America, Europe, APAC, MEA, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global handicrafts market.
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North America will account for 35% of the market’s growth during the forecast period. The growth of the regional market is driven by the presence of favorable government policies for the import of handicrafts and the growing demand for handicraft products. Additionally, increasing growth in travel and tourism activities in the US is providing significant opportunities for vendors operating in the market.
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Handicrafts market – Market Dynamics
Leading Drivers –
The market is driven by the need for low capital investments. A small-scale handicraft business can be set up at home or on small rental premises., thereby reducing the entry barriers in the market. Hence, there is a significant number of startups and small-scale vendors operating in the market. Also, the market has minimal requirements for working capital. There are mainly two types of costs, namely direct and indirect costs involved in the routine operations of a handicraft manufacturing business. Controlling and managing these costs in small-scale and cottage industries is easier than in medium and large-scale industries. These factors are driving the growth of the market in focus.
Key Trends –
The emergence of online retail and e-commerce channels is identified as the key trend in the market. Online sales are increasing in both developed and developing countries. This is because online platforms offer attractive discounts and direct-to-home delivery options, which increases convenience for consumers. This is attracting a large number of customers to purchase a variety of products online. To capitalize on this trend, vendors are expanding their presence online by making their products available on e-commerce websites. This trend will have a positive impact on the growth of the market during the forecast period.
Major challenges –
The lack of information regarding handicraft products is one of the major factors restricting the growth of the market. Manufacturing some handicraft products involve complex processes and the use of unique materials, which make them very expensive. The lack of awareness regarding the high price of such products often leads to bargaining on the price by buyers. This leads to power profit margins for manufacturers. Also, some handicraft manufacturers are not fully aware of the large export potential available in the market. In addition, due to the highly unorganized nature of the market, the feedback of customers and requirements related to design improvements often do not reach manufacturers. Many such factors are reducing the growth potential in the market.
Driver, Trend, and Challenges are the factors of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!
What are the key data covered in this handicrafts market report?
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CAGR of the market during the forecast period
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Detailed information on factors that will drive the growth of the handicrafts market between 2021 and 2025
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Precise estimation of the handicrafts market size and its contribution to the parent market
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Accurate predictions about upcoming trends and changes in consumer behavior
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Growth of the handicrafts market industry across North America, Europe, APAC, MEA, and South America
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A thorough analysis of the market’s competitive landscape and detailed information about vendors
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Comprehensive analysis of factors that will challenge the growth of handicrafts market vendors
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Handicrafts Market Scope
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Historic period |
2017-2021 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.09% |
Market growth 2021-2025 |
USD 514.92 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
12.03 |
Regional analysis |
North America, Europe, APAC, MEA, and South America |
Performing market contribution |
North America at 35% |
Key countries |
US, UK, Germany, Japan, and UAE |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Asian Handicrafts Pvt. Ltd., Fakih Group of Companies Pvt. Ltd., HimalayanMart.com, Minhou Minxing Weaving Co. Ltd., Native Crafts and Arts, Ngoc Dong Ha Nam Co. Ltd., Orient Handicraft Co. Ltd., OSM HANDICRAFT, Ten Thousand Villages US, and The Handicrafts & Handloom Exports Corp. of India Ltd. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of contents:
1 Executive Summary
2 Market Landscape
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2.1 Market ecosystem
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2.3 Value chain analysis
3 Market Sizing
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3.1 Market definition
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3.3 Market size 2020
4 Five Forces Analysis
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4.1 Five forces summary
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4.6 Threat of rivalry
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4.7 Market condition
5 Market Segmentation by Product
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5.1 Market segments
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
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8.1 Market drivers
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8.2 Market challenges
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8.3 Market trends
9 Vendor Landscape
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9.1 Vendor landscape
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9.2 Landscape disruption
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9.3 Industry risks
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9.4 Competitive scenario
10 Vendor Analysis
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10.1 Vendors covered
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10.5 HimalayanMart.com
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10.10 OSM HANDICRAFT
11 Appendix
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11.1 Scope of the report
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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