Knives are essential cutting tools utilized in various household and industrial applications such as food preparation, woodwork, slaughtering and meat processing, surgical procedures and others. They provide efficiency, precision and control during cutting tasks. Advancements in blade technology have led to the development of high-performance knives with enhanced durability, sharpness, edge retention ability and corrosion resistance. Such knives have gained traction among professional chefs, butcher shops and industrial facilities in food processing sector.
The global Knife Market is estimated to be valued at US$ 4 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The rising demand for advanced knife blades from food processing industry has accelerated the development of new blade materials. Manufacturers are focusing on innovative materials like super steels alloys, ceramics and composites to manufacture blades. Such materials offer higher hardness, strength and resistance to wear and corrosion. They enable greater precision and lifespan of cutting tools. The growing preference for such premium quality blades boosts the sales revenue of knife manufacturers. Another key trend is increasing procurement of knives by quick service restaurants and food chains to meet their everyday commercial cutting needs efficiently. This in turn fuels the demand in knife market. Do not write about key players.
Segment Analysis
The global knife market is segmented based on product type, distribution channel and end use. Based on product type, the market is divided into utility knives, Army/Tactical knives, pocket knives, cleavers, kitchen knives, outdoor knives and others. Among these, kitchen knives dominate the market owing to extensive usage of various types of kitchen knives such as chef's knives, slicing knives, butcher knives, bread knives and paring knives for food preparation in households, restaurants and commercial kitchens across the globe.
Key Takeaways
The Global Knife Market Size is expected to witness high growth over the forecast period of 2023 to 2030 owing to growing population and expanding foodservice industry globally. The global Knife Market is estimated to be valued at US$ 4 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030.
Regional analysis comprises- Asia Pacific is expected to dominate the global knife market during the forecast period. This is attributable to factors such as growing population, improving economic conditions and expanding middle-class households across countries such as China, India and other Asia Pacific countries which is fueling the sales of various types of knives.
Key players related content comprises- Key players operating in the knife market are CommScope, Comba Telecom, Laird Connectivity, Radio Frequency Systems, Rosenberger, Amphenol Procom, Mobi Antenna Technologies, Tongyu Communication, Shenglu Telecommunication, Cobham Antenna Systems.
The global knife market has consolidated landscape with top 10 players accounting for more than 50% of the total market share. Leading players are focusing on new product launches catering to various end-use applications to strengthen their market position globally. For instance, in 2021, Zwilling JA Henckels, a leading manufacturer of kitchen knives introduced new twin signature pro knife set targeted at consumer kitchen applications.
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