The global handloom products market size was valued at USD 7.29 billion in 2022. The market is projected to grow from USD 7.77 billion in 2023 to 13.68 billion by 2030, exhibiting a CAGR of 8.41% over the forecast period.
Handloom products, such as mats, carpets, rugs, apparel, and handbags, hold cultural significance in many regions, reflecting identity and heritage. The increasing convergence of economic, ethnic, and environmental factors is estimated to drive market growth.
Fortune Business Insights™ mentioned this in a report titled, “Handloom Products Market, 2023-2030.”
Top Companies Covered in the Handloom Products Market
- Maheshwari Handloom Works (India)
- GoCoop (India)
- Chandan Rugs (India)
- Sri LaxmiNarasimha Handloom Sarees (India)
- Manisha Silk Weaves (India)
- Medusa Exim (India)
- Dhananjay Creations (India)
- Shree Jee (India)
- Global Floor Furnishers (India)
- Dream Home Carpets Pvt. Ltd. (India)
Information Source: https://www.fortunebusinessinsights.com/handloom-products-market-108597
Segments:
Sarees Segment Dominates Market, Embracing Sustainability and Cultural Diversity
Based on type, the market is divided into sarees, apparel & accessories, bedding & bath, carpets, mats, & rugs, and others. The sarees segment dominated the market in 2022, fueled by the growing interest in sustainable fashion and the unique artistry of hand-loomed sarees, each representing the cultural heritage of different regions in India.
Rising Demand for Cotton to Aid Cotton Segment Growth
By material, the market is segmented into cotton, silk, linen, and wool. The cotton segment accounts for the largest handloom products market share. The growth is attributed to the increasing demand for cotton due to its characteristics, including lightweight, soft, versatility, durability, and comfortableness.
Report Coverage
The report provides major growth drivers, restraining factors, opportunities, and potential challenges for the market. It offers comprehensive insights into regional developments, a list of major industry players, key strategies adopted by market players, and the latest industry developments, including product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Rising Adoption of Different Measures and Schemes by Government to Drive Market Growth
The increasing adoption of different measures and schemes by governments for the development and promotion of the handloom industry through different programs and policies is expected to drive handloom products market growth during the forecast period. The governments are focused on the handloom industry as it symbolizes the rich culture and artistic diversity of the countries globally.
However, scarcity of raw materials, lack of entrepreneurial skills, lack of working capital, lack of technology knowledge, and competition from machine-made products may hamper market growth.
Regional Insights
Asia Pacific Market to Grow Due to the Rising Government Initiatives to Promote Handloom Products
Asia Pacific is expected to hold the largest handloom products market share during the projected period. The growth is attributed to the increasing initiatives by governments and companies to promote and preserve the traditional handloom craft in the region.
North America is expected to experience significant growth during the forecast period owing to the growing appreciation of handloom products in the North American countries.
Competitive Landscape
Growing Adoption of Partnership and Collaborative Strategies by Key Players to Aid Market Growth
The growing focus of key market players on adopting partnership strategies is estimated to boost market growth during the forecast period. The increasing launch of new handloom products by major players to maintain a competitive edge drives market growth.
Key Industry Development
- April 2022 – Reliance Retail launched several new initiatives to showcase authentic handcrafted products and promote Indian art forms globally. The initiatives included the launch of a dedicated artisan-only store format called ‘Swadesh’ to present artisanal products, including clothing, handlooms, handicrafts, textiles, and handmade natural products.
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