May 28, 2024
Knife Market

The Global Knife Market is driven by increasing consumption of processed food

Knives are one of the most common and essential kitchen tools used for cutting, chopping, slicing, peeling, and trimming a variety of foods such as vegetables, fruits, meat and seafood. With the fast-paced lifestyle, consumers are increasingly relying on processed and packaged foods that ultimately require knives for preparation. There has been a significant rise in the consumption of packaged convenience foods and ready-to-eat meals. In addition, the foodservice industry has witnessed robust growth with expansion of quick-service restaurants. Growth in these sectors has augmented the demand for high-performance knives from commercial users.

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:
One of the key trends gaining traction in the knife market size is increasing demand for ergonomic and multipurpose knives. Manufacturers are innovating knives with user-friendly designs that provide accurate and precise cutting. For instance, Santoku knives have become popular as they feature a gently curved blade that glides through ingredients with minimal effort. Similarly, paring knives are been designed with rounded tips and soft rubber handles for safe peeling. Furthermore, manufacturers are developing knives that can be used for various cutting tasks. For example, utility knives are designed for chopping, slicing and dicing different ingredients. The growing consumer demand for convenient and comfortable cutting experience is likely to drive the demand for ergonomic and multipurpose knives over the forecast period.

Porter’s Analysis
Threat of new entrants: High capital requirements and stringent regulations for manufacturing knives deter new entrants from entering this market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products like scissors, blades etc.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials.
Threat of new substitutes: Low threat as knives have strong brand recognition and are considered staples in kitchens and workspaces.
Competitive rivalry: Intense as the market is dominated by few international players introducing innovative designs.

Key Takeaways

The global knife market is expected to witness high growth driven by growth in food processing industry, increasing disposable incomes and rapid urbanization. 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.

Regional analysis comprises- North America dominates the market currently due to increasing cookware and cutlery demand. Asia Pacific is expected to grow at fastest pace due to increasing population, rapid economic growth and expanding middle class population in countries like China and India.

Key players operating in the knife market are Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE. Abbott Laboratories is the leading player focusing on developing innovative designs for comfort and durability. Amway is strengthening its distribution network globally to tap opportunities.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it