Handicraft Market – These products play a vital role in the economic development of the country.
Handicraft which is also known as artisanal handicraft or handmade, is any wide variety of types of work where useful and decorative objects are made completely by one’s hand or by using simple, manual tools like scissors, carving implements, or hooks. These products require skillful labor capable in carrying out the work in preparing the objects. High concentration and hand-eye coordination is required to produce the object. These products depict culture and tradition of the place where it is manufactured. Each handcrafted product is unique with distinct qualities. These products play a vital role in the economic development of the country.
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COVID-19 Impact analysis
- COVID-19 forced the country to impose lockdown and the handicraft market being “non-essential” products market is anticipated to experience a drastic downfall in sales.
- Since lockdown, production has stopped completely. Huge unsold inventory has piled up. There has been no sale either through exhibitions or through orders. This has created a saturation in the market.
- Travel and tourism industry is significantly affected due to lockdown imposed in many countries, thus the sales of handicrafts product may experience a downfall thus impacting the market growth.
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Top Impacting Factors
- The accessibility to handicrafts has become more convenient for consumers owing to online retail and the proliferation of various online portals. This has boosted the sales of handicraft goods across the globe.
- Strong demand from office, hospitals, and hotels to these products depicting the tradition and culture of that place which has a strong impact on the sales of these products, thus driving the market growth.
- Rise in the travel and tourism industry has provided vast opportunities to local artisans and handicraft manufacturers to produce commoditized products and sell them to the tourists who are willing to spend significantly on souvenirs and other craft items.
- Moreover, low capital investments is another factor driving the market growth particularly in the developing countries such as India, China, and Afghanistan and others thus driving the growth of the global handicraft market
New product launches to flourish the market
The sudden rise in growth of the handicraft product export came about after a two-year collapse, from the second half of the last financial year, and the upward trend continues till date. Although there has been an increase in all product categories, however the increase in demand for fashion accessories has been commendable. Different products such as costume jewelry, hand-printed textiles, embroidered & crocheted garments, bags & purses, zari supplies, footwear, shawls, belts, chappals, and stoles.
Online portals are experiencing growth with the invention of new products and consumer preference of purchasing products from online portals. Tjori is a multi-category, online-first artisanal ethnic brand that sells apparel, wellness, home, and mother & child products.
North America, Europe, Asia-Pacific, LAMEA.
Product Type, End User, Distribution Channel, and Region.
Asian Handicraft, Fakih Group of Companies, Shandong Laizhou Arts and Crafts, Oriental handicrafts Pvt. Ltd., Minhou Minxing Weaving Co. Ltd., Ten Thousand Villages.
Key Benefits of the Report
- This study presents the analytical depiction of the handicraft industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the handicraft market share.
- The current market is quantitatively analyzed from 2020 to 2028 to highlight thehandicraftmarket growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailedhandicraftmarket analysis based on competitive intensity and how the competition will take shape in coming years.
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