The global handicrafts market reached a value of US$ 526.5 Billion in 2017
Over the years, the global handicrafts market has experienced a shift from ethnic designs to contemporary patterns coupled with the increasing adoption of handicrafts by the elite society. One of the primary factors catalysing the growth of the market is a strong demand from offices, hospitals and hotels.
Moreover, the market is also influenced by rise in travel and tourism as tourists often collect souvenirs, particularly handicrafts, from the places they have visited. Further, due to the low capital investment involved, the handicraft market is thriving across developing nations such as India, China, Afghanistan, etc.
Looking forward, the market value is projected to reach approximately US$ 984.8 Billion by 2023, expanding at a CAGR of more than 11% during 2018-2023.
On the basis of type, the market has been segmented as woodware, artmetal ware, handprinted textile & scarves, embroidered & crocheted goods, zari & zari goods, imitation jewellery and others. Woodware currently accounts for the largest segment.
Based on the end-use, the market has been segregated as residential and commercial.
The market has also been segmented on the basis of distribution channels into mass retailers, departmental stores, specialty stores, independent retailers, online and others. Currently, departmental stores account for the majority of the handicraft sales.
On a regional front, North America is the leading market accounting for majority of the global share. Other major markets include Europe, Asia Pacific, Middle East and Africa, and Latin America.