Knife Market to Obtain a CAGR of 6.1% to Reach USD 7.1 billion by 2032 – Report by Market.us

New York, May 01, 2023 (GLOBE NEWSWIRE) — The Knife Market had a global value of USD 4 billion in 2022 and is projected to increase to USD 7.1 billion by 2032. It is anticipated to achieve a compound annual growth rate (CAGR) of 6.1% from 2023 to 2032. Kitchen knives, hunting knives, tactical knives, and other knives are all included in the extremely diversified and expanding worldwide knife market. The market is driven by factors including growing interest in custom knives, expanding demand for high-quality knives, and rising popularity of online sales channels.

The kitchen knives segment is the largest segment of the global knife market, accounting for a significant share of the market. The rising significance of visual appeal will be a driving factor for knife demand in the kitchen. These knives can be utilized to make unusual cuts, including chiffonade and brunoise. Shortly, it is expected that advanced knives with different types of blades will have a positive effect on market growth.

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Key Takeaway:

• By type, the fixed blade segment generated the largest revenue share of 45% in 2022.
• By material, the steel segment has dominated the market, and it accounted for the most prominent global revenue of 60% in 2022.
• By application, the kitchen segment was dominant in the market, with the largest market revenue share of 45% in 2022.
• In 2022, Europe dominated the market with the highest revenue share of 30%.
• The Asia Pacific region is expected to grow at a significant CAGR from 2023 to 2032.

Factors affecting the growth of the knife market

There are several factors that can affect the growth of the knife market. Some of these factors include:

• Consumer Demographics and Preferences: Consumer demographics and preferences have a significant impact on the development of the knife market. The desire for various knife types, materials, and designs can be influenced by elements like age, gender, income, lifestyle, and cultural background.
• Technological Advancements: Innovation in the knife market is being driven by advances in technology in materials, production methods, and design. For instance, new materials like titanium, ceramic, and high-carbon stainless steel have been used to make knives that are sharper, stronger, and lighter.
• Competitive Landscape: The knife market is highly competitive, with a large number of players vying for market share. The market’s expansion may be impacted by the leading players’ strategies, which may include product innovation, pricing, marketing, and distribution.
• Emerging Markets: It is anticipated that the expansion markets will be primarily driven by Asia-Pacific and Latin America. The demand for knives in these areas is anticipated to rise due to the rising trend of home cooking and the rising number of households with higher disposable income.
• Increasing Demand for Customized and Specialty Knives: Knives that are customized to the demand and preferences of the customer are becoming increasingly popular. As a result, there is an increasing demand for custom and specialty knives that are designed for specific tasks or cuisines.
• Rising Popularity of High-End Knives: High-end knives become popular as a result of their durability, sharpness, and appealing designs. These knives are often made from high-quality materials like titanium, Damascus steel, and high-carbon stainless steel.

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Market Growth

The popularity of customized and expensive knives, technological improvements as well as the introduction of e-commerce sales channels are some of the factors that have contributed to the growth of the knife industry. Other contributing aspects include the rising trend of home cooking and outdoor activities. Additionally, the market is anticipated to develop in the coming years due to the rising need for eco-friendly and sustainable production methods.

Regional Analysis

With the greatest market share of 30% during the projection period, Europe is anticipated to be the knife industry’s most lucrative region. The market is expanding in Europe because of the growing popularity of outdoor activities like camping and hiking. Another reason that will likely increase the demand for knives is the rise in the number of nuclear families, individual households, and homes undergoing kitchen renovations and remodels. The Asia Pacific area is expected to grow at a faster CAGR of 7.1%. The rising desire for hand-forged knives in countries like India, Myanmar, and Bangladesh may be a contributing factor to the increase in knife demand in the region.

Competitive Landscape

The knife market is very competitive. Many players cater to different segments of the market. Benchmade, Spyderco, and other high-end brands are popular with professionals and enthusiasts. Casual users prefer inexpensive brands like Benchmaster and Opinel. The knife market is very competitive, with standards like brand reputation, design, and marketing in addition to quality and functionality.

Recent Development of the Knife Market

• Klein Tools established a deal with Trade Hounds, America’s top network for qualified and knowledgeable tradespeople, in February 2022. The company’s dedication to celebrating, attracting, and serving as a resource for skilled craft trade workers.
• Crescent Tools redesigned their Crescent Camo Pocket Knife and Crescent Wiss Camo Tradesman Shears in November 2021. The updated cutting tools are perfect for outdoor pursuits including camping, fishing, boating, and hunting.
• Peak Spec introduced a cutting task, a functional pocket knife in June 2021. The foldable pocket knife can be an elegant accent to one’s outfit while doing hard-cutting tasks in the woods.

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Scope of the Report

Market Drivers

• Growing Demand from the Food Service Market: Food service is one of the largest consumers of knives. The demand for durable and high-quality knives in this sector has led to the growth of the global knife market.
• Technological advances: Global knife sales have increased due to the development of more durable knives and improved production methods.
• Growth in e-commerce: With the development of e-commerce, consumers can now easily purchase knives from a wide range of companies and brands. This has increased demand for the global knife market.
• Consumers are increasingly looking for products of high quality: Customers are willing to pay a premium for knives that have a longer lifespan. This indicates a high demand for quality products.

Market Restraints

• The availability of less expensive alternatives: Instead of spending more money on high-end blades, consumers might choose to buy less expensive knives with restricted capabilities. This can prevent the premium knife market segment from expanding.
• Regulatory issues: The market for knives is subject to different regulations related to quality, manufacturing, and safety. Changes in these regulations could limit the growth of the market.

Market Opportunities

• New product development: Knives with innovative characteristics, such as ergonomic designs and improved blade materials, can be produced by manufacturers. They can also design specialized routines to address particular cutting tasks. It might assist them in differentiating themselves from the competitors and attract more customers for their goods.
• Online sales: The development of e-commerce platforms has given knife producers access to new markets. Manufacturers may reach a larger audience and boost sales by increasing their internet presence.

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Report Segmentation of the Knife Market

Type Insight

The market is segmented into three types include folding blades, fixed blades, and side slides. With the largest revenue share of 45.0% throughout the projection period, the fixed blade is anticipated to be the most profitable of these kinds in the knife market. Knives with fixed blades are the most popular. Knives with fixed blades are used in a variety of settings, including the kitchen, outdoor survival, weaponry, and athletics. They are said to be strong and durable. Because of their strength, they are recommended for demanding outdoor tasks like hunting, smashing windows, and chopping wood. In addition to its broad usage in food preparation for slicing meat and vegetables, fixed-blade knives are also used as cutlery. The growing restaurant industry, the rising popularity of eating out, and a rise in home demand are some of the major factors that are favorably influencing the demand for fixed-blade knives.

Material Insight

The market is segmented based on material into Steel, Titanium, Ceramic, and Other Materials. With a market share of 60.1%, the steel sector dominates the material category in the knife industry. Due to its advantageous qualities, including toughness, hardness, edge retention, and corrosion resistance, steel has a wide range of applications. On the other hand, a blade made of mild or low-carbon steel may be created for a reasonable price. Fewer carbon results in a more resilient blade.

High carbon content (or high alloy content, depending on the listing) materials offer substantially higher hardness, however, to avoid brittleness they must be appropriately tempered with heat treatment. Additionally, carbon steel, which is produced utilizing iron along with additional elements like manganese and carbon, is frequently utilized to forge Japanese blades. On the other hand, stainless steel combines carbon steel with other elements including chromium, vanadium, and tungsten. Due to stainless steel’s higher rust-resistant characteristic, it is preferred over carbon steel.

Application Insight

Kitchen, Survival/Hunting/Adventure/Tactical, Weapon, Sports, and Other Applications. With a 45.0% market share, the kitchen segment dominates the knife market among them. Due to the world’s growing population, there is also considerable growth in the need for household knives. Since practically every household uses kitchen knives, the demand for them will rise as the population grows. Numerous camping and adventure activities include the usage of survival knives. Adventure sports and camping are growing in popularity, especially among young people.

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Market Segmentation

By Type

• Folding Blade
• Fixed Blade
• Side Slide

By Material

• Steel
• Titanium
• Ceramic
• Other Materials

By Application

• Kitchen
• Survival/Hunting/Adventure/Tactical
• Weapon
• Sports
• Other Applications

By Geography

• North America
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Market Players

• Olfa Corporation
• Stanley Black & Decker, Inc.
• Milwaukee Tool
• Gerber
• Hyde Tools, Inc.
• S. Blade Manufacturing Company
• Roberts Consolidated Industries, Inc.
• Apex Tool Group LLC
• Klein Tools, Inc.
• Other Market Players

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