Impact Analysis of Covid-19
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Knife Market - Insights
Knife is a tool with a cutting edge attached to a handle. Knifes are used in food industry for handling and preparing food. Cutting plays a vital role in every stage of food processing. Various types of knives include bayonet, ballistic knife, combat knife, dagger, butterfly knife, and others. The market is projected to reach US$ 2,848.9 million by the end of 2027, at a CAGR of 4.5% over the forecast period (2019 – 2027), owing to increasing demand for knives from the food industry for cutting poultry, meat, fish, vegetables, fruits, grains, nuts, etc.
Availability of an array of knifes at low costs is driving growth of the global knife market. For instance, different types of kitchen knives include the chef’s knife which has blade size between 6 and 14 inches, paring knife, which is commonly used for chopping fruits and vegetables; utility knives which have blade size between 4 and 7 inches, bread knife, carving knife, which is used for carving meat, cleaver, which is a rectangular knife, steak knife, kitchen shears, which are used in cutting herbs, etc., and lettuce knife which is used in cutting salads among others.
Players operating in the knife market are adopting inorganic growth strategies such as product development, product launches, and innovative packaging ideas to enhance their product portfolio, and cater to increasing consumer demand. For instance, in April 2019, Urban Bar introduced Coley Bar Knife with a double sided 4.5 inch high grade 18/8 steel blade and a premium Swiss Pear wood handle.
Stringent 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 in 1986), 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.
The global knife market was valued at US$ 1,916.0 Million in 2018, and is expected to register a CAGR of 4.5% in terms of value to reach US$ 2,848.9 Million by 2027 over the forecast period (2019 – 2027).
Figure 1. Global Knife Market Share, By Region, 2018
Source: Coherent Market Insights, 2018-19
Asia Pacific is expected to hold a dominant position in the global knife market. Increasing use of knives in various applications such as cutting, trimming, slitting and slicing meat, poultry, pork, fruit, vegetables, and bakery products in food processing industry is expected to boost demand for knives in the region over the forecast period. The food processing industry is a major growth area for the Asia Pacific knife market, therefore growth of the food industry is expected to drive demand for knife market in the region. According to Invest India, the Indian processed food market was valued at US$ 322 billion in 2016 and is expected to reach US$ 543 billion by the end of 2020, at a growth rate of 14.6% during 2016 to 2020.
Figure 2. Global Knife Market Share, By Product Type, 2018
Source: Coherent Market Insights, 2018-19
Among product type, the folding knife segment accounted for the largest market share of 23.0% in the global knife market in 2018. Folding knives are innovative knives and cutters which can safely fit inside a pocket and carried easily. These are small and compact knives which can be folded easily to conceal the blade when not in use. Folding knives are self-retracting and blades are easily replaceable. It is an optimum choice to prevent injuries at the workplace. These factors are expected to drive demand for folding knives in the global knife market during the forecast period.
Players operating in the global knife market are adopting various growth strategies such as mergers and acquisitions in order to enhance their market share. For instance, in December 2018, Pacific Handy Cutter, a manufacturer of safety cutting tools, acquired Klever Innovations, a manufacturer of a full line of concealed bladed safety cutters. Through this acquisition, Pacific Handy Cutter aims to strengthen their market position in the production, designing and distribution of blades and safety cutting tools.
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.