In 2023, the global handloom products market achieved a valuation of USD 7.77 billion. Projections indicate a robust growth trajectory, with the market expected to reach USD 13.68 billion by 2030, showcasing a notable Compound Annual Growth Rate (CAGR) of 8.41% over this period.
Handloom goods possess profound cultural importance across various regions worldwide, serving as emblematic expressions of heritage and identity. This category encompasses an array of items such as carpets, mats, rugs, handbags, and apparel. The escalating consumer preference for sustainable, distinctive, and culturally resonant products is anticipated to be a primary driver propelling the expansion of the handloom products market throughout the forecast duration.
Fortune Business Insights™ mentioned this in a report titled, “Handloom Products Market, 2024-2030.”
List of Key Players Profiled in the Handloom Products Market:
- Maheshwari Handloom Works (India)
- GoCoop (India)
- Chandan Rugs (India)
- Sri Laxmi Narasimha 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)
Report Coverage-
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Growing Shift Toward Environment-Friendly Products to Boost Market Growth
Market growth is anticipated to be propelled by the growing inclination towards eco-friendly goods, evolving consumer tastes, heightened focus on preserving cultural art and heritage, and a revived admiration for traditional craftsmanship. Handloom products, crafted through time-honored techniques, resonate with these values and are favored by those seeking to reduce their fashion-related carbon footprint, thus likely to gain greater market share in the foreseeable future.
Nonetheless, challenges persist for many handloom weavers who struggle to sustain their livelihood amidst mounting competition, posing potential obstacles to market expansion.
COVID-19 Impact
Sudden Disruption of Businesses During COVID-19 Pandemic Hindered Market Growth
The COVID-19 pandemic negatively impacted the handloom products market. The pandemic led to the disruptions of businesses globally, and the contemporary and traditional markets for artisans. The demand for handloom products decreased due to economic uncertainty and reduced consumer spending.
Segments:
Increasing Sustainable Fashion to Augment Sarees Segment Growth
Based on material, the market is divided into cotton, silk, linen, and wool. The cotton segment accounted for the majority of handloom products market share due to the increasing popularity of cotton among people globally.
Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights
Asia Pacific Leads Due to Growing Integration of Modern Innovations with Age-Old Techniques
Asia Pacific is estimated to hold the largest handloom products market share during the forecast period. The increasing integration of modern innovations with age-old techniques is driving a rich tradition of textile production and craftsmanship in the region.
North America is estimated to witness moderate growth during the forecast period due to the rising interest of people in sustainable and locally-produced artisanal products.
Competitive Landscape
Rising Key Players Focus on Partnerships to Augment Market Growth
The increasing focus of major market players on adopting collaborative and partnership strategies to strengthen their market position is estimated to drive market growth. For instance, in 2019, Tata Trusts and Microsoft India signed a MoU to revive the handloom clusters in the northeastern and eastern parts of India.
