The Cutting Boards Market Is Estimated To Witness High Growth Owing To Increasing Demand From Food Processing Industry
Cutting boards are rectangular boards made from various materials such as plastic, wood, bamboo, glass and others, used as a surface to slice or chop ingredients during food preparation activities. They are available in different sizes, shapes and styles suitable for both household and commercial applications. Cutting boards find extensive usage in food processing facilities, restaurants, cafes and household kitchens. They help prepare a variety of items like vegetables, meat and seafood in an efficient manner. The global cutting boards market is estimated to be valued at US$ 1.29 Bn or billion 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 Dynamics:
The cutting boards market is witnessing high growth owing to increasing demand from the food processing industry. Rapid growth in fast food chains, QSRs and restaurants has augmented the demand for commercial grade cutting boards that can withstand heavy usage. Furthermore, rising health consciousness among consumers and focus on hygienic food preparation at home has also fueled the sales of cutting boards. Cutting boards made from bamboo and other eco-friendly materials are gaining traction due to growing environmental awareness.
One of the key drivers for growth of cutting boards market is increasing demand from food processing industry. Rapid expansion of fast food establishments, quick service restaurants, food outlets etc has augmented the demand for commercial grade cutting boards that can withstand heavy duty usage on a daily basis. Their superior strength, durability and stability allows for processing large volumes of ingredients efficiently on an everyday basis.
SWOT Analysis
Strength: Cutting Boards Market has wide product portfolio with various material and size options for customers. The market leaders have strong brand recognition and established distribution network globally. Manufacturers offer high quality and durable cutting boards that can withstand heavy usage in commercial kitchens.
Weakness: Some wood and plastic cutting boards absorb knife marks and stains over time thus look worn out faster. Bamboo and wood cutting boards require hand washing and occasional oiling to maintain that can be inconvenient.
Opportunity: There is high opportunity to tap the growing online retail market for cutting boards. Customers are increasingly purchasing kitchen accessories through e-commerce platforms. Manufacturers can launch innovative designs, patterns and accessories to increase sales.
Threats: Availability of cheaper alternatives like disposable cutting boards poses pricing pressure. Strict regulations regarding use of certain materials for food contact surfaces can disrupt supply chain.
Key Takeaways
The global Cutting Boards Market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to surge from US$ 1.29 Bn in 2023 to over US$ 2 Bn by 2030, registering a CAGR of around 6.8%.
Regional analysis: North America currently dominates the cutting boards market led by United States. The region accounts for around 35% value share owing to large ready-to-eat food industry and specialty retail stores selling kitchen accessories. Europe is the second largest market for cutting boards due to high demand from countries like Germany, UK and France. Asia Pacific region is expected to be the fastest growing market in the coming years led by China, India and other developing nations witnessing increased consumption of packaged and processed food.
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. The market is highly competitive with these major manufacturers focusing on new product development and strengthening distribution to increase market share.
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