Handicrafts Market to grow by USD 514.92 billion during 2021-2025 | Need for Low Capital Investments to Boost Growth | Technavio

NEW YORK, Feb. 23, 2021 /PRNewswire/ -- The handicrafts market is expected to grow by USD 514.92 billion during 2021-2025, expanding at a CAGR of about 13%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect.

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Handicrafts Market: Need for low capital investments to drive growth

Most manufacturers are focused on achieving profitable production by obtaining optimum working capital either through government aid or local investors. The handicrafts business is highly labor-intensive and less dependent; hence the initial expenditure is either negligible or low. A small-scale handicraft business can even be operated at home or on small rental premises. Additionally, the market also has minimal requirements of working capital. There are mainly two types of costs involved: the direct cost and the indirect cost. Hence, owing to the low working capital and initial investment requirement, handicrafts as a business is gaining popularity across emerging economies, which is driving revenue growth in the global handicrafts market.

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As per Technavio, the growth in travel and tourism will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.

Handicrafts Market: Growth in travel and tourism

The increase in tourist visits globally is driving the demand for handicraft products. In 2019, according to the UNWTO, about 1.5 billion international tourist arrivals were recorded globally. Handcrafted products help tourists understand and better connect with the local culture and traditions. Owing to the increasing purchase, major tourist destinations are becoming popular hot spots for the purchase of traditional handicraft products. Governments are increasingly opening art galleries and handicraft shops near popular tourist destinations. Such initiatives that collaboratively promote the handicraft and tourism business are driving the sales of handicraft products globally. Tourism is expected to contribute to the increasing sales of handicraft products during the forecast period.

"Increasing imports of handicraft products and the growth in local handicraft sales will further boost market growth during the forecast period", says a senior analyst at Technavio.

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Handicrafts Market: Major Vendors

• Asian Handicrafts Pvt. Ltd.
• Fakih Group of Companies Pvt. Ltd.
• HimalayanMart.com
• Minhou Minxing Weaving Co. Ltd.
• Native Crafts and Arts

Handicrafts Market: Segmentation Analysis

This market research report segments the handicrafts market by product (Metal art ware and jewelry, Woodware, Textile Products, and Others) and geography (North America, Europe, APAC, MEA, and South America).

The North America region led the handicrafts market in 2021, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the presence of favorable government policies for the import of handicrafts and the growing demand for handicraft products.

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Some of the key topics covered in the report include:

Market Challenges

Market Drivers

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Technavio

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