Arts And Crafts Market to grow at a CAGR of 9.3% during 2024-2028
The Arts And Crafts Market is expected to grow at a CAGR of 9.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 35457.9 million. The global arts and crafts industry is experiencing a notable shift towards the utilization of eco-friendly materials, fueled by growing consumer consciousness and the demand for sustainable products. One exemplary manifestation of this trend is the ingenious application of water hyacinth, an aquatic plant commonly perceived as a weed, into high-value craft items. In Indonesia, local artisans are capitalizing on the abundant water hyacinth supply to produce an array of eco-friendly crafts. These offerings encompass fashion bags, storage baskets, and mats, all of which exhibit the distinctive, natural allure of the material. The allure of these products transcends their functionality and aesthetics, extending to their alignment with sustainable practices, making them highly desirable for eco-conscious consumers.
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Technavio analysts predict that the Paper crafts subsegment will lead the Type segment during 2024 and 2028 The global arts and crafts market exhibits vibrant growth and diversity, with paper crafts occupying a substantial market share. This segment can be bifurcated into two major categories: eco-friendly paper crafts and traditional paper crafts. The former is experiencing surging demand due to the escalating consumer trend towards sustainable and eco-conscious products. Leading vendors, such as Ten Thousand Villages in the US, are spearheading this trend by providing a wide range of eco-friendly paper craft products. For instance, their Paper Heart Box is manufactured from recycled magazines and posters, while their Coiled Paper Cat Box is skillfully crafted from recycled paper strips.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish expanding culture of gifting
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The Arts and Crafts market is a vibrant and diverse industry that encompasses educational institutes, brick-and-mortar stores, and online retail. This market caters to a wide range of customers, from hobbyists and DIY enthusiasts to professionals and businesses. Raw materials are the backbone of this industry, with art supplies, craft tools, and handicrafts in high demand. Educational institutes play a crucial role in fostering creativity and innovation, providing students with access to a variety of art supplies and craft tools. Brick-and-mortar stores offer a tactile shopping experience, allowing customers to touch and feel the textures of handmade goods before purchasing. Technology integration has also transformed the market, enabling online purchasing, customized packaging, and e-commerce platforms for handcrafted goods. Cultural diversity is celebrated in the Arts and Crafts market, with a rich tapestry of crafting workshops, handmade gifts, and DIY culture. Therapeutic activity is another growing area, with painting and drawing, sewing and fabric, paper crafts, and kids crafts all popular choices for those seeking relaxation and self-expression. Tourism is another significant market for handcrafted goods, with tourists seeking authentic and unique souvenirs. The Arts and Crafts market truly offers something for everyone, from the casual crafter to the serious collector. Whether you're looking for DIY culture, art supplies, handicrafts, or simply a creative outlet, the Arts and Crafts market has something for you.
The global leisure products market, a segment of the larger household durables industry, encompasses categories such as sports equipment, musical instruments, camping gear, recreational vehicles, bicycles, toys, and consumer games. According to Technavio, the household durables market size is determined by the consolidated revenue generated by manufacturers of household durables, which include consumer electronics, home furnishings, homebuilding products, household appliances, housewares and specialties, and leisure products. The growth of the leisure products market is influenced by several factors, including the expansion of health and fitness clubs, with membership numbers experiencing significant growth in the past decade and the industry showing promising prospects.
The Arts And Crafts Market is experiencing significant growth, fueled by the expanding culture of gifting. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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