by Market Overview:
Knives are cutting utensils that are used for cutting, chopping, slicing a variety of food items. Knives exist in various shapes and sizes depending on their intended uses such as chef’s knives, slicing knives, paring knives, cleavers, utility knives and more. Knives are made up of various materials such as stainless steel, carbon steel, ceramic among others. The growth in culinary culture and popularity of home-cooking has fueled the demand for high-quality and specialized knives that perform different cutting tasks efficiently and last long.
The Global Knife Market is estimated to be valued at US$ 2.39 Bn in 2023 and is expected to exhibit a CAGR of 4.5% 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 knife market is the surge in demand for ergonomic and aesthetically appealing knife designs. Consumers are increasingly opting for knives that have ergonomic handles for a comfortable grip and task-oriented designs for precision and control while chopping or slicing. Manufacturers are focusing on developing knives with aesthetic designs made of premium materials to appeal to both professional chefs and home cooks. There is also a rise in customized and personalized cutting tools to match individual tastes and preferences.
Porter’s Analysis
Threat of new entrants: The threat of new entrants to the knife market is low as knife products require high manufacturing costs to be efficient and safe to use. Safety norms also impose restrictions on the production of knives.
Bargaining power of buyers: The bargaining power of buyers is medium as there is a range of knife products available from different brands and price points. However, product quality and safety requirements limit substitutes.
Bargaining power of suppliers: Knife manufacturers have moderate dependence on raw material suppliers like metal manufacturers as there are multiple supplier options available globally.
Threat of new substitutes: The threat of substitutes is low as knives have well-established uses in cooking, crafts, sports, utilities etc. and alternatives do not provide the same functionality.
Competitive rivalry: Competition in the knife industry is intense as the key players frequently invest in product innovations, brand building and expanding their distribution channels.
Key Takeaways
The Global Knife Market Size is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period 2023 to 2030, due to increasing demand from industries such as food processing, logistic and e-commerce. This is supported by the rising urbanization and changing lifestyles.
Regional analysis:
North America dominates the knife market currently with a share of over 30% in 2023 owing to high consumption of knives across industries in countries like United States. Asia Pacific is expected to be the fastest growing region on account of the expansion of retail and manufacturing sectors in developing nations such as China and India.
Key players: Key players operating in the knife market are Olfa Corporation, Stanley Black & Decker, Inc., Milwaukee Tool, Gerber, Hyde Tools, Inc. These players have established strong distribution networks globally and invest heavily in new product launches. Marketing campaigns especially targeting professional segments have helped them gain customer loyalty.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
