US-based research firm Technavio has released a report charting the predicted fortunes of the global commercial kitchen knives market over the next 4 years.
The company has been monitoring the sector and believes it is poised to grow by US$393.24m during 2020-2024, progressing at a CAGR of over 4% during the forecast period.
The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although Technavio acknowledges that the catering equipment sector in general has been affected by coronavirus, it estimates that the impact will be neutral on the knife market.
However, the firm believes the non-electric consumer kitchen knives segment is expected to be the leading segment during the forecast period.
Technavio reports than an increase in the number of end-user establishments is one of the major trends in the market.
Rising demand for customised kitchen knives is apparently one of the major factors driving the trade. However, the increased sale of counterfeit commercial kitchen knives is reportedly restraining market growth.
In terms of geography, the research firm believes the APAC region will contribute 36% of market growth.
To make most of the opportunities, Technavio advises market vendors to focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The research company analyses that the market is fragmented, and the degree of fragmentation will accelerate during the forecast period.
Technavio picked out Dexter-Russell, Friedr. Dick, I.O. Shen Knives UK, Kai Corp, MAC Knife, Samuel Staniforth, Tojiro, Victorinox, Cuisinart, Groupe SEB, Hamilton Beach, Lifetime Brands, Messermeister, Newell Brands, The Oneida Group, Whirlpool, Wüsthof and Zwilling J.A. Henckels as some of the major market participants.