Market overview of handicrafts
The market research analyst predicts the global handicrafts market to grow at a tremendous rate of 12 % during the forecast period. The small initial investment required such as the setup cost, labor, raw material, and transportation cost is the primary driver for the growth of this market. The handicrafts industry is also an important source of foreign exchange and has immense export potential.
The growth in international and domestic tourism is also expected to boost the growth of the market during the forecast period. For instance, Japans government has introduced several campaigns to increase the country's tourism. The resultant rise in the number of tourists has led to an increase in the sales of handicraft items in Japan. The rise in tourism has fuelled the demand for cultural goods, uncommon souvenirs, and indigenous art.
Product segmentation and analysis of the handicrafts market
- Artmetal ware
- Handprinted textile and scarves
- Embroidered and crocheted goods
- Zari and zari goods
- Imitation jewellery
Woodware handicrafts accounted for 34% of the market share during 2014. China and Nepal are known for their attractive architecture made up of carved wooden struts while Thailand is the key manufacturer of lacquerware, made up of wood or woven bamboo. The African region is also popular for its wood carving and sculptures with Kenya being the key revenue contributing country.
Geographical segmentation and analysis of the global handicrafts market
The Americas dominated the handicrafts market during 2014 with a market share of 38%. The US is the largest revenue contributor in this region. The high demand for home accessories, jewelry, and other fashion accessories such as handbags and belts is driving the market growth in this region.
Competitive landscape and key vendors
The global handicrafts market is highly fragmented due to the presence of several small and medium providers. Handicrafts is a dynamic industry, and its development is underpinned by factors such as economic conditions, technology, skilled workforce, and innovative use of raw materials.
The leading vendors in the market are
- Asian Handicrafts
- Handicrafts and Handlooms Exports
- Minhou Minxing Weaving
- NGOC Dong Ha Nam
- Oriental Handicrafts
Other vendors in the market include Creative Divya, Global Model Art Design, Himalayan Asian Handicrafts, Native Crafts and Arts, Nepal Handicraft Product, OSM Handicraft, RT Crafts, S. Sundaravadivel and Company, Sana Hastakala, Shandong Laizhou Arts and Crafts, Ten Thousand Villages, The Handicrafts Gallery, and Zhejiang Ocean Handicrafts.
Key questions answered in the report include
- What will the market size and the growth rate be in 2019
- What are the key factors driving the global handicrafts market
- What are the key market trends impacting the growth of the global handicrafts market
- What are the challenges to market growth
- Who are the key vendors in the handicrafts market
- What are the market opportunities and threats faced by the vendors in the handicrafts market
- Trending factors influencing the market shares of the Americas, APAC, Europe, and MEA
- What are the key outcomes of the five forces analysis of the global handicrafts market