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Latin America Handicrafts Market to Grow at a CAGR of 11% in the Forecast Period of 2022-2027, Aided by the Emergence of Online Retail and E-Commerce Channels

According to a new report by EMR titled, ‘Latin America Handicrafts Market Report and Forecast 2022-2027’, the Latin America handicrafts industry is expected to grow at a CAGR of 11% during the forecast period of 2022-2027, driven by the emergence of online retail and e-commerce channels.

One of the key factors driving the market growth is the proliferation of online retail channels. People are willing to spend money on handicrafts, so an increasing number of e-commerce platforms are supporting their sales. The demand for handmade decor items is increasing in both the residential and commercial sectors. In line with this, manufacturers are introducing modern designs to cater to consumer tastes and preferences, which, in turn, acts as a growth-inducing factor. The quality of the handicraft products has also improved over time as they have gained popularity among the upper class of society. The involvement of several non-profit organisations in promoting handicrafts business has not only benefitted the artisans but also fuelled the growth of the Latin American handicrafts industry. The artisans work independently but they are also subcontracted or employed by exporters or small businesses. The handicraft market is thriving due to low initial investment and cheap labour. The demand for handicrafts from offices, hospitals, and hotels have increased over the last decade, as traditional and handmade goods add colour to the decorum of these establishments and attract customers. The increasing travel and tourism are also supporting the growth of the handicrafts market in Latin America. The tourists on recreational tours are always on a hunt to collect souvenirs and speciality handicrafts from the places they visit. This has also led to the development of a large unorganised handicrafts market, especially in the developing countries.

The handicrafts industry plays a decisive role in local economic development and in the fight against poverty. Promoting new forms of marketing, developing business networks, and fostering participation in trade fairs and exhibitions can improve the livelihood of artisans. The Brazilian Micro and Small Business Support Service (SEMBRAE) is also especially devoted to craft firms in Brazil and highlights that before exporting it is important to know the product’s final consumer. And, that it is also useful to find out more about the different ways that the product can be sent abroad, whether through sector associations, coops, or export consortia.

Market Analysis by Product Type, Distribution Channel, End Use, and Countries:

  • Based on product type, the market is categorised into woodware, artmetal ware, handprinted textiles and scarves, embroidered and crocheted goods, imitation jewellery, sculptures, pottery and glassware, among others.
  • Based on distribution channel the market is divided into mass retailers, departmental stores, independent retailers, speciality stores, and online stores, among others.
  • The major end-uses of the industry include residential and commercial segments.
  • The major countries in the industry are Brazil, Argentina, and Mexico, among others.

Key Findings of the Report:

  • The governments of several countries have taken initiatives in investing in various programs encouraging handicraft production.
  • Inflating income levels is another factor propelling the market growth.
  • The market has also been observed to shift from ethnic designs to more contemporary styles, which is further driving the growth of the industry.
  • The improvement in trade relations between the countries of the world is further fueling the growth of the handicrafts market.

Key Offerings of the report:

  • The EMR report gives an overview of the Latin America handicrafts market for the periods (2017-2021) and (2022-2027).   
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for the type, distribution channel, end use, and major countries of handicrafts.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Latin America handicrafts industry are TheFOB, Caboclo, and Círculo SA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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