Cutting boards are an essential component used in commercial and residential kitchens for food preparation, processing and chopping of vegetables, meat and other ingredients. They come in various styles, sizes, materials and functionalities to suit different cutting and food preparation needs. Wood, plastic, bamboo and glass are some of the commonly used materials for manufacturing cutting boards. Wood cutting boards offer excellent gripping and are easy on knives but require regular oiling for maintaining their lifespan. Plastic boards are affordable, lightweight and easy to maintain but may retain bacteria if not properly sanitized. Newer varieties like bamboo and glass offer the benefit of being eco-friendly and highly sanitary.
The global Cutting Boards Market is estimated to be valued at US$ 1.49 Bn in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends gaining traction in the cutting boards market is the rising popularity of multi-functional and space-saving cutting boards. Manufacturers are focusing on developing cutting boards that offer dual functions like serving platforms along with the cutting surface. These multi-functional boards save countertop space in compact kitchens. There is also a growing demand for portable and travel friendly plastic cutting boards that can be easily carried while camping, road trips or outdoor cooking. Chopping boards with juice grooves and reservoirs are gaining favor among users as they prevent liquid and juice spillage during food processing. Innovation in materials is another area manufacturers are exploring with the introduction of hybrid boards integrating properties of different materials.
Porter’s Analysis
Threat of new entrants: Low requirements for capital investment and technical expertise allow new players to enter the market easily. However, the established players enjoy advantages of economies of scale which pose barriers.
Bargaining power of buyers: The presence of several substitutes provides high bargaining power to buyers. They can negotiate on price and switch to alternatives.
Bargaining power of suppliers: The raw materials required for cutting boards such as wood, plastic etc. are commonly available. This reduces the bargaining power of suppliers.
Threat of new substitutes: Alternatives such as knives pose a mild threat of substitution. However, cutting boards offer protection and control which gives them an advantage.
Competitive rivalry: Being a commoditized market, manufacturers compete based on pricing. However, brands striving to innovate on designs and materials.
Key Takeaways
The Global Cutting Boards Market Size is expected to witness high growth. Regional analysis
Regional analysis: North America dominates the market currentlydue to rising health concerns and focus on hygiene during food preparation in commercial as well as residential spaces. Asia Pacific is expected to be the fastest growing market during the forecast period led by growing population and rising disposable income in countries like China and India.
Key players operating in the cutting boards market are Mahindra Electric Mobility Limited, Saera Electric Auto Pvt. Ltd., Telco E-Vehicles Pvt. Ltd., Gamma Industries, Knox Fuels Tech, Yuva E-Rickshaw, ATUL Auto Limited, Bajaj Auto Limited, J.S. AUTO (P) LTD., Speego Vehicles Co Pvt Limited, Dilli Electric Auto Pvt. Ltd., NDS Eco Motors Private Limited, Goenka Electric Motor Vehicles Private Limited, Sarthak Industries, Perfexorld, V.H.V.O Industries Pvt. Ltd, Mini Metro EV LLP, Pariti, Kinetic Green Energy & Power Solutions Ltd., A G INTERNATIONAL PVT LTD.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
