need for low capital investments is driving the Handicrafts Market
Technavio analyzes that the Handicrafts Market is expected to grow at a CAGR of 13.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 723.6 billion.There are various factors that contribute to the growth of the market. The handicrafts market offers an attractive business opportunity with low capital investment requirements. Artisans can produce unique, handmade items using locally sourced materials, making it an accessible business for entrepreneurs. This sector not only supports local economies but also provides an avenue for cultural preservation and artistic expression. With the increasing trend towards authentic and sustainable products, the demand for handicrafts continues to grow, making it a lucrative and rewarding venture.
The global handicrafts market holds a substantial portion of employment, with metal art ware and jewelry being a key contributor to this sector. Metal art ware encompasses a range of decorative items, including wall decor, statues, sculptures, metal furniture, utensils, religious artifacts, and musical instruments. Manufactured primarily from metal and alloy-based raw materials like iron, brass, copper, gold, silver, and stainless steel, these products cater to both price-sensitive and affluent consumers. Major producers of metal art ware and jewelry include China, India, Thailand, and Vietnam. Profit margins in this segment can be maintained by offering affordable alternatives using lower-priced raw materials or by focusing on high-end, luxury items.
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Handicrafts Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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In Surat, the thriving Handicrafts Market is renowned for its exquisite Pottery and Ceramics, intricate Glassware, and handmade Attars and Agarbattis. Female artisans spearhead the creation of these Handmade goods in various Handicraft clusters. Manufacturing units produce Souvenirs, Price fluctuations impact E-commerce sales. Total artisans include Potters, Glassblowers, and Construction workers. These unique creations include Construction elements like Baskets and Mats, making Surat a significant hub for diverse Handicrafts.
The handicraft sector, a significant segment of the global home furnishings market, encompasses manufacturers and renters specializing in pottery, glassware, paper products, and construction of handicrafts. These businesses contribute to the market size through their revenue generation in the production and distribution of home décor, including comfortable environments tailored to individual tastes. The growth of this sector is influenced by the expanding residential and commercial construction industry, driven by infrastructure development and the construction of new dwellings and offices. Renovation projects in key markets, such as the US, China, and India, further fuel the demand for handmade wall hangings and creative projects, adding to the overall expansion of the home furnishings market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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