Knife Market to Reach US$ 2,848.9 Million globally by end of 2027 – Coherent Market Insights

SEATTLE, May 20, 2020 (GLOBE NEWSWIRE) -- The global knife market is estimated to reach US$ 2,848.9 Million by 2027 from US$ 1,916.0 Million in 2018, and is projected to exhibit a CAGR of 4.5% over the forecast period (2019–2027).

Increasing applications of knives, coupled with a broad array of products for different applications is expected to have a positive impact on the growth of the global knife market. Knives are used for DIY (Do It Yourself) and woodwork projects, trimming and tearing clothes, and protection, and self-defense. Other applications of knives include cutting through clamshell, cardboard, and other packaging, scoring materials such as drywall, trimming excess of material from injection molded rubber or plastics, and cutting binding materials such as cord, packing tape or plastic strapping.

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Moreover, knives are also used in the food industry for handling and preparing food. Increasing demand for knives from the food industry is a major factor driving growth of the global knife market. For instance, according to India Brand Equity Foundation (IBEF), the food processing industry in India was one of the largest industries, accounting for 32% of the total food market in 2017.

Distribution channels of knives includes home center & hardware, mass retail, E-commerce, and others. Other distribution channels include convenience stores and specialty stores. The e-commerce distribution channel is predicted to grow at the fastest pace during the forecast period, owing to increasing penetration of internet and mobile phones across the globe. For instance, according to Internet and Mobile Association of India (IAMAI)'s report published in 2017, the number of internet users in India was 481 million in December 2017 and is expected to reach 500 million by June 2018, recording an increase of 11.34% over the period.

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Key Market Takeaways:

• Asia Pacific is expected to witness significant growth in the market during the forecast period, owing to increasing use of knives in the food processing industry. Increasing Foreign Direct Investments (FDIs) in the food processing sector will further drive growth of the food processing industry in the region. As stated by the India Brand Equity Foundation (IBEF), the food processing sector in India has received around US$ 7.54 billion worth of Foreign Direct Investment (FDI) until March 2017. Furthermore, The Confederation of Indian Industry (CII) has estimated that the food processing industry in the country can attract investments worth US$ 33 billion of investment by 2027. Thus, the growing food processing sector is expected to further drive growth of the knife market in Asia Pacific.
• Retractable and folding knives are majorly used in the construction industry. Therefore, significant growth of the construction industry is expected to drive demand for knives in the global market. According to the government of U.K., revenue of the global construction industry is expected to increase from US$ 8.5 trillion in 2012 to US$ 12 trillion by 2025, witnessing a growth of over 41% during the period.
• Major players in the knife industry are focused on developing innovative products in order to expand their product portfolio and cater to the increasing demand for knives. For instance, the Okayji company launched Okayji stainless steel camp tool with knife, fork, spoon, and can opener, 3-inch. The new knife offers multiple functions such as knife, fork, spoon and bottle opener, foldable travel and camping cutlery kits. It is also easy to carry, and is ideal for camping, backpacking or just to keep in your car for emergency.

Report features some of the Major players operating in the global knife market—

 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.

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Market Segmentation:

• Global Knife Market, By Product Type:
  • Retractable Knife
  • Fixed Knife
  • Snap-off Knife
  • Safety Knife
  • Folding Knife
  • Specialty Knife
  • Carpet Knife
  • Hobby Knife
  • Others
• Global Knife Market, By Distribution Channel:
  • Home Center & Hardware
  • Mass Retail
  • E-commerce
  • Others
• Global Knife Market, By Region:
  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • Italy
    • France
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East
    • GCC
    • Israel
    • Rest of Middle East
  • Africa
    • North Africa
    • Central Africa
    • South Africa

Mr. Shah
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