Handmade goods created by hand rather than by machine are referred to as handicrafts. Materials including sheet metal, wood, natural fibres, beads, stones, wrought iron, fabrics, paper, and ceramics are some of those utilised to make beautiful things. The artistic side of a tradition or culture in a nation or region is represented by handicrafts. Additionally, they contribute significantly to the economic growth of a nation by creating job opportunities and serving as a significant source of foreign exchange earnings. In addition, handicrafts are seen as status symbols because of their originality and bright artwork.
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Market Industry Definition and Application:
The proliferating online retail channels represent one of the key factors driving the market growth. An increasing number of e-commerce platforms are now supporting the sales of handicrafts as people are willing to expend on craft items. Furthermore, unlike machine-made products, preparing handicrafts requires low energy as it eliminates the usage of electricity or any other fuel. This associated convenience is stimulating the market growth significantly. Moreover, there is a rising demand for handmade decor items in both the residential and commercial sectors. In line with this, manufacturers are introducing modern designs to cater to the tastes and preferences of consumers, which, in turn, is acting as a growth-inducing factor.
Competitive Landscape
The competitive landscape of the market has also been examined with some of the key players being Asian Handicrafts, Fakih Handicrafts, Shandong Laizhou Arts and Crafts, Ten Thousand Villages, Native Crafts and Arts, The Handicrafts Gallery, Minhou Minxing Weaving, NGOC Dong Ha Nam and Oriental Handicrafts.
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