Global Knife Market was valued at US$ 2.39 Billion in 2023. According to the Global Knife Market report, By Product Type (Retractable Knife, Fixed Knife, Snap-off Knife, Safety Knife, Folding Knife, Specialty Knife, Carpet Knife, Hobby Knife, and Others), By Distribution Channel (Home Center & Hardware, Mass Retail, E-commerce, and Others), and By Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) AS published by Coherent Market Insights.
Global knife market is expected to surpass US$ 3.25 Billion by 2030, and exhibit a CAGR of 4.5% during the forecast period (2023-2030).
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.
Global Knife Market- Drivers
The use of knives in home kitchens around the world has steadily increased over the past few years, and thus, leading to substantial growth in the global knife market. One major factor driving the market growth is rising popularity of home cooking and baking. In 2020, according to a survey by the International Food Information Council, 65% of consumers cooked at home during the pandemic, with 25% baking more often. This increase in home cooking and food preparation has led to greater demand for high-quality kitchen knives for chopping, slicing, and dicing ingredients. Shift toward fresh and whole foods is also expected to drive the market growth. According to the data published by Food and Agriculture Organization (FAO), global consumption of fruits, vegetables, nuts and legumes rose nearly 20% from 2000 to 2019. Preparing more fresh ingredients requires sharp and durable knives that can handle delicate foods. Many consumers are investing in knife sets with different blades for specific cutting tasks. The growth in cooking shows and celebrity chefs has also inspired interest in quality cookware including specialized knives like Santoku, Nakiri, and Kiritsuke-style knives. Social media sites like Facebook, Instagram, and TikTok have exposed home cooks to aesthetically pleasing food preparation techniques and inspired interest in the knives used by professional chefs. As consumers continue pursuing home cooking as a hobby, passion, or daily necessity, demand for high-performance kitchen knives is expected to increase. Companies are responding to ergonomic, innovative knife designs, and advanced blade materials. The global knife market was valued at US$ 2.39 billion in 2023 and is expected to grow steadily as kitchen knives become essential and multipurpose tools in households worldwide.
Global Knife Market- Opportunities
Various companies are adopting online channel as a mode of sales channel, in order to boost their sales. Increasing penetration of online channel in the B2B market place is expected to drive the knife market growth during the forecast period. Online channel creates wider ecosystems for companies, has new capabilities, and allows companies to generate new sources of revenue. Moreover, online channels are efficient in terms of time and cost, as it serves as a one-stop shop for B2B buyers. E-commerce provides an opportunity to acquire new customers, while retaining and growing loyalty with existing customers. An effective B2B e-commerce channel helps the company to grow and scale easily to meet market demand and customer requirements, by opening new sales channels. Moreover, an e-commerce platform provides a company with an online presence, which allows the company to promote, grow, and strengthen their brand, both locally and internationally. For instance, on April 28, 2023, according to the data published by United Nations Conference on Trade and Development, e-commerce sales in China rose from around US$ 2,900 Bn in 2020 to around US$ 3,500 Bn in 2021.
Global Knife Market- Restraints
Government regulations
Government regulations to use, manufacture, import, sell, and transport knives is a major factor hindering growth of the global knife market. For instance, under the Switchblade Knife Act of 1958, amended 1986, by the U.S. government, the switchblades and ballistic knives are banned from interstate shipment, sales, importation, and possession in any territory or possession in the U.S. land belonging to the U.S. federal government with the exception of federal and state law enforcement agencies and the military.
It is illegal to sell knife in the U.K. to anyone below the age of 18 years unless it has folding blade of 3 inches or less than 3 inches. Furthermore, it is illegal in the U.K. to buy, hire, sell or lend butterfly knives, disguised knives, flick knives, gravity knives, and others. Knives Act 1997 forbid sales of combat knives and restrict knives as offensive weapon. In Canada, the possession of knives that open automatically are criminalized by the Canadian Criminal Code. Switchblade, butterfly knife, and belt-buckle knife are banned in Canada.
Under the Weapons Ordinance, knives such as gravity knife among others are banned in Hong Kong. In the Netherlands, the Dutch government prohibits the possession of throwing knives, switchblades, folding knives with more than one cutting edge, and gravity knives among others.
Global Knifes Market - Impact of Coronavirus (COVID-19) Pandemic
The outbreak of COVID-19 (the global pandemic) has had negative impact on the growth of the global knifes market, as several countries were in partial or full lockdown, which halted production in different parts of the world. Moreover, travel restrictions due to a nationwide lockdown imposed by several governments to curb the spread of the virus have affected the demand and supply chain of global knife market. However, with the easing of lockdown measures, the market is expected to witness positive growth in the coming future.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/knife-market-3304
Key Takeaways:
Global knife market was valued at US$ 2.39 Billion in 2023, and is forecast to reach a value of US$ 3.25 Billion by 2030 at a CAGR 4.5% between 2023 and 2030.
North America helds the dominant position in the global knife market in 2022 due to increasing approval and the launch of new products.
Global Knife Market- Trends
Development in Knife Packaging
Companies are continuously developing and implementing new packaging techniques, in order to expand their presence in the global knife market. The companies are developing different packaging to make them unique and for their products to stand out in the market by being different than other products. These companies are also turning towards sustainable packaging.
Sustainable packaging refers to sourcing, development, and use of packaging materials that have minimal environmental impact and footprints. This can be achieved by using eco-friendly materials, reducing packaging waste, and designing the packaging with the main purpose of creating as little harm to the environment as possible.
For instance, York Saw & Knife is a company that engages in the manufacturing and distribution of custom industrial machine knives for every application in the packaging world such as cut-off knives, circular knives, tray knives, and straight knives. The company offers precision cutting tools to packaging companies across the globe.
Furthermore, on February 21, 2023, KYOCERA Corporation, a company that offers kitchen products, solar electric systems, automotive components and others, introduced a plastic-free retail packaging for ceramic knives.
Global Knife Market- Competitive Landscape
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- Recent Developments
- In February 2022, Spyderco, manufacturers of high-performance folding knives, fixed blades, and sharpeners inaugurated new manufacturing facility in Taiwan. It is a 40,000 square foot manufacturing facility in Taiwan, China to increase its production capacity. This supports Spyderco's continued growth and allows it to meet growing global demand.
- In September 2022, Victorinox, a army knife manufacturer, expanded in India by opening branded . It opened retail stores in India to expand direct-to-consumer sales in one of the fastest growing markets globally. This move strengthened its presence in India.
