Future of Handicraft: The Opportunity
The Global Handicraft market is on a fast track. The market stood at a value of USD 704.7 billion in 2022. Interestingly, the Global Computer Hardware market is similar sized. Something, that is tracked and chased by lot of my friends.
The handcrafts market is completely fragmented, unlike the hardware market, where there are several large players like Dell and HP
The handicrafts market is projected to witness a CAGR of 11.8% over the forecast period of 2023-2028. It is expected to reach USD 1376.12 billion by 2028.( Data as per EMR report. here is a report of similar numbers by IMARC.)
Of the top 8 handicraft manufacturers, none of them hit a revenue of $1B or even close to it.
There is a huge opportunity to address this market. The consumers are becoming more aware of supporting the local artisans and making more conscious choices to use handcrafted.
In India we have been supporting our Artisans since time immemorial. Now with the newfound confidence and desire to lead global initiatives, we have the Opportunity of a lifetime.
We need to focus on the following areas for large scale intervention:
- Contemporary Designs
- Capacity Building
- Market Linkages
There is no reason why we can’t have $10B-$20B revenue company from India that focuses on sustainable handicraft products for domestic and overseas markets.
With the right investments, the Future of Handicraft is joined in the hip to the Future of a sustainable planet.