Smart Kitchen Products Are Fastest Growing Segment Fueling Growth Of The Global Knife Market

Market Overview:
Knives are cutting tools or weapons with a cutting edge or blade attached to a handle. They are used for various purposes such as cooking, hunting, tactical and defensive purposes due to their advantageous design and sharp blades. Knife blades are generally made of high carbon steel and alloys to resist corrosion and maintain sharpness for long term use.

The global Knife Market is estimated to be valued at US$ 2.39 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving growth in the knife market is the increasing popularity of smart kitchen products. Major players are innovating and developing smart knives that come with features like precise automated thickness and width adjustments, self-sharpening, motion sensors and Bluetooth connectivity. These smart knives make cutting and food preparation safer, more convenient and consistent by automating repetitive tasks. Their rising demand from chefs and home cooks is expected to significantly contribute to the knife market expansion over the forecast period.

Segment Analysis

The global knife market is segmented on the basis of product into pocket knives, kitchen knives, outdoor knives, and other knives. The kitchen knives segment dominated the market in 2022 and is expected to remain dominant over the forecast period. This is due to their widespread application in domestic and commercial food preparation activities across the world. Kitchen knives are indispensable tools in commercial and domestic food preparation activities such as slicing, dicing, filleting.

Key Takeaways

Market size
The Global Knife Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand for knives from various end-use industries such as food processing, military & defense, and shipping & logistics industries.

Regional analysis
North America dominated the knife market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to robust growth of food processing and shipping & logistics industries in the region. Asia Pacific is expected to register fastest growth in the knife market during the forecast period due to rapid industrialization and growth of end-use industries in developing economies such as China and India.

Key players
Key players operating in the knife market are Olfa Corporation, Stanley Black & Decker, Inc., Milwaukee Tool, Gerber, Hyde Tools, Inc., U.S. Blade Manufacturing Company, Roberts Consolidated Industries, Inc., Apex Tool Group LLC, Klein Tools, Inc. Stanley Black & Decker, Inc. and Olfa Corporation are the global leaders in the knife market owing to their well-established brands and wide product portfolio.

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