Knives are handheld cutting tools or weapons with a cutting edge or blade affixed to a handle. They are commonly used for slicing, hacking, butchering or chopping various materials such as: meat, vegetables, paper, cardboard, wood etc. Knives also offer protection and self-defense. The growing online retail landscape and an increased focus on safety have driven demand for more advanced knife designs.
The global Knife Market is estimated to be valued at US$ 4.61 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for safety knives from industries such as food processing, manufacturing and logistics is expected to be a major driver of the global knife market size over the forecast period. Safety knives are specifically designed to avoid accidental cutting of the user's hands while in operation. They have retractable or retractile blades which only emerge while in use and get concealed securely in the handle when not in use. This provides better protection compared to conventional knives and complies with various workplace safety regulations. Growing awareness about use of safety knives over conventional knives in industrial settings is expected to significantly fuel the demand for safety knives during the forecast period.
Segment Analysis
Cooking knives dominate the global knife market, accounting for around 32% of the total market share. This is because cooking knives are considered as essential kitchen tools and are used on a daily basis for various food preparation activities such as chopping, slicing, and dicing. The growing demand for homemade and freshly prepared food among consumers is boosting the sales of cooking knives globally.
Key Takeaways
The global knife market is expected to witness high growth over the forecast period of 2024 to 2031. With a forecast CAGR of 8.0%, the market size is projected to increase from US$ 4.61 billion in 2024 to over US$ 8 billion by 2031.
Regional analysis
The Asia Pacific region currently dominates the global knife market with a share of about 35% in 2024. This is attributed to the presence of large knife manufacturing hubs in China and Japan. The growing culinary industry and increasing per capita spending on kitchen tools are some of the key factors driving the knife market in Asia Pacific. North America is also among the fast growing regional markets for knives owing to rising consumer preference for high-quality knives.
Key players
Key players operating in the knife market include Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., and Royal DSM N.V. These players are focusing on new product launches and partnerships to expand their market share. For instance, Abbott Laboratories launched a new line of ceramic non-stick knives in 2021 specifically targeted at home chefs and cooks.
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