Asia Pacific Handicrafts Market Share, Revenue, Trends, Key Players, Growth Strategy, Challenges and Future Opportunities Till 2033


Asia Pacific Handicrafts Market Share, Revenue, Trends, Key Players, Growth Strategy, Challenges and Future Opportunities Till 2033: SPER Market Research

 Category : Consumer & Retail

 Published: Jan-2024
 Author: SPER Analyst

Asia Pacific Handicrafts Market is projected to be worth USD 603.29 Billion by 2033 with a CAGR of 12.1%.

Handmade goods that embody a location or country's traditional, cultural, and artistic values are known as handicrafts. They are frequently used for practical, functional, artistic, and decorative reasons. They add to a nation's foreign exchange earnings and create jobs, which both significantly boost the economy of that nation. 

A wide range of historically handmade goods, particularly those manufactured with traditional materials and processes, are sold in the handicraft market. Textiles, glassware, ceramics, paper goods, timber goods, silver or metal objects, and other crafts are the main categories of handicraft products.

Asia Pacific Handicrafts Market Driving Factors and Challenges
The Asia Pacific region's growing levels of both domestic and foreign tourists are driving the handicrafts market and incentivizing local artisans and craftsmen to manufacture commoditized handicrafts. Furthermore, the region's market is growing thanks to the top handicraft enterprises' increased exports of handlooms, carpets, textiles, and clothing. In order to create business prospects, these organisations also teach local artists in designing and processing. The growing e-commerce industry and government initiatives are also having a favourable impact on the market for handcrafted goods. For example, the Vietnamese Chamber of Commerce and Industry (VCCI) has just introduced an online portal that offers comprehensive descriptions of the products and artisans in the nation in an effort to encourage the sale of handicrafts.

More and more renters and homeowners are making upgrades and customisations to their homes in recent years. An aesthetically pleasing and cosy atmosphere that complements personal interests and preferences is largely dependent on the use of home décor. To further customise their houses, a growing number of people are engaging in Do-It-Yourself (DIY) hobbies and crafts. The industry has expanded further as a result of this trend's increased desire for do-it-yourself home décor products such personalised wooden artwork, wall hangings, and other distinctive accessories.

The cost of making handcrafted goods is directly impacted by changes in the price of raw materials including wood, metal, glass, and other materials. The cost of manufacturing for firms and craftsmen is also boosted by the rising prices of these raw materials. The price of the finished product on the market eventually rises as a result of manufacturers' and craftsmen' declining profit margins due to rising raw material costs. This reduces the items' ability to compete in the market, particularly if customers have access to more reasonably priced options or are price sensitive. According to estimates, this aspect is impeding the expansion of the global market.

Impact of COVID-19 on Asia Pacific Handicrafts Market
Particularly at the local level, the COVID-19 pandemic presented serious obstacles to the commercial growth of the handicraft sector. Disruptions in the raw material supply chain significantly affected the handicraft industry by reducing the production capacity of handicraft manufacturers. Additionally, because of multiple lockdowns, travel restrictions, and economic instability in 2020, the market for handmade goods declined considerably.

Asia Pacific Handicrafts Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Handicraft Collections (India) Pvt. Ltd., Mariyam Handicraft, Naraiphand Co., Ltd., Pakistan Handicraft, Sharco Enterprises, Sindh Handicrafts, Thai International Handicraft Ltd., Others.

Asia Pacific Handicrafts Market Segmentation:

By Product Type: Based on the Product Type, Asia Pacific Handicrafts Market is segmented as; Artmetal Ware, Attars and Agarbattis, Embroidered and Crocheted Goods, Handprinted Textiles and Scarves, Imitation Jewelry, Pottery and Glass Wares, Sculptures, Woodware, Zari and Zari Goods, Others.

By End Use: Based on the End Use, Asia Pacific Handicrafts Market is segmented as; Residential, Commercial.

By Distribution Channel: Based on the Distribution Channel, Asia Pacific Handicrafts Market is segmented as; Departmental Stores, Independent Retailers, Mass Retailers, Online Stores, Specialty Stores, Others.

By Region: This research also includes data for Australia, China, India, Indonesia, Japan, Malaysia, Pakistan, South Korea, Thailand, Others.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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