Knives are essential cutting tools utilized in residential and commercial applications for tasks including food preparation, crafts and utility purposes. from slicing vegetables and cutting meat to crafting, woodworking and hunting. The global knife market offers a variety of blades made from various materials such as stainless steel, high carbon steel and other alloy steels to cater to varied application needs.
The global Knife Market is estimated to be valued at US$ 4.61 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for specialized cutting tools from industries like food processing and manufacturing has been a major driver propelling growth of the global knife market. Various types of knives have been designed to meet the cutting requirements of different industries. For example, boning knives are extensively used in meat processing facilities for tasks such as trimming and portioning meat. Similarly, band saw blades and circular saw blades are essential woodworking tools. The growing industrialization and focus on automation in developed as well as developing regions has augmented the requirement for various customized blades and knives. This rising demand is expected to continue supporting expansion of the knife market size over the forecast period.
SWOT Analysis
Strength: Knives are universally useful tools with diverse applications in many industries like food processing, healthcare, decoration making it indispensable. They are also cost-effective and easily available.
Weakness: Low investment barriers can lead to overcapacity and intense competition. Fluctuating raw material prices also impact the bottom line. Dependence on seasonal demand cycles make operations and planning challenging.
Opportunity: Growing population and demand from emerging economies offer new market avenues. Innovation in material and design widens applicability and attracts new customer segments. Sustainable and customized solutions cater specific industry and customer needs.
Threats: Stringent regulations around import/export and safety standards increase compliance costs. Shift to alternative technologies poses replacement threat in the long-run. Economic slowdowns and global uncertainties dampen discretionary spending.
Key Takeaways
The global knife market is expected to witness high growth over the forecast period. The global Knife Market is estimated to be valued at US$ 4.61 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024-2031.
The Asia Pacific region currently dominates accounting for over 35% of the global market share due to large cutlery manufacturers based in China and Japan. Europe is the second largest regional market driven by developed cutlery industry in Germany and robust demand from food processing sector.
Key players operating in the knife market are Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE. Innovation and product differentiation are key strategies adopted by these companies to strengthen market position. Collaboration with OEMs catering diverse industries expands their customer outreach.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it