Knives are essential kitchen tools used for slicing, dicing, and cutting a variety of foods. With its sharp blade, knives aid in precisely cutting meats, vegetables, and fruits into smaller, more manageable pieces. They come in various designs ranging from paring knives for peeling fruits to chef’s knives for heavy-duty chopping and slicing tasks. Advances in metallurgy have led to the development of high-carbon stainless steel blades that are rust-resistant yet capable of holding a sharp edge for long durations. The global rising interest in cooking has boosted the demand for superior quality knives that can facilitate intricate cuts.
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:
Introduction of innovative knife designs catering to specific cutting requirements has emerged as a prominent trend. For instance, recently designed ergonomic knives feature handles angled for fatigue-free gripping and blades optimally weighted for enhanced control. These knives allow achieving precise cuts comfortably. Additionally, rising emphasis on sustainable materials has led to production of knives featuring handles crafted from recycled wood, bamboo, or other plant-based plastics. Adoption of lightweight yet durable metals like titanium alloy for blades manufacturing has also increased owing to their corrosion resistance. Customizable magnetic knife strips or blocks have further gained popularity as they provide safe storage while keeping knife edges sharp.
Threat of new entrants: Low. Established players hold majority market share and new entrants face high initial investment costs for production and R&D.
Bargaining power of buyers: Medium. Buyers have several supplier options but switching costs are relatively low.
Bargaining power of suppliers: Medium. Suppliers have design and production expertise but competition ensures they don’t exploit their position.
Threat of new substitutes: Low. No direct substitutes exist for knives in food preparation and other applications.
Competitive rivalry: High. Market has several global and regional players competing on pricing, innovation and brand value.
The Global Knife Market Size is expected to witness high growth. The rising demand for kitchen knives from household and commercial sectors will drive growth. Growth in food service industry, rising number of restaurants and hotels also supports market expansion. 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: North America accounts for largest share currently led by the US. Asia Pacific is expected to grow at fastest pace with China and India emerging as major consumers. Growing middle class is increasing spending on kitchen appliances in Asia Pacific economies. Europe is also a prominent region boosted by developed markets of Germany, UK and Italy.
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. CommScope is a top player with wide portfolio of antenna solutions for wireless infrastructure. Comba Telecom provides telecom antenna and solutions for 5G networks.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it