Handicrafts market size to grow by USD 514.92 billion from 2020 to 2025; A descriptive analysis of customer landscape, vendor assessment, and market dynamics - Technavio

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

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• Adoption rates
• Adoption lifecycle
• Drivers of price sensitivity
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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.

• 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.
• 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.
• 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.
• 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.

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).

• 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.

• 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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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?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the handicrafts market between 2021 and 2025
• Precise estimation of the handicrafts market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the handicrafts market industry across North America, Europe, APAC, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of handicrafts market vendors

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Handicrafts Market Scope

1 Executive Summary

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 01: Parent market

• 2.2 Market characteristics 
• Exhibit 02: Market characteristics

• 2.3 Value chain analysis 
• Exhibit 03: Value chain analysis: Home furnishings market

3 Market Sizing

• 3.1 Market definition 
• Exhibit 04: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 05: Market segments

• 3.3 Market size 2020

• 3.4 Market outlook: Forecast for 2020 - 2025
• Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
• Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

4 Five Forces Analysis

• 4.1 Five forces summary 
• Exhibit 08: Five forces analysis 2020 & 2025

• 4.2 Bargaining power of buyers 
• Exhibit 09: Bargaining power of buyers

• 4.3 Bargaining power of suppliers 
• Exhibit 10: Bargaining power of suppliers

• 4.4 Threat of new entrants 
• Exhibit 11: Threat of new entrants

• 4.5 Threat of substitutes 
• Exhibit 12: Threat of substitutes

• 4.6 Threat of rivalry 
• Exhibit 13: Threat of rivalry

• 4.7 Market condition 
• Exhibit 14: Market condition - Five forces 2020

5 Market Segmentation by Product

• 5.1 Market segments 
• Exhibit 15: Product - Market share 2020-2025 (%)

• 5.2 Comparison by Product 
• Exhibit 16: Comparison by Product

• 5.3 Metal art ware and jewelry - Market size and forecast 2020-2025 
• Exhibit 17: Metal art ware and jewelry - Market size and forecast 2020-2025 ($ billion)
• Exhibit 18: Metal art ware and jewelry - Year-over-year growth 2020-2025 (%)

• 5.4 Woodware - Market size and forecast 2020-2025
• Exhibit 19: Woodware - Market size and forecast 2020-2025 ($ billion)
• Exhibit 20: Woodware - Year-over-year growth 2020-2025 (%)

• 5.5 Textile products - Market size and forecast 2020-2025
• Exhibit 21: Textile products - Market size and forecast 2020-2025 ($ billion)
• Exhibit 22: Textile products - Year-over-year growth 2020-2025 (%)

• 5.6 Others - Market size and forecast 2020-2025
• Exhibit 23: Others - Market size and forecast 2020-2025 ($ billion)
• Exhibit 24: Others - Year-over-year growth 2020-2025 (%)

• 5.7 Market opportunity by Product 
• Exhibit 25: Market opportunity by Product

6 Customer landscape

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 27: Market share by geography 2020-2025 (%)

• 7.2 Geographic comparison 
• Exhibit 28: Geographic comparison

• 7.3 North America - Market size and forecast 2020-2025
• Exhibit 29: North America - Market size and forecast 2020-2025 ($ billion)
• Exhibit 30: North America - Year-over-year growth 2020-2025 (%)

• 7.4 Europe - Market size and forecast 2020-2025
• Exhibit 31: Europe - Market size and forecast 2020-2025 ($ billion)
• Exhibit 32: Europe - Year-over-year growth 2020-2025 (%)

• 7.5 APAC - Market size and forecast 2020-2025
• Exhibit 33: APAC - Market size and forecast 2020-2025 ($ billion)
• Exhibit 34: APAC - Year-over-year growth 2020-2025 (%)

• 7.6 MEA - Market size and forecast 2020-2025
• Exhibit 35: MEA - Market size and forecast 2020-2025 ($ billion)
• Exhibit 36: MEA - Year-over-year growth 2020-2025 (%)

• 7.7 South America - Market size and forecast 2020-2025
• Exhibit 37: South America - Market size and forecast 2020-2025 ($ billion)
• Exhibit 38: South America - Year-over-year growth 2020-2025 (%)

• 7.8 Key leading countries 
• Exhibit 39: Key leading countries

• 7.9 Market opportunity by geography 
• Exhibit 40: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges 
• Exhibit 41: Impact of drivers and challenges

• 8.3 Market trends

9 Vendor Landscape

• 9.1 Vendor landscape 
• Exhibit 42: Vendor landscape

• 9.2 Landscape disruption 
• Exhibit 43: Landscape disruption

• 9.3 Industry risks 
• Exhibit 44: Industry risks

• 9.4 Competitive scenario

10 Vendor Analysis

• 10.1 Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 46: Market positioning of vendors

• 10.3 Asian Handicrafts Pvt. Ltd. 
• Exhibit 47: Asian Handicrafts Pvt. Ltd. - Overview
• Exhibit 48: Asian Handicrafts Pvt. Ltd. - Product and service
• Exhibit 49: Asian Handicrafts Pvt. Ltd. - Key offerings

• 10.4 Fakih Group of Companies Pvt. Ltd. 
• Exhibit 50: Fakih Group of Companies Pvt. Ltd. - Overview
• Exhibit 51: Fakih Group of Companies Pvt. Ltd. - Product and service
• Exhibit 52: Fakih Group of Companies Pvt. Ltd. - Key offerings

• 10.5 HimalayanMart.com 
• Exhibit 53: HimalayanMart.com - Overview
• Exhibit 54: HimalayanMart.com - Product and service
• Exhibit 55: HimalayanMart.com - Key offerings

• 10.6 Minhou Minxing Weaving Co. Ltd. 
• Exhibit 56: Minhou Minxing Weaving Co. Ltd. - Overview
• Exhibit 57: Minhou Minxing Weaving Co. Ltd. - Product and service
• Exhibit 58: Minhou Minxing Weaving Co. Ltd. - Key offerings

• 10.7 Native Crafts and Arts 
• Exhibit 59: Native Crafts and Arts - Overview
• Exhibit 60: Native Crafts and Arts - Product and service
• Exhibit 61: Native Crafts and Arts - Key offerings

• 10.8 Ngoc Dong Ha Nam Co. Ltd. 
• Exhibit 62: Ngoc Dong Ha Nam Co. Ltd. - Overview
• Exhibit 63: Ngoc Dong Ha Nam Co. Ltd. - Product and service
• Exhibit 64: Ngoc Dong Ha Nam Co. Ltd. - Key offerings

• 10.9 Orient Handicraft Co. Ltd. 
• Exhibit 65: Orient Handicraft Co. Ltd. - Overview
• Exhibit 66: Orient Handicraft Co. Ltd. - Product and service
• Exhibit 67: Orient Handicraft Co. Ltd. - Key offerings

• 10.10 OSM HANDICRAFT 
• Exhibit 68: OSM HANDICRAFT - Overview
• Exhibit 69: OSM HANDICRAFT - Product and service
• Exhibit 70: OSM HANDICRAFT - Key offerings

• 10.11 Ten Thousand Villages US 
• Exhibit 71: Ten Thousand Villages US - Overview
• Exhibit 72: Ten Thousand Villages US - Product and service
• Exhibit 73: Ten Thousand Villages US - Key offerings

• 10.12 The Handicrafts & Handloom Exports Corp. of India Ltd. 
• Exhibit 74: The Handicrafts & Handloom Exports Corp. of India Ltd. - Overview
• Exhibit 75: The Handicrafts & Handloom Exports Corp. of India Ltd. - Product and service
• Exhibit 76: The Handicrafts & Handloom Exports Corp. of India Ltd. - Key offerings

11 Appendix

• 11.1 Scope of the report

• 11.2 Currency conversion rates for US$ 
• Exhibit 77: Currency conversion rates for US$

• 11.3 Research methodology 
• Exhibit 78: Research Methodology
• Exhibit 79: Validation techniques employed for market sizing
• Exhibit 80: Information sources

• 11.4 List of abbreviations 
• Exhibit 81: List of abbreviations

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