Throughout the projected period, a stable growth rate is anticipated for the needlecraft pattern market. The market for needlecraft patterns is anticipated to reach a value of US$ 30 billion in 2023 and grow at a CAGR of 6.4% to US$ 55.7 billion by 2033.
What is Driving Demand for Needlecraft Patterns?
The market is growing as a high number of women around the world express an interest in needlecraft works and spend more money on high-end materials used in needlecraft works. Due to the availability of superior products such as needles, threads, and technologically upgraded sewing machines, the industry is expected to witness rising demand.
Customers have also been drawn to the availability of small sewing machines that can do the same activities as full-sized machines but prioritize space and convenience, as well as hand-powered agitators and compact proportions. In a fast-paced market, consumers, particularly women, are drawn to such perks because they seek more functional and operational devices that provide more output.
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Trends in Needlecraft Patterns Likely to Augment Sales
Handcrafts in needlework have been gaining popularity since the early ages. Handicrafts are one-of-a-kind manifestations of a culture or community made with local materials and craftsmanship. However, as the world becomes increasingly globalized, items are becoming more commoditized, and artisans’ work is competing with goods from all over the world. It is no longer possible to look at traditional artisan communities and their products in isolation from global market trends and competition.
Handicrafts have evolved into a broader category of home accessories that includes handcrafted, semi-handcrafted, and machine-made items. Fashion trends, consumer purchasing patterns, and end-market economic situations all have a significant impact on the home accessory business. Many craftsmen have deepened their sales with those end markets, providing an opportunity for those looking to export their goods.
As a result, further innovations and customization of handcrafts to meet the needs of consumers are expected to boost sales in the future.
Impact of COVID-19 on Needlecraft Patterns Market
COVID-19 had an immediate impact on the global industry. Manufacturers of needlecrafts were directly impacted by the COVID-19 pandemic. Governments in a number of countries had imposed a shutdown to prevent the virus from spreading further. The supply chain was interrupted as a result of the closing of production plants and trade sanctions, resulting in a negative impact on market growth.
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Such restrictions had also hampered the domestic markets in various regions leading to decline in sales of cultural and traditional handicrafts. Moreover, the raw material supply in embroidery and other needlecraft works felt the impact of the pandemic leading to degrading market growth.
US and Canada Needlecraft Patterns Market Outlook
US is considered as the lucrative market for needlework’s globally. The U.S. currently holds a significant share of the global market. The residential sector in the region in one of the most prominent areas due to the preference of the regional female population for the arts that can be executed at home, that includes needlework’s.
Furthermore, the industrial sector in North America is being pushed by increased demand for energy-efficient machinery. The increased awareness of licensed energy-efficient methods encourages development in the United States and Canada. Furthermore, due to the need to replace old methods with smart and multi-functional machines, the region is predicted to grow significantly. Customers in the United States and Canada, on the other hand, have a strong preference for high-quality embroidery materials.
Europe Demand Outlook for Needlecraft Patterns
Europe is considered as a fragmented region as various countries in the region have been the hub for different fashion trends and cultural trends. Due to the increasing demand in fashion industry, there is a growing demand for handicrafts over the machine-made items in European market. The consumers have now started utilizing modern and high-quality raw materials such as needles and threads due to the associated convenience.
As a result, the factors responsible for this growth could be due to the improving lifestyles of consumers, improvement in the purchasing power, and high income source equipped with better methods invented in the region. Furthermore the players in the market are focusing on expanding their business globally and even focused on innovations.
Who are the Key Manufacturers and Suppliers of Needlecraft Patterns?
Some of the leading manufacturers and suppliers of needlecraft patterns include
- DMC Group
- Needle in A Haystack
- Ningbo Yinzhou Xindew Textile Co.Ltd.
- Hobbycraft Trading Ltd.
- MyStitchWorld
- Red Gate Stitchery
- Stitched Modern
- and Mary Maxim Company among others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Needlecraft Patterns Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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