Dublin, March 13, 2023 (GLOBE NEWSWIRE) -- The "Middle East Handicraft Market | Trends, Value, Revenue, Outlook, Forecast, Size, Analysis, Growth, Industry, Share, Segmentation & COVID-19 IMPACT: Market Forecast By Countries, By Product Type, By Distribution Channel, By End User And Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Middle East Handicraft market size is projected to grow at a CAGR of 7.2% during 2022-2028
Middle East Handicraft market is anticipated to grow significantly on the back of government initiatives such as Dubai Expo 2020, Saudi Vision 2030, Turkey Vision 2023.
Moreover, rising e- commerce market across the MENA region, such as Saudi Arabia and UAE accounts for more than 80 per cent of the e-commerce market, while in MENA region the e-commerce market is expected to double in the coming years with a valuation of around $27 billion in 2018 to $49 billion.
The spread of covid-19 in 2020 resulted in sharp decline in import of Handicraft as well as temporary closure of malls and retail stores resulted in decreasing the overall revenues of the Middle East Handicraft market.
However, the demand for Handicraft witnessed an increase owing to government efforts towards promotion of local traditions, art and culture through platforms like Abu Dhabi Register of Artisans, The Abu Dhabi Crafts Platform, National Register of Craftsmen, and Saudi Heritage Commission craftsmanship initiatives. Moreover, government initiatives such as Dubai Expo 2020, Saudi Vision 2030, Turkey Vision 2023 is further expected to boost the market for Handicraft in the country.
Additionally, rising e- commerce market across the MENA region, such as Saudi Arabia and UAE accounts for more than 80 per cent of the e-commerce market, while in MENA region the e-commerce market is expected to double in the coming years with a valuation of around $27 billion in 2018 to $49 billion.
Market by Countries
The market in Turkey is acquired the maximum revenue share in Middle East Handicraft market on the back of growing tourism in the country.
Moreover, in the years ahead, the handicraft market in Turkey would acquire the maximum revenue share as the tourism sector is anticipated to rise by 15.5% and would contribute 8.3% to the economy of Turkey in 2022. Additionally, the goal of Turkey's 2023 Vision is to see 70 million tourists and generate $70 billion in revenue, which will enhance demand for the handicraft industry in the years to come.
The handicraft market in Saudi Arabia has progressed at the rapid speed owing to increased government initiatives and training facilities, including the NEOM initiative to help local artisans and help them expand their businesses.
Craftmanship initiative in three different areas to aid in the production of innovative designs for Saudi handicraft items, as well as an investment of $1.5 trillion in the tourism sector over the next ten years.
Key Highlights of the Report
- Middle East Handicraft Market Overview
- Middle East Handicraft Market Outlook
- Middle East Handicraft Market Forecast
- Historical Data and Forecast of Middle East Handicraft Market Revenues for the Period 2017-2027F
- Historical Data and Forecast of Middle East Handicraft Market Revenues By Product Type, for the Period 2017-2027F
- Historical Data and Forecast of Middle East Handicraft Market Revenues By Distribution Channel, for the Period 2017-2027F
- Historical Data and Forecast of Middle East Handicraft Market Revenues By End User, for the Period 2017-2027F
- Market Drivers
- Market Restraints
- Market Trends
- Industry Life Cycle
- Porter's Five Force Analysis
- Market Opportunity Assessment
- Market Player's Revenue Ranking
- Market Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Company Profiles
- Asian Handicrafts Pvt. Ltd.
- Fakih Group of Companies
- Minhou Minxing Weaving Co., Ltd.
- Atharna
- Turquoise Mountain
- Human Hands & the Craft
- Tribe Dubai
- Craft India Overseas
Middle East Handicraft Market Trade Statistics
- UAE Handicraft Market Import-Export Trade Statistics
- Saudi Arabia Handicraft Market Import-Export Trade Statistics
- Turkey Handicraft Market Import-Export Trade Statistics
- Qatar Handicraft Market Import-Export Trade Statistics
- Kuwait Handicraft Market Import-Export Trade Statistics
- Bahrain Handicraft Market Import-Export Trade Statistics
- Oman Handicraft Market Import-Export Trade Statistics
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Product Type
- Woodware
- Art Metal Ware
- Hand printed Textiles and Scarves
- Embroidered and Crocheted Goods
- Zari and Zari Goods
- Imitation Jewellery
- Others (Agarbatties & Attars and Miscellaneous Goods)
By Distribution Channel
- Mass Retailers
- Departmental Stores
- Independent Retailers
- Specialty Stores
- Online Stores
- Others (Local Vendors and Retail Stores)
By End User
- Government
- Local
- Tourist
For more information about this report visit https://www.researchandmarkets.com/r/md44t6
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