May 28, 2024

North American Knife Market Estimated To Witness High Growth Owing To Rapid Urbanization & Rising Disposable Income

The North American Knife Market is estimated to be valued at US$ 4 Billion in 2022 and is expected to exhibit a CAGR Of 6.1% over the forecast period 2023 To 2032, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Knives are hand tools or cutlery used for a variety of functions including cutting, chopping, slicing, skinning and peeling. They are used in both industrial and residential settings for tasks ranging from food preparation to construction. In the food industry, knives are indispensable for tasks such as slicing meat and vegetables. Carpenters, plumbers and electricians also rely heavily on knives for various jobs at construction sites and workshops. Certain types of knives such as hunting knives, survival knives and tactical knives are also popular in the outdoor recreational market.

Market Dynamics:

Rapid urbanization and rising disposable incomes in North America have led to increased construction and infrastructure development activities in the region. This has augmented the demand for various tools including knives from industries such as construction, manufacturing and mining. According to the United States Census Bureau, the urban population in the United States grew by 12.1% from 2010 to 2020 indicating steady urbanization. Additionally, the average annual disposable personal income in the United States grew from USD 43,799.80 in 2010 to USD 56,284.70 in 2020 boosting consumer spending on recreational knives and cutleries. Furthermore, the growing trend of outdoor recreational activities such as hunting and camping has propelled the demand for specialty knives in the regional market. However, stringent regulations pertaining to blade length and design of knives in some jurisdictions may hamper market growth.

Segment Analysis

The global knife market is segmented into pocket knives, kitchen knives, utility knives, and others. The kitchen knives segment is dominating the market and accounts for over 30% of the total market share. This is because kitchen knives are essential cutlery items used on a daily basis in residential and commercial kitchens. There is a wide variety available in various designs, sizes, styles and materials to suit every need in the kitchen.

PEST Analysis

Political: Any changes in import/export policies and regulations regarding the manufacturing and distribution of knives can impact the market.

Economic: The growth of the knife market is directly influenced by the economic performance of the residential, commercial and industrial sectors. During economic downturns, the demand for knives may reduce.

Social: Changing lifestyles and preferences are influencing the demand for various types of knives suitable for activities like cooking, hiking, camping, etc. Emphasis on healthy home cooked meals is fueling the need for quality kitchen knives.

Technological: Advancements in materials and precision manufacturing methods are helping manufacturers develop knives with superior durability, edge retention and functionality. Some knives come integrated with features like retractable blades for added safety.

Key Takeaways

The global Knife Market size was valued at USD 4 billion in 2022. It is expected to witness high growth, exhibiting a CAGR of 6.1% over the forecast period, due to rising home cooking trends worldwide during the pandemic.

North America accounted for around 30% of the global knife market share in 2022. This can be attributed to factors such as availability of innovative products catering to professional chefs as well as amateur home cooks looking for high quality knives.

Asia Pacific is expected to witness the fastest growth during the projected timeframe owing to rapid urbanization, rising middle class population and their increasing preference for Western cooking styles in countries like China and India.

Key players operating in the knife market are Olfa Corporation, Stanley Black & Decker, Inc., Milwaukee Electric Tool Corporation, Irwin Industrial Tools, Workpro, DeWalt, Pacific Handy Cutter Inc., Hyde Tools Inc., Craftsman, U.S. Blade Manufacturing Co. Inc., Roberts Consolidated Industries, Inc., Q.E.P. Co., Inc., Apex Tool Group, LLC, Fiskars Group, and Klein Tools, Inc. These players are focusing on new product launches and strategic expansions to enhance their market presence.

*Note:

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