Market Is Estimated To Witness High Growth Owing To Changing Culinary Habits And Infrastructure Development
The Knife Market is estimated to be valued at US$ 4 billion in 2022 and is expected to exhibit a CAGR Of 6.1% over the forecast period 2023 To 2032, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Knives are versatile hand tools used in both domestic and commercial applications. They are used in kitchens for tasks like chopping, slicing, dicing and filleting of food items. On the commercial front, knives are used in industries like meat processing, woodworking and construction. Common types of knives include chef's knives, pocket knives, utility knives, hunting knives, carving knives and cleavers.
Market Dynamics:
The global knife market is expected to witness significant growth driven by changing culinary habits and increasing infrastructure development activities. As incomes rise, people are spending more on dining out and try cuisines from different cultures which involves diverse knife skills. This is increasing the requirement of quality knives. Furthermore, ongoing construction activities around the world for buildings, bridges and roads require woodworking and carpentry where knives play an important role. Knives used for infrastructure are subjected to high wear and tear posing growth opportunities for manufacturers of heavy duty knives. Innovation in materials and designs catering to specific application needs will further support the market expansion over the forecast period.
SWOT Analysis
Strength: Knife Market has a wide range of applications across various end use industries like food processing, woodworking, construction etc. Knife manufacturers are focusing on developing lightweight and durable knives. The market is dominated by well established players with strong brand recognition.
Weakness: Raw material prices are volatile which affects the production cost. Local manufacturers offer low quality knives at cheaper prices which impacts sale of established brands.
Opportunity: Growing do-it-yourself trend and increase in home improvement activities will boost the demand. Development of smart and multifunctional knives coupled with innovative designs presents new opportunities.
Threats: Stringent government regulations regarding product safety. Rising popularity of other cutting tools may threaten demand for knives. Trade wars and fluctuations in foreign currency exchange rates pose challenges.
Key Takeaways
The global Knife Market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing food processing and construction activities. The market size for 2022 was USD 4 billion.
Regional analysis
North America dominates the knife market with a share of over 30% in 2022. This is attributed to rise in food processing industry and construction activities in the US and Canada. Asia Pacific exhibits fastest growth led by China, India and other developing nations owing to growing population and rapid urbanization.
Key players
Key players operating in the Knife Market are Olfa Corporation, Stanley Black & Decker, Inc., Milwaukee Electric Tool Corporation, Irwin Industrial Tools, Workpro, DeWalt, Pacific Handy Cutter Inc., Hyde Tools Inc., Craftsman, U.S. Blade Manufacturing Co. Inc., Roberts Consolidated Industries, Inc., Q.E.P. Co., Inc., Apex Tool Group, LLC, Fiskars Group, and Klein Tools, Inc.
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