Knife Market Size, Share & Industry Analysis, By Product Type (Fixed Knife, Safety Knife, Folding Knife, Others), By Application (Household, Outdoor Activities, Commercial), By Size (3-6 Inches, 6-9 Inches, 9-12 Inches) And Regional Forecast, 2024-2032

Knife has shown an increasing enlargement as the product is an essential tool which is necessary for various purposes. The product has been proven to help simplify the life of users across various types of work which include cutting of food items, trimming & tearing of clothes, woodworks, and others. The increasing growth of the handicraft industry resulting to the growing demand of the product. For instance, according to the data issued by the Indian Brand Equity Foundation, June 2020, is declaring that in 2019-2020 India’s export of handicraft to various countries is assessed to be worth USD 3.53 billion. Furthermore, the popularity of the usage of the product by gardening for trimming and re-shaping their plants is likely to fuel the consumption rate.

The thriving growth of the food-service industry by various countries across the globe is estimated to have a positive impact on market growth. For instance, according to the National Restaurant Association of India, May 2019, is declaring that the Indian food service industry market size is evaluated to be worth USD 61,950.46 million. The growing demand for the product among carpenters to help enhance their work is assisting to generate traction. Additionally, the rising consumption of the product among event planners for the use of decoration purposes has played a vital role for the usage of the product.

Nevertheless, the growing cost of raw material use such as steel, plastic titanium is leading to an upsurge in the final price of the product and act as a hampering factor for market growth.  

Key Market Driver -

The booming growth of food service industry around the world is acting as a driving factor for the market growth.

Key Market Restraint -

The rising cost of raw material use act as a restraining factor for the market growth

Key Players Covered:

Friedr. Dick Gmbh & Co., Milwaukee Electric Tool Corporation, Olfa Corporation, Stanley Black & Decker, Inc., Pacific Handy Cutter Inc., and others are the key companies operating in the Knife market.

The knife market is segmented into by product type, application, end-user, and geography.

On the basis of product type, the market is fragmented into fixed knife, safety knife, folding knife, and others(snap-off knife, carpet knife). Fixed knife is projected to be the dominant segment owing to its easy maintenance, its firmness, and its superiority for survival use such as cutting, digging, first aid, hunting weapon makes it an ideal knife for most consumers.

Based on application, the market is grouped into the household, outdoor activities, and commercials. Household is estimated to be the prominent market on account of regular use of the product on a daily basis for cooking purpose is helping to upsurge the consumption rate.

By end-user, the market is grouped into 3-6 inches,6-9 inches, and 9-12 inches. 6-9 inches is estimated to be the largest market due to holding lightweight but still comfortable enough to cut and trim various kinds of objects. Similarly, the popular use of this product type in the commercial sector upsurges its demand.

Regional Analysis:

On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

Asia Pacific is estimated to be the prominent market shareholder and is projected to continue throughout the forecast period of 2020-2027. The increasing number of people involved in agriculture is projected to have a vital influence for the escalating need for a knife. For instance, according to the data released by the India Brand Equity Foundation, August 2020, is proclaiming that 58 percent of the Indian population has agriculture as their main source of livelihood. Additionally, the street food vendors in this region increasingly gaining traction is helping to boost the need and demand for the product.

North America is projected to have a significant presence in the knife market owing to the rising construction of new homes propelling people to shop for kitchen utilities, including a knife. For instance, according to the data issued by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, October 2020, is stating that there are 1,413,000 housing completions and 1,415,000 housing starts in the United States. Furthermore, the rising popularity of hunting propelling people to own a knife for safeguarding themselves from wild animals has also boosted the demand. For instance, the United States Fish and Wildlife Service is declared that in 2018 American hunters has bought more than 15.6 million hunting licenses.

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Segmentation

Key Industry Developments-

• In January 2019, CRKT Knives announced the launche of is freshly design knife product. This uses a lot of lesser steels like 8Cr, 1.4116, and but include a lot of D2 which is ideal for  budget steel.


• In January 2019, Benchmade Knives declard the partnership with Hayter Communications as a public relation agency of record. This partnersip is estimated to help boost the sales of benchmade knives products.