Handicrafts refer to hand made products such as handmade embroidery made using easy tools rather than machines. Handicrafts are creative representation of a specific ethnic or cultural tradition. Handicraft products comprise objects of decoration and utility. In the handicrafts market, small initial capital spending is required, for instance for labor, setup, transportation, and raw material.
The global handicraft market is an emerging market for household accessory products, especially in the high-end segment. The growth in domestic and international tourism is expected to boost the handicraft market in the coming years. Furthermore, the handicrafts business is also an essential source of huge exports and potential foreign exchange, which are key drivers that are likely to boost the global handicraft market in the near future. Currently, the furnishings and furniture segment in the handicrafts market is rising at a rapid pace globally, which in turn is expected to move from ethnic designs to contemporary styles that will boost the handicraft market in the near future. However, handicrafts is all manual work and replicating or producing large number of similar items would require significant effort and time and as such is not feasible for mass production.
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The global handicraft market has been segmented based on product type, application, material, distribution channel, and region. Based on product type, the handicraft market is divided into woodcraft, pottery, jewelry making, paper craft, textile printing and dying, hand embroidery, Zari work, and others which include basket weaving, doll making, and knitting.
According to application, the overall market is divided into residential and commercial. On the basis of material, the market is bifurcated into sheet metal, natural fiber, wrought iron, river stone, wood, beads, horn and bone, textiles, and ceramics. Based on distribution channel, the market is divided into online and offline.