Latest News- Handicrafts Market: MAW and jewelry is expected to lead the Product segment during 2025-2029

The Handicrafts Market is being driven by Need for low capital investments

The Handicrafts Market is expected to grow at a CAGR of 14.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 874.7 billion. In today's digital age, handicraft manufacturers are capitalizing on the surge of online sales, particularly in developing countries, by offering their products at competitive prices through proprietary online portals. Customers are drawn in by targeted advertisements and promotions, and can easily access comprehensive product specifications online. Online shopping offers numerous advantages, including convenience, seamless payments, discounts, and the ability to compare various handcrafted items. Furthermore, the expanding Internet and smartphone penetration worldwide is fueling a shift in consumer preferences towards e-commerce platforms over traditional shopping methods. To broaden their market reach, handicraft manufacturers are also utilizing third-party e-commerce platforms. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • MAW and jewelry
  • Woodware
  • Textile products
  • Others
• Distribution Channel
  • Offline
  • Online
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Need for low capital investments
• Growth in travel and tourism
• Rise in government support and funding

However, the market also witnesses some limitations, which are as follows:

• Lack of handicraft product awareness
• Shortage of skilled workers for handicraft production
• Lack of managerial capabilities

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Market Scope in Handicrafts Market Research Report

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Research Analysis Overview

In Surat, the thriving Handicrafts Market is renowned for its exquisite Pottery and Ceramics, intricately crafted Glassware, and handmade Attars and Agarbattis. Female artisans spearhead the creation of these Handmade goods in various clusters, while Manufacturing units ensure large-scale production. Price fluctuations on E-commerce platforms impact the market, making it essential for small-scale artisans to adapt. Souvenirs from this region, including pottery, glassware, and other crafts, are popular gifts.

Market Research Overview

The handicraft sector falls under the broader umbrella of the global home furnishings market, encompassing manufacturers and marketers of pottery, glassware, paper products, and handmade wall hangings, among other decorative items. According to Technavio, the home furnishings market size is determined by the consolidated revenue generated from the sales of consumer electronics, furnishings, decorative products, household appliances, and other homeware products. Market expansion will be fueled by the surge in residential and commercial construction projects, driven by infrastructure development and the construction of new dwellings and offices in key economies, including the US, China, and India. Renovation initiatives also contribute to the demand for new furniture and furnishings, catering to the diverse individual tastes and creative projects in the realm of home décor.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/