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:
Knives have evolved over the years to serve various purposes including cutting, chopping, slicing and dicing in household and professional cooking. They are available in different styles, sizes, designs and materials to suit different needs. Stainless steel remains the preferred material for knives due to its durability and rust resistance.
Market key trends:
One of the key trends in the knife market is growing popularity of hybrid knives. Hybrid knives combine features of both straight and serrated knives to perform various cutting tasks efficiently. They have fine serration along one half of the cutting edge for slicing softer foods and a straight cutting edge on the other half for chopping tasks. This allows users to get the benefits of both straight and serrated knives in a single product.
Segment Analysis
The global knife market is segmented by product type, blade type, distribution channel, and region. Based on product type, the folding knives segment dominated the market, accounting for around 35% market share in 2022. Folding knives are compact and portable knives which can be easily carried in pocket or bag. Their convenience of use and storage has made them a popular choice among both professionals and hobbyists.
Key Takeaways
The global Knife Market size was valued at USD 4 billion in 2022. The market is expected to grow at a CAGR of 6.1% during 2023-2032 to reach USD 6.67 billion by 2032. The rising demand from various end-use industries such as food processing, woodworking, and construction is expected to propel the market growth during the forecast period.
Regional Analysis
North America dominated the global knife market in 2022 and is expected to continue its dominance over the forecast period. The US accounted for the major share in the North America knife market. The presence of a large number of knife manufacturers and growing demand from various end-use industries has made North America the dominant region. Asia Pacific is expected to witness the fastest growth during the forecast period propelled by rapid industrialization and growth of end-use industries in developing economies such as China and India.
Key Players
Key players operating in the global 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 players introducing new product innovations to gain a competitive edge in the market.
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