Market Overview:
Knives are used to cut, slice and chop various food items and ingredients in the kitchen. The different types of knives include kitchen knives, pocket knives, hunting knives, etc. Kitchen knives hold a major market share due to high demand from residential and commercial users like restaurants and hotels.
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 growing demand for multifunctional knives. Consumers prefer knives that can perform varied cutting tasks like slicing, dicing, chopping rather than separate knives for each task. This has led manufacturers to develop knives with interchangeable blades for different functions. For example, Chef’s Choice brand offers electric knife sharpeners with slots for multiple blade types. The growing popularity of outdoor recreation activities is also driving demand for tactical and hunting knives in the market.
SWOT Analysis
Strength: Knives are considered essential tools for various applications like cooking, hobby crafts, etc. With rising cooking trends and craft activities, the demand for knives is increasing.
Weakness: Availability of counterfeit and low quality knife products can impact brand preferences of customers. Changing tastes and preferences of consumers also impacts product portfolio.
Opportunity: Emergence of e-commerce has opened new sales channels. Growing foodservice industry in developing regions also offers scope for knife market. Innovation in material and design aids product differentiation.
Threats: Presence of local manufacturers offering affordable knives impacts margins of established brands. Economic slowdowns can lower discretionary spending on hobby knives. Stringent safety regulations add to compliance costs.
Key Takeaways
The Global Knife Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing consumption of convenience food. Busy lifestyles have boosted the demand for easy to use and sharp knives for food preparation.
Regional analysis – North America dominates the knife market currently owing to large food processing and cutlery manufacturing industries. Asia Pacific is expected to grow at a high rate due to rising foodservice industry and disposable incomes in countries like China and India. Growing middle class population presents ample opportunities for knife market players in the region.
Key players operating in the knife market are Olfa Corporation, Stanley Black & Decker, Inc., Milwaukee Tool, Gerber, Hyde Tools, Inc., U.S. Blade Manufacturing Company, Roberts Consolidated Industries, Inc., Apex Tool Group LLC, Klein Tools, Inc. These companies invest heavily in new product development and leverage global distribution networks to strengthen their market position. Manufacturing of high quality and innovative knife designs helps them charge premium prices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
