Surge in Demand for Handloom Products Predicted to Achieve USD 17.0 Billion Market Value by 2033
In the world of fashion and textiles, a shift towards sustainability and artisanal craftsmanship is underway, and the Handloom Product Market is at the forefront of this change.
Last year, the Handloom Product Market was valued at a substantial USD 7.8 billion, with sarees leading the product type segment, accounting for 42.4% of the market. The market is exhibiting a compound annual growth rate (CAGR) of 8.1% during the forecast period 2024-2033, indicating a promising future for this sector.
Asia Pacific, including India, China, Bangladesh, and Vietnam, holds the largest market share (43.2%) in the Handloom Product Market. In 2023, India, one of the largest producers in the market, saw a rise in domestic demand and export opportunities, supported by policies like the National Handloom Development Programme (NHDP).
Notable investments have been made in the Handloom Product Market. In 2024, LVMH Luxury Ventures acquired a minority stake in Swedish fashion brand Our Legacy, aiming to drive the brand's global expansion. Similarly, With Nothing Underneath raised 2.5 million pounds in its first funding round to accelerate its expansion into international markets. Cult Mia, a London-based luxury fashion startup, also closed a $2 million seed extension round, with total funding reaching $5 million.
Handwoven fabrics are not only used in traditional attire such as sarees but also in contemporary clothing items. Leading companies in the Global Handloom Product Market include Fabindia, Biba, Global Desi, and Manyavar, collectively holding approximately 30-40% of the market share. Other key players in the market are Jaypore, Dastkar, Dastkari Haat Samiti, Khadi Gramodyog, Barefoot College, Bharat Handloom, Varanasi Weaves, Nandini Handlooms, Assam Handloom, The India Handloom Brand, Ranganayaki Handlooms, Anokhi, Looms & Weaves, and Sanganeri Textiles.
The market is also witnessing a shift towards eco-friendly and ethically produced textiles, as consumers increasingly favour sustainable options. This trend is reflected in the rising popularity of handloom products, renowned for their artisanal craftsmanship and minimal environmental impact.
In the beauty sector, the high-end market is also seeing significant changes. In 2024, S'Young Group acquired luxury skincare brand RéVive Skincare, strengthening its presence in this sector.
Furthermore, artisans and cooperatives are leveraging e-commerce platforms and social media to reach global audiences, breaking geographical barriers and making handloom products more accessible to consumers worldwide.
Looking ahead, the Handloom Product Market is projected to reach approximately USD 17.0 billion by 2033, signalling a bright future for this sector. The market's growth is expected to be driven by increasing consumer preference for sustainable, handcrafted textiles, as well as the continued efforts of companies to expand their reach and product offerings.
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