February 25, 2024

Knife Market Connected with Increased Demand from Food Processing Industry Heading

The global Knife Market is estimated to be valued at US$ 4 Bn or Mn 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:

The knife market comprises knives that are used for various applications such as food processing, butcher cutting, kitchen knives, utility knives, and pocket knives. Knives offer advantages such as efficiency, precision, and control during cutting tasks in industries such as food processing and manufacturing. They are an essential tool for tasks such as slicing, chopping, filleting, and carving. The growing food processing industry has propelled the demand for knives for tasks such as meat cutting, vegetable chopping, and dough cutting.

Market key trends:

One of the key trends in the knife market is the growing demand for ergonomic and comfortable knife handles. Proper ergonomic design of knife handles can help reduce fatigue and injuries during prolonged cutting tasks. Many manufacturers are focusing on integrating contours, slopes, and textures in knife handles for better grip and control. Another major trend is the rising popularity of custom and personalized knives. Many online retailers and artisan knife makers offer a wide variety of knives with customized specifications, styles, designs, materials, and engravings to suit consumer preferences. This has enabled consumers to purchase unique knives reflecting their style and interests.

Porter’s Analysis

Threat of New Entrants: The threat of new entrants in the knife market is moderate. While the market size is large growing at a healthy CAGR, the market has some established brands and requires significant capital to achieve economies of scale.

Bargaining Power of Buyers: The bargaining power of buyers in the knife market is high. Buyers have a large number of options at different price points and grades available from various established brands.

Bargaining Power of Suppliers: The bargaining power of suppliers is moderate as there are a few raw material suppliers that supply steel, plastics, and other materials. However, switching costs are low.

Threat of Substitutes: The threat of substitutes is low as knives have limited substitutes for functional uses in industries like woodworking, construction, food processing etc. However, other hand tools can replace knives for certain tasks.

Competitive Rivalry: The competitive rivalry in the knife market is high owing to the presence of numerous regional and global brands competing on pricing, quality, durability and innovation.

Key Takeaways

The global Knife Market is expected to witness high growth, exhibiting a CAGR of 6.1% over the forecast period, due to increasing applications in food processing, woodworks, and construction industries.

The Asia Pacific region is expected to dominate the market during the forecast period. This can be attributed to the large population sizes and developing construction and manufacturing industries in countries like China and India.

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. The market is highly competitive with these major brands competing in aspects of pricing, quality, innovation and brand recognition.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it