The global kitchen knife market size is projected to experience dynamic growth in the forthcoming years owing to the proliferation of restaurants and fast food centers worldwide, as observed by Fortune Business Insights™ in its report, titled "Kitchen Knife Market, 2024-2032".
The food industry is growing at a moderate rate of 15-20 percent annually. A report by Economic Times India states that in a top metropolitan city such as Bengaluru, the foodservice sector is valued at $48 billion, which was larger than the value of the pharmaceutical sector. This growth can be attributed to several reasons, the important one being the rise in incomes of middle-class families. Also, rapid urbanization and globalization are promoting cuisines of different countries and places and hotels and restaurant businesses. For example, the National Restaurant Association said it expects the industry's sales to reach $1.2 trillion by 2030.
The other reason for the growing demand for kitchen knives is the mushrooming of fast food outlets. Due to the rising number of working women, tech-savvy apps, and the growing popularity of different cuisines are favoring the demand for fast food.
List of Key Players Covered in the Kitchen Knife Market Report:
- Zwilling J. A. Henckels
- Wüsthof
- Messermeister
- Global-Knife.
- Shun Cutlery
- Kitchen Knife Guru
- Kal USA Ltd.
- MAC Knife
Information Source: https://www.fortunebusinessinsights.com/kitchen-knife-market-103865
Segmentation
Based on its material, the market is divided into steel, plastic, and titanium. By application, the market is divided into household and commercial. By size, it is segmented into 3-6 inches, 6-9 inches, and 9-12 inches. In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East& Africa.
Highlights of the Report
The report contains a comprehensive analysis of the kitchen knife market. It provides information about market segmentation and different strategies to help increase growth opportunities and revenue of the market. It also provides insights into the market's drivers and restraints. Additionally, it provides information about the regional analysis, future trends, and the challenges that will affect the market growth.
Drivers and Restraints
Increased Influence of Food Related Content over Social Media & Television to Bolster Market Growth
To compete with one ano working upon the quality of food as well as developing new culinary methods. In the U.S., restaurants are using ceramic knives so that it does not react with acidic fruits and food items. The knives used are designed in such a way that they remain sharp and rustproof over a longer period of time. Other drivers of this market include the rising number of food T.V. shows and the exponential growth of social media platforms to promote food. Doing what you love and making money from your passion is the key reason for people to choose unconventional career options such as cooking as their full-time job. Cooking provides them the option to run their own personal blogs, vlogs, and come up with new recipes, aided by the innovative use of kitchen knives and other tools. These new-age trends are positively impacting the kitchen knife market.
Regional Insights
Europe to dictate the Market; the Asia Pacific to Come Next
Europe is dominating the kitchen knife market share due to the increasing number of hotels, restaurants, cafés, and bakeries in recent years. According to a report published by Horwath HTL Europe Chain and Hotel, hotel chains across the region have increased in places such as Netherlands, Paris, the U.K., and Poland. Another report by PWC states that European hotel transaction volume increased and reached €20.9 billion in the year 2017. This tremendous growth was seen due to the renewal of U.K. hotel investment activity in 2017. Apart from the U.K., huge investments were done in Spain and Germany. Booming tourism activities in the Asia Pacific region are strongly promoting the regional market for kitchen knives as tourists are deeply interested in novel food preparations and cuisines. For instance, a report by Nation Thailand mentions the top touristic locations of this region include India, China, Japan, Malaysia, and Thailand, where local cuisines are popular among Westerners.
Competitive Landscape
New Product Launches by Key Players to Energize the Market
Key players in this market are deepening their engagement to come up with innovative and comfortable products to allure their consumers. They are coming up with new launches and widening their offerings to expand in their market. For example, Viners, a British cutlery brand announced its new launch as assure collection of Kitchen Knives which is marketed as next-generation knives. It is made up of top-quality stainless steel and designed with a black non-stick coating material that reduces friction and provides comfort while chopping.
Industry Development
March 2020: JRL group collaborated with Brand Partners Group to launch the new line of Kitchen Knife under a new brand name Ginsu.
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