Million Insights - World's Fastest Growing Market Research DatabaseAccording to new report available with Million Insights, the global kitchen knife industry to grow owing to rising interest of cooking among the millennial population on exposure to reality shows like MasterChef, Top Chef, and Hell’s Kitchen. Moreover, increasing popularity of cooking as a career choice is expected to fuel up the demand for kitchen knives.
The global kitchen knives market size is expected to register revenue of USD 2.08 billion by the end of 2025, according to a new report by Million Insights. It is expected to grow with a CAGR of 8.6% from 2019 to 2025. This growth can be attributed to rising preference among the millennial for cooking due to increasing influence of reality shows like MasterChef and Hell’s Kitchen.
The residential application segment held the highest share across the global market in 2018 due to increasing usage of such products in kitchens coupled with the rising disposable income among the working population. On the other hand, the commercial application segment is anticipated to witness fastest growth with CAGR of 8.9% in the upcoming years due to rising preference for eating outside among the millennial population.
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The convenience stores distribution channel segment held the highest share of 58.0% across the global kitchen knives market due to the tendency for physical verification of product before making the purchase decision among the population. The online distribution channel is expected to witness the highest growth in the upcoming years due to rising influence of smartphones, internet and e-commerce platforms across the globe.
The plain cutting edge segment held the highest share across the global market in 2018 due to the increasing usage of such knives for household and commercial segments. The serrated edged knives are anticipated to register the fastest CAGR of 9.0% from 2019 to 2025 due to its low-cost price and rising popularity across the globe.
Europe held the largest share exceeding 25% across the regional market and is anticipated to continue its dominance over the forecasted period. Asia Pacific is anticipated to register the highest growth with a CAGR of 9.8% during the forecast period, 2019-2025 owing to rising popularity of hand-forged knives across countries like India, Myanmar, and Bangladesh.
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Further key findings from the report suggest:
• The stamped blades held the highest share exceeding 75% across the global market in 2018.
• The commercial application segment is expected to register the highest growth with a CAGR of 8.9% from 2019 to 2025.
• The segment of 7-9 inch sized knives is projected to witness highest growth with 9.4% CAGR during the forecasted years.
• Convenience stores held the highest share exceeding 58.0% across the global market.
• The serrated edged knife segment is anticipated to register the highest growth with a CAGR of around 9.0% in the upcoming years.
Million Insights has segmented the global kitchen knives market on the basis of manufacturing process, cutting edge, application, size, distribution channel, and region:
Kitchen Knives Manufacturing Process Outlook (Revenue, USD Million, 2015 - 2025)
• Hand Forged
• Stamped Blades
Kitchen Knives Cutting Edge Outlook (Revenue, USD Million, 2015 - 2025)
Kitchen Knives Application Outlook (Revenue, USD Million, 2015 - 2025)
Kitchen Knives Size Outlook (Revenue, USD Million, 2015 - 2025)
• 3-5 Inches
• 5-7 Inches
• 7-9 Inches
• 9-12 Inches
Kitchen Knives Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Convenience Stores
• Supermarkets & Hypermarkets
Kitchen Knives Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
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