Let us now discuss some of the significant positive market trends of the global market of wooden handicrafts.
1) Research and Development
The Ministry of Micro, Small, and Medium Enterprises (MSMEs) is conducting various market research and developments which is helping the artisans a lot. This research helps artisans in understanding the demand and supply side of the global market.
2) Technical Upgradation
Globalization has solved the problems of developing countries like India in accessing the international market. The benefits provided by the government of India by introducing the National Handicrafts Development Program (NHDP) have been tapped by the artisans. This can be seen from the data of net exports of handicrafts from India, in which woodwares list number one segment in the exports.
3) Meeting Global Market Standards
Most of the woodcrafts are exported to countries like the USA, UK, UAE, and so on. These wooden handicrafts have to meet the safety standards of global markets like EN 71 Standards, CE Mark, Lion Mark, etc. This ensures that woodcrafts exported are of premium quality.
4) Virtual Fairs and Exhibitions
Taking the help of technological advancements, online handicraft trade platforms like Craftezy conduct various trade shows and fairs where buyers and sellers can meet virtually, check out handicrafts, compare options, and negotiate for the best prices. Craftezy handles everything starting from product discovery to sourcing to negotiations and logistics.
5) Government Incentives
The Government of India has increased incentive rates under the Merchandise Export from India Scheme (MEIS) from 5% to 7% for handicraft products that will help exporters to recover the input costs involved in the production of handicrafts which will eventually lead to competitive pricing and increase in exports.