You are currently viewing IMARC Research shows that Indian Handicrafts Market is expected to Grow at 7.7% During 2023-2028

IMARC Research shows that Indian Handicrafts Market is expected to Grow at 7.7% During 2023-2028

The India Handicrafts market is projected to experience a 7.7% compound annual growth rate (CAGR) between 2023 and 2028, according to the latest report from IMARC Group. Handcrafted products are crafted using simple tools and require a high level of concentration and hand-eye coordination. They are an integral part of the Indian culture and customs, and each product is unique, has distinctive qualities, and is seen as a status symbol by consumers. Furthermore, these products require low capital investments, provide employment opportunities for artisans, and are a major source of foreign exchange revenue. Furthermore, handicraft products consume less energy than machine-made products, which require electricity utilization. All of these factors combine to make handicraft products an essential part of the Indian economy’s growth.

The main driver of the market in India is the growing demand for handmade products. Therefore, the easy availability of handmade products has a positive impact on the market. With the rapid growth of e-commerce and online retail, the availability and convenience of these products has become more convenient for the consumers. This has led to a surge in sales of these products all over the country.

In addition, the shift from traditional to modern designs and the increasing product demand from office, homes, hospitals and hotels are also driving the market.

The growing travel and tourism industry offers numerous growth opportunities for local artisans and handicraft manufacturers. They can produce commoditized products to sell to tourists who are ready to spend a lot of money on craft items.

The handicraft business is also a major source of massive export and potential foreign exchange.

This report has identified the market segmentation by product type, distribution channel, end user, and region. It has also provided detailed profiles of the leading players in the market. The product type segmentation is based on woodware and artistic metal ware, while the distribution channel segmentation is by mass retailer, departmental store, independent retailer, specialty store, online store, and others. The end user segmentation is divided into residential and commercial, with the region segmentation based on North, West, Central, and South India.

Note: IMARC Group is a global leader in market research, providing management strategy and market analysis.

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