The global kitchen knives market was worth USD 1.17 billion in 2018 and is expected to grow at an annual rate of 8.6% from 2019 to 2025. The rising popularity of reality shows such as Top Chef, MasterChef, Hell's Kitchen, Iron Chef, and Chopped, which have revitalised the food world, is the market's primary growth driver. Furthermore, cooking has become a popular career choice, which is expected to boost the demand for kitchen knives.
Over the next few years, product demand will be driven by the increased relevance of visual attractiveness in diverse dishes. Due to increased globalisation, the use of knives to make unusual shapes such as brunoise, chiffonade, julienne, and macedoine has become a popular trend. This will increase demand for the goods. In the near future, the introduction of advanced products will also have a favourable impact on market growth.
For example, Artisan Revere introduced Elmax, an 8.6-inch chef knife, in March 2019 for uniform, smooth, and speedier cutting. Peak Knife Company released the Colorado 14ers chef's knife in April 2019 made of German 1.4116 steel. In 2018, kitchen knives with stamped blades accounted for more than 75% of total revenue.
Hand forged manufacturing items, on the other hand, are predicted to increase at the quickest rate, with a CAGR of 9.1% from 2019 to 2025. By 2025, Europe is predicted to have the highest share of the global kitchen knives market, while Asia Pacific is expected to grow at the quickest rate during the forecast period.
The stamped blades category held the greatest market share of more than 75% in 2018 and will continue to do so throughout the projection period. These items have a lot of flexibility and make great boning and fillet knives. Furthermore, stamped products are much lighter than their competitors, which increases demand. From 2019 to 2025, the hand forged segment is predicted to grow at the quickest rate. Forging makes steel stronger, thus blades created this way are significantly more durable. Furthermore, the product's strength allows it to be re-sharpened multiple times, extending its life.
In 2018, the residential application was the largest category, and it is expected to grow at a steady CAGR from 2019 through 2025. This expansion can be ascribed to rising consumer knowledge of innovative products and rising disposable income levels, particularly in emerging markets like as India and China. From 2019 to 2025, the commercial application is predicted to grow at the fastest rate of 8.9%. Over the projected period, increased demand for outside food due to hectic work schedules and an increase in the number of restaurants and eateries is expected to drive product demand in this area.
The kitchen knives market has been divided into four categories based on size: 3-5, 5-7, 7-9, and 9-12 inches. Due to increasing demand from the residential application, 5-7 inch items are predicted to account for the greatest market share by 2025. Paring knives are used for peeling vegetables and fruits, cutting small garnishes, de-vining shrimp, and removing the seeds from jalapenos, among other things. From 2019 to 2025, the 7-9 inch product segment is predicted to grow at the quickest rate of 9.4%. Carving and bread knives, as well as ham slicers, are included in this category. These products are used for a variety of cutting applications. The blades on the majority of these goods are broad and heavy.
In 2018, the convenience store category dominated the global market, with a market share of more than 58 percent. The increasing number of specialty and department stores, as well as company-owned brand outlets, is expected to be a major driver of segment expansion. The internet category, on the other hand, is expected to increase at the fastest rate from 2019 to 2025. Due to the growing number of smartphone and internet users, as well as the ease of purchasing afforded by these sites, the popularity of e-commerce sites such as Amazon will increase product sales through online channels. Furthermore, these platforms offer a wide range of branded products at reduced prices, as well as doorstep delivery.
https://www.coherentmarketinsights.com/market-insight/knife-market-3304
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