KNIFE MARKET ANALYSIS

Global knife market was valued at US$ 2.39 Billion in 2023, and is estimated to reach a value of US$ 3.25 Billion by 2030 at a CAGR of 4.5% between 2023 and 2030.

Global Knife Market- Drivers

• Availability of an array of knives at low costs: vailability of an array of knifes at low costs can drive the global knife market growth. Different types of kitchen knives include the chef’s knife that has blade size between 6 and 14 inches, paring knife that is  commonly used for chopping fruits and vegetables; utility knives that have blade size between 4 and 7 inches, bread knife, carving knife that is used for carving meat, cleaver that  is a rectangular knife, steak knife, kitchen shears that are used in cutting herbs, etc., and lettuce knife that is used in cutting salads among others.
• Product innovation by the key players: The knife industry has witnessed rapid innovation in recent years, and this is expected to drive growth of global knife market. These newer blade materials allow stronger, harder, and more durable knives to maintain a sharp edge for a longer duration without frequent sharpening. High-end brands have also incorporated new technologies into knife design, including lightweight handle materials like carbon fiber and moulds that contour to the user's grip. This results in knives that are more ergonomic, easier to control, and less fatiguing during prolonged use.

Global Knife Market- Opportunities

Consumer preference shifting towards specialized knife types: Consumer demand compels knife manufacturers to develop new specialized knife types and styles. This includes paring knives which are optimized for detailed tasks like peeling fruits and vegetables, boning knives ideal for removing meat from bones, and all-purpose utility knives for everyday kitchen tasks. Manufacturers are similarly bringing unique styles to market, like Japanese-style knives with thinner, harder blades perfect for precise cuts and eye-catching Damascus steel knives with rippled patterns on the metal. These innovations cater to discerning home cooks and professionals those are willing to pay premium prices for quality knives that perform specific jobs exceptionally well.

Global Knife Market- Trends

• Sustainable and ethical consumerism: The major trend in the global knife market is rising ethical and eco-conscious consumerism. An increasing number of consumers, especially younger demographics like millennials and Gen Z, prefer knives which are made sustainably and ethically. This preference aligns with global initiatives to reduce waste, emissions, and resource consumption across production processes.

Global Knife Market- Restraints

Disadvantages associated with the usage of safety knives: Various disadvantages associated with the usage of safety knives are expected to restrain the global knife market growth. The usage of snap-off blades, which is a type of safety knife, can often lead to accidents. Snap-off blade can also break involuntarily during the cutting process, thus, posing a health and safety risk. Moreover, this knife does not have a spring bearing on the blade, which creates a potential hazard, if the blades are left lying around the workplace.

The usage of semi-retracting knife may become dangerous if the user forgets to fully retract the blade after use. The semi-retracting knife poses a risk if the knife slips while the user is cutting. Although safety knives are designed to minimize danger, these can still be dangerous if not used properly. It is very important to check the legality of carrying a knife in the state or country.

For instance, in September 2021, according to the data published by WorkSafe Queensland, a government agency responsible for work health and safety and workers' compensation in Queensland, Australia, almost one third of all injuries sustained by 15–24-year-olds are cuts from working with knives.

Counterbalance: The key market players should ensure the safety of knives at the time of manufacturing process.

COVID -19 Impact on Global Knife Market 

Supply chain disruptions due to the global pandemic in coronavirus (COVID-19 outbreak) are expected to hinder growth of the global knife market. For instance, the nationwide lockdown and travel restrictions imposed by several governments to curb the spread of the virus affected the demand and supply negatively on the global knife market. The pandemic negative impact the growth of the knife market.

Analyst Viewpoint:

Global knife market growth is driven by growing demand for kitchen cutlery and tools from the rapidly expanding foodservice industry. The increasing number of restaurants, café chains, and food trucks across the world requires knives and other tools for food preparation.  The growing hospitality sector with new hotels opening every day also contributes to the demand for kitchen knives. The rising popularity of cooking shows and celebrity chefs leads to an increase in interest in cooking among consumers, further increase in the sales of kitchen knives.

However, the market growth is restrained by the availability of counterfeit and low-quality knives, especially in developing economies such as China, India. Consumers opt for these cheaper variants that hampers the sales of premium knives. The fragmented competitive landscape makes brand building challenging for established players as market players have to deal with numerous regional and local manufacturers.

The growing influx of western food cultures in this region will lead to increased adoption of specialized kitchen knives. Moreover, the tradition of gifting knives in Japan, China, and other Asian countries also drives the global  knife market growth. The market is expected to benefit from innovative product designs and advanced materials such as ceramic and damascus steel. Online retail will further stimulate the global knife market growth. .

Global Knife Market: Regional Insights

Figure 1. Global Knife Market, By Product Type

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Based on region the global knife market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East & Africa.

North America held a dominant position in the market which valued at 44%. The well-established hunting and outdoor culture creating steady demand for hunting, pocket, and tactical knives in North America is accelerating knife market growth. According to statistics published by U.S. Fish and Wildlife Service, there were over 49 million fishing and hunting license holders in the U.S. in 2020. Major knife manufacturers like Benchmade, Spyderco, Buck, and Gerber are based in the U.S. and benefit from proximity to this sizable hunting and outdoor gear market.

The popularity of cooking shows and celebrity chefs has also boosted kitchen knife sales in recent years. According to the U.S. Bureau of Labor Statistics, in 2021, there were over 1.6 million chefs and head cooks working in the U.S. food services industry, creating substantial demand for quality kitchen cutlery from both professional and home cooks. According to the  BLS (Bureau of Labour Statistcs) Data,  the U.S. also has a large manufacturing and construction sector, employing over 13 million production workers till October 2022, and thus, , generating demand for utility and industrial knives.

Figure 2. Global Knife Market, By Product Type

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Global Knife Market- Segmentation

Global knife market is segmented into product type, distribution channel, and regions.

Based on  product type, the global knife market is segmented into retractable knife, fixed knife, snap-off knife, safety knife, folding nife, specialty knife, carpet knife, hobby knife, and others. Out of which, folding knife segment held the highest share of the market owing to its portability, versatility, and utility as an everyday carry tool.

Folding knives are designed to be folded into the handle, making these more compact and portable to carry than fixed blade knives. Their compact size and ease of carry make these a convenient and popular choice for everyday tasks, which includes camping/hiking, hunting, and personal defense. According to the U.S. Knife Rights organization, folding knives makes up 80% of 2020 U.S. knife sales, indicating strong consumer preference for their portability.

Folding knives offer versatility throughout including the variety of blade shapes, sizes, and styles which is available to match different needs. Options like drop point, clip point, tanto, sheepfoot, wharncliffe, and spey blades cater to tasks ranging from detail work to heavy duty cutting. The wide range of sizes, from small pen knives to large tactical folders, also increases their utility for different situations.

Global Knife Market: Key Companies Insights

Global knife market is highly competitive. This is attributed to the focus of governments on green procurement policies; as a result, the market players are focusing on launching novel products in the market.

Some of the key players in the global knife market are:

Major players operating in the global knife market include 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.

Global Knife Market: Key Developments

• In August 2022, ToughBuilt Industries, a company that offers products such as knee pads, safety gears, hand tools, and others, launched a magazine-fed knife, that has a quick-reloading blade mechanism and a finger-guard ridge for cutting safely  that makes it suitable for usage for carpet applications and others.
• In September 2020, Milwaukee Tool, develops, manufactures, and markets power tools. added three new knives to their knife collection. A new FASTBACKTM 6in1 folding utility knife, a compact side slide utility knife, and a compact folding knife was added to the company's cutting solution lineup.

Definition - Knives are one of the most universal and essential tools that are used in households and commercial kitchens worldwide. There are several types of knives that serve different purposes in food preparation.