The global knife market was valued at US$ 1,916.0 Million in 2018, according to 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) published by Coherent Market Insights.
The global knife market is projected to reach US$ 2,848.9 Million by 2027, exhibiting a CAGR of 4.5% during the forecast period (2019-2027). Demand for knives has been on the rise across the globe owing to increasing application of knives, coupled with broad variety of products for various applications. Knives are used in various applications such as trimming or tearing clothes, woodwork projects, cutting through clamshells, cardboard cutting, scoring materials such as drywall, and trimming excess material from injection molded rubber or plastics etc. Moreover, availability of a wide range of knives such as retractable knives, fixed knives, snap-off knives, safety knives, folding knives, specialty knives, carpet knives, and hobby knives for use in different applications is also expected to boost demand for knives over the forecast period.
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Browse 30 market data tables* and 25 figures* on "Knife Market” - Global forecast to 2027
Key Trends and Analysis of the Knife Market:
- Among product type, hobby knives segment is expected to witness the fastest growth rate over the forecast period. Hobby knives are explicitly used in art & craft. They are an important part of the specialty scrapbooking tool-kit. For optimum control in art & craftwork, hobby knives can be held safely in hand. They are also known as papercraft knives. Rising interest in craft works among people is expected to increase demand for hobby knives during the forecast period. Also, straight and curved hobby knives helps to provide more detailing in all kinds of craft projects. These factors are expected to drive growth of the hobby knife segment in the global knife market during the forecast period.
- Among distribution channels, the home center & hardware segment is estimated to account for the largest share in the global knives market. Home center & hardware channels procure products directly from the manufacturer, allowing a better margin as well as discounted offerings to customers. Different varieties of kitchen knives, industrial knives, and household-use knives available at a competitive price are expected to drive growth of the home center & hardware segment. Positive growth of the housing market in North America is driving sales of industrial and carpet knives in hardware stores. For instance, according to North American Retail Hardware Association (NRHA), hardware sales in North America were estimated at US$ 394 Bn in 2018, growing at 5.5% Y-o-Y.
Key Takeaways of the Market:
- Among regions, Europe is estimated to account for significant market share during the forecast period. This is owing to growth of the manufacturing sector in the region. Industrial knives have major application in the manufacturing sector of industries such as textile, leather, and rubber & plastics as carpet weaving machine parts, automotive fabric cutters, cloth cutting machine blades, and others. The growth of the manufacturing sector in Europe is expected to boost demand for knives and other tools, resulting in higher demand for knives in the region. According to the World Bank Statistics, the manufacturing industry’s value added (%) contribution in the GDP of the European Union increased from 13.7% in 2013 to 14.17% in 2018.
- Key players are focusing on new product launches in order to increase its market share in the global knife market. For instance, in 2019, various companies launched new knives for kitchen applications in the market, including Imarku Pro Kitchen 8-Inch Chef's Knife, Wusthof 8-Inch Pro Cook's Knife, Victorinox Fibrox Pro 8 Inch Chef’s Knife, J.A. Henckels International Classic 8-Inch Chef's Knife, Mac Knife Chef Series Hollow Edge 8-Inch Chef's Knife, Cangshan TS Series 17-Piece Knife Block Set, Mercer Culinary Genesis 6-Piece Forged Knife Block Set, Calphalon Classic Self-Sharpening 12-Piece Knife Block Set, Sabatier Self-Sharpening Edgekeeper Pro 12-Piece Knife Block Set, and Cuisinart Advantage Color Collection 12-Piece Knife Set.
- 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.