Publisher's market research analyst predicts the global
handicrafts market to grow at a tremendous rate of 12 % during the forecast
period. The small initial investment required such as the setup cost, labor,
raw material, and transportation cost is the primary driver for the growth of
this market. The handicrafts industry is also an important source of foreign
exchange and has immense export potential.
The growth in international and domestic tourism is also expected to boost the growth of the market during the forecast period. For instance, Japan's government has introduced several campaigns to increase the country's tourism. The resultant rise in the number of tourists has led to an increase in the sales of handicraft items in Japan. The rise in tourism has fuelled the demand for cultural goods, uncommon souvenirs, and indigenous art.
Product segmentation and analysis of the handicrafts market
- Artmetal ware
- Handprinted textile and scarves
- Embroidered and crocheted goods
- Zari and zari goods
- Imitation jewellery
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Woodware handicrafts accounted for 34% of the market share
during 2014. China and Nepal are known for their attractive architecture made
up of carved wooden struts while Thailand is the key manufacturer of
lacquerware, made up of wood or woven bamboo. The African region is also
popular for its wood carving and sculptures with Kenya being the key revenue
Geographical segmentation and analysis of the global handicrafts market
The Americas dominated the handicrafts market during 2014 with a market share of 38%. The US is the largest revenue contributor in this region. The high demand for home accessories, jewelry, and other fashion accessories such as handbags and belts is driving the market growth in this region.
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Competitive landscape and key vendors
The global handicrafts market is highly fragmented due to the presence of several small and medium providers. Handicrafts is a dynamic industry, and its development is underpinned by factors such as economic conditions, technology, skilled workforce, and innovative use of raw materials.
The leading vendors in the market are -
- Asian Handicrafts
- Handicrafts and Handlooms Exports
- Minhou Minxing Weaving
- NGOC Dong Ha Nam
- Oriental Handicrafts
Other vendors in the market include Creative Divya, Global Model Art Design, Himalayan Asian Handicrafts, Native Crafts and Arts, Nepal Handicraft Product, OSM Handicraft, RT Crafts, S. Sundaravadivel and Company, Sana Hastakala, Shandong Laizhou Arts and Crafts, Ten Thousand Villages, The Handicrafts Gallery, and Zhejiang Ocean Handicrafts.
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