The cutting boards market is witnessing increased adoption owing to enhanced focus on convenience and hygiene in food preparation. Cutting boards come in various styles, shapes and materials to suit different culinary needs. Wood and plastic boards are the most popular choices amongst homeowners and commercial kitchens due to their durability and easy maintenance. Robust growth in foodservice industry worldwide has augmented the demand for professional grade cutting boards that can withstand high volume usage.
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.
Key Takeaways
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.
The growing demand for convenient and hygienic kitchen accessories from households as well as commercial establishments is propelling the cutting boards market. Expanding foodservice industry worldwide owing to rapid urbanization, rising incomes and changing lifestyles is a key driver for cutting boards sales.
The global expansion of leading retailers and food chains requiring standardized commercial kitchen equipment has opened new revenue opportunities for Cutting Boards Market Demand Several companies are launching innovative products catering to customized requirements of professional chefs and food preparers.
Market key Trends
Multi-functional and space-saving cutting boards have gained immense popularity in recent times. Manufacturers are innovating versatile board designs that can double up to perform multiple tasks like dicing, slicing and serving food items. Lightweight and portable cutting boards made of plastic and bamboo allow convenient usage for outdoor cooking and travel purposes. Rising demand for aesthetically appealing and visually eye-catching boards other than basic wooden designs has encouraged manufacturers to experiment with new styles, shapes, colors and textures.
Porter’s Analysis
Threat of new entrants: Low capital requirement and established distribution channels allow new players to enter the Cutting Boards Market However, established players benefit from economies of scale and customer loyalty.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and undifferentiated products. They can negotiate on price and demand value-added services.
Bargaining power of suppliers: A few large suppliers exist for raw materials giving them moderate bargaining power over players. However, availability of raw material substitutes balances this power.
Threat of new substitutes: Close substitutes like wood boards pose medium threat. But established preference for man-made materials gives some protection.
Competitive rivalry: Intense competition among major players results in aggressive pricing. Market dominated by global players differentiating through branding and product portfolios.
Geographical Regions
North America accounts for the largest share in the cutting boards market due to high consumption of meat and seafood which requires cutting boards. The region is expected to continue its dominance during the forecast period driven by developed food processing industry and health awareness.
Asia Pacific is projected to be the fastest growing region during the forecast period owing to rapid urbanization, rising disposable incomes, and growing demand for convenience food products in countries like China and India. Expanding retail sector and food service industry will further drive the market in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.