NEW YORK, Nov. 11, 2021 /PRNewswire/ -- According to the research report "Handicrafts Market - Forecast and Analysis Report 2021-2025", the market is expected to have a YOY growth rate of 12.03% in 2021 and is expected to grow at a CAGR of 13% between 2020 and 2025.
North America is the largest market for handicrafts. Factors such as presence of favorable government policies for the import of handicrafts and growing demand for handicraft products such as handprinted textiles, metal ware, and embroidered goods are creating significant growth opportunities for handicrafts manufacturers in North America.
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Vendor Insights
The global handicrafts market is fragmented in nature due to the presence of several global and regional players.
The vendors in the market are focusing on deploying various growth strategies including product innovations and gaining market foothold in local markets to compete in the market. In addition, small-scale vendors compete with established players by focusing on low pricing strategies and strengthening their presence in local markets.
For Instance, Asian Handicrafts Pvt. Ltd. is offering Indian handicrafts and fashion jewelry items such as gifts and home decorations (such as photo frames, jewelry boxes, dream catcher, placement, coaster and napkin ring groups), kids room accessories, Christmas and season decor (such as Christmas ornament and Christmas spray) and fashion jewelry and accessories.
Find additional highlights on the growth strategies adopted by vendors and their product offerings. Read Sample Market Research Report.
Geographical Market Analysis
North America will provide maximum growth opportunities in the handicrafts market during the forecast period. According to our research report, the region currently contributes 35% of the global market growth and is expected to dominate the market through 2025.
In addition, countries such as the US, UK, Germany, Japan, and UAE are expected to emerge as prominent markets for handicrafts during the forecast period.
Know more about this market's geographical distribution along with the detailed analysis of the top regions. https://www.technavio.com/report/handicrafts-market-industry-analysis
Key Market Trends & Challenges:
The report identifies the emergence of online retail and e-commerce channels as a major trend influencing handicrafts market. Handicraft manufacturers have started offering their products at attractive prices through their proprietary online portals. Furthermore, the rising penetration of internet and smartphones across the emerging economies has made shopping through online portals and platforms convenient. Thus, with availability of more and more online handicraft options through digital medium will further drive the market sales.
The lack of information pertaining to value for money in terms of handicraft products poses to be a major threat to the market growth. The minimal awareness among customers regarding the high prices of handicraft products leads to bargaining by potential buyers leading to lower profit margins for manufacturers. Furthermore, the expensive handicrafts may not be affordable to consumers from medium and lower income groups, which, further may lead to lesser adoption and purchases.
View free sample for highlights on market Trends & Challenges affecting the Handicrafts market.
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Handicrafts Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13% |
Market growth 2021-2025 |
USD 514.92 billion |
Market structure |
Fragmented |
YoY growth (%) |
12.03 |
Regional analysis |
North America, Europe, APAC, MEA, and South America |
Performing market contribution |
North America at 35% |
Key consumer countries |
US, UK, Germany, Japan, and UAE |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Asian Handicrafts Pvt. Ltd., Fakih Group of Companies Pvt. Ltd., HimalayanMart.com, Minhou Minxing Weaving Co. Ltd., Native Crafts and Arts, Ngoc Dong Ha Nam Co. Ltd., Orient Handicraft Co. Ltd., OSM HANDICRAFT, Ten Thousand Villages US, and The Handicrafts & Handloom Exports Corp. of India Ltd. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us:
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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