by Cutting boards are essential kitchen tools used for preparing a variety of food items safely and hygienically. Made from materials like wood, plastic,glass, and bamboo, cutting boards provide a smooth, non-porous surface for chopping, slicing and dicing of vegetables, fruits, meat and other ingredients. They come in various sizes and styles to suit different culinary needs. With the growing health consciousness and focus on food safety, proper cutting boards have become important kitchenware. The global demand for quality food that is free from contaminants is driving the need for specialized cutting boards.
The global Cutting Boards Market is estimated to be valued at US$ 1.29 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the cutting boards market is the growing preference for wood and bamboo cutting boards over plastic ones. Wood and bamboo are more sustainable and environment-friendly materials that are also considered safer as they are less likely to harbor bacteria. While plastic boards are inexpensive, they can develop hard-to-clean grooves over time where germs may accumulate. The natural antibacterial properties of wood make it a better choice. Besides sustainability, visual appeal is another factor influencing consumers as wood and bamboo boards look more premium. Manufacturers are innovating designs and styles made from eco-friendly materials to tap into this rising market demand.
Porter’s Analysis
Threat of new entrants: low barriers to entry as raw materials required are easily available but established brands have strong customer loyalty and economies of scale which is difficult for new entrants to achieve.
Bargaining power of buyers: high as cutting boards market has numerous buyers and product is commoditized with less differentiation. Buyers can negotiate on price easily.
Bargaining power of suppliers: moderate as there are many suppliers for raw materials like wood, plastic etc. but quality standards need to be met. Suppliers have some control over pricing.
Threat of new substitutes: low as there are few direct substitutes available for cutting boards. Alternatives like pots and pans serve different purposes.
Competitive rivalry: intense as market has many established brands and private labels. Players compete on pricing, product quality, product innovation and marketing.
Key Takeaways
The global Cutting Boards Market Growth is expected to witness high. The market size is projected to reach US$ 1.29 Billion in 2023 from US$ 1.15 Billion in 2022, growing at a CAGR of 6.8% during the forecast period 2023 to 2030.
Regional analysis: North America dominates the market currently owing to larger disposable incomes and increasing focus on home-cooking in the region. Asia Pacific is expected to be the fastest growing market in the coming years led by countries like China and India where rising middle class is driving demand for kitchen accessories.
Key players: Key players operating in the cutting boards market are Nomad Foods Ltd., Bakkavor Foods Ltd., General Mills, McCain Foods, Premier Foods Group Ltd., 2 Sisters Food Group, Greencore Group Plc.,Orkla ASA, ConAgra Foods Inc., ITC Limited. These players compete on the basis of price, product quality, innovative designs and effective marketing strategies to increase their consumer base.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
