by Knives are hand tools or utensils with a cutting edge or blade attached to a handle. They are commonly used in cooking, eating, utility or food preparation activities. Knives are also extensively used in various industries such as manufacturing, automotive, construction and healthcare. Safety knives are amongst the most commonly used industrial knives. They provide precise cuts and come equipped with self-retracting blades that minimize the risk of injuries. With growing manufacturing and industrial activities worldwide, demand for safety knives is on the rise for tasks involving cutting open packages and trimming materials with precise accuracy in a safe manner.
The global knife market is estimated to be valued at US$ 4 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers fueling the growth of the global knife market is the growing demand for safety knives from manufacturing industries. As industries aim to provide a safe working environment to employees, demand for knives equipped with self-retracting blades that minimize the risk of cuts is increasing. Safety knives are widely used in factories involved in material handling, packaging, electronics assembly and more. With rapid industrialization worldwide, growth in the manufacturing sector will continue to drive sales of safety knives, thereby propelling the overall knife market. Moreover, easy availability of customized safety knives as per industry requirements further encourages its adoption across various manufacturing verticals. This rising demand from industries is expected to fuel market growth over the forecast period.
Segment Analysis
The knife market is dominated by the kitchen knives sub-segment which holds around 35% share of the overall market. Kitchen knives are essential for everyday food preparation tasks such as slicing, dicing, mincing etc. and have wide applications in both commercial and residential settings. The growing food service industry and increasing number of households are major drivers for this sub-segment.
PEST Analysis
Political: Governments in various countries have regulations regarding import/export and usage of knives which can impact the market. For e.g. strict laws in some countries regarding switchblade knives.
Economic: A growing global middle class has increased discretionary spending on kitchen tools and appliances including knives. Inflation can impact raw material prices.
Social: Changing lifestyles and increasing number of nuclear families are enhancing home cooking and culinary skills, driving demand for better quality knives.
Technological: Advancements in materials and manufacturing processes are resulting in stronger, sharper and longer-lasting knives. Some high-end knives feature composite blades and ergonomic handles.
Key Takeaways
The Global Knife Market Size is expected to witness high growth on the backdrop of increasing population, urbanization and demand for convenience food products. The global knife market is estimated to be valued at US$ 4 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030.
Regional analysis: The Asia Pacific knife market is projected to grow at a CAGR of 12% during the forecast period. China is currently the largest market attributed to large population and rapid economic growth. India is also emerging as high potential market driven by modernization of lifestyle and increase in number of households.
Key players: Key players operating in the knife market are CommScope, Comba Telecom, Laird Connectivity, Radio Frequency Systems, Rosenberger, Amphenol Procom, Mobi Antenna Technologies, Tongyu Communication, Shenglu Telecommunication, Cobham Antenna Systems. These players focus on developing innovative blade technology and ergonomic designs to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
