With the emergence and long-term Impact of COVID-19, Global Handicraft Market to reach USD 1974.83 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on the Global Handicraft Market is poised to raise up to USD 1974.83 Billion by 2030. Handicraft includes a wide range of handmade objects or products created by skilled artisans or craftspersons. These items primarily encompass textiles, pottery, glassware, paper goods, wooden creations, metal and silver pieces, and a myriad of other crafts. The rising trend of travel, enabling consumers to experience diverse cultures and their indigenous handicrafts, is anticipated to fuel the Handicraft Market.
Additionally, the surge in construction activities, both commercial and residential, is encouraging the trend of embellishing homes with distinctive and artistic handicrafts. In addition, rising disposable incomes and a growing middle class, along with the growing demand for sustainable and ethical products are playing a vital role in the market demand across the globe.
Geographically, the global Handicraft market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific is dominate the market in 2022 primarily due to the escalating production of handmade and craft products in countries such as India, China, Bangladesh, and so on. Furthermore, the presence of esteemed artisans and manufacturers of handmade products, as well as growing awareness of cultural heritage and tradition in these nations creates highly promising opportunities for the Asia Pacific market.
Whereas, North America is expected to grow at a significant CAGR over the forecast years. Growing awareness of cultural heritage and tradition, growth of online marketplaces, and increasing tourism are significantly propelling the market demand across the region.
The global Handicraft market is highly competitive owing to the presence of several key manufacturers such as Asian Handicrafts Pvt. Ltd., Fakih Group of Companies, Laizhou Zhonghe Arts & Crafts Co. Ltd., Ten Thousand Villages, Fujian Minhou Minxing Weaving Co. Ltd., The India Craft House, Creative Expressions, and others.
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Key findings of the study suggest:
- Global Handicraft Market is anticipated to grow with a healthy growth rate of more than 10.8% over the forecast period 2023-2030.
- In the Product segment, Woodworks emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to due to the escalating production of handmade and craft products in countries such as India, China, Bangladesh, and so on. Furthermore, the presence of esteemed artisans and manufacturers of handmade products, as well as growing awareness of cultural heritage and tradition in these nations creates highly promising opportunities for the Asia Pacific market.
- North America is expected to grow at higher rate followed by Asia Pacific during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
Product:
- Woodworks
- MetalArtworks
- Handprinted Textiles & Embroided Goods
- Imitation Jewelry
- Others
End-user:
- Residential
- Commercial
Distribution Channel:
- Specialty Stores
- Independent Stores
- Online stores
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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