Cutlery Steel Market Forecast and CAGR
According to latest research by Fact.MR, cutlery steel market is set to grow at a CAGR over 3.2% during 2021-2031. The cutlery steel business is matured and its growth is anticipated to be steady during the forecast period. The surging usage in commercial sector and households for cooking in developed regions will aid the business growth. New product variety and innovative business strategies will fetch new opportunities for the players.
What is Driving Demand for Cutlery Steel?
The market is being fueled by the increasing use of cutlery steel in both commercial and domestic applications. In addition, sales of cutlery steel are being driven by industrialization in developing economies and the introduction of new products. Also, advancement in cutlery design is acting as key demand driver in cutlery steel business.
It has been observed lately that the preferences of the end users are gradually shifting from premium products to the cost effective as well as comparatively lighter, medium range products in the developing nations. All these factors combined are creating a demand for the cutlery steel and thus, its growth is estimated to follow historical pattern in the coming years.
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Key Factors Responsible for Sales of Cutlery Steel
The emergence of digital revolution in the developing economies has lead the manufacturers to enhance their distribution networks through online channels where e-commerce holds a majority portion of the pie.
The expansion of restaurant businesses through online platforms such as Zomato, Swiggy, and UberEats among others brought about an increase in the use of cutlery which in turn has also opened up prospects for a substantial increment in the value chain.
The rising popularity of cooking shows on various digital platforms has led to a surge among the cooking enthusiasts all over the world to try different dishes with aesthetic appeal will also aid the demand during the forecast period.
North America and Europe Cutlery Steel Market Outlook
North America and Europe both are the prominent regions for cutlery steel globally. They collectively account for more than 40% of market share. The demand is attributed to the fact that the presence high and medium income groups has led to high per-capita expenditure on products such as cutleries and this in turn has been creating the demand for cutlery steel.
Historically the market grew over a CAGR of 3% and is estimated to show similar growth during the forecast period. The COVID-19 pandemic had significant impact on the sales of cutlery steel as the people cut-off the additional expenses owing to job-layoff in the regions. This has led to lowered demand in the region in 2020. The situation has become stable in these regions and thus, the market is now recovering and will be fully recovered by Q4 of 2021.
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Asia Pacific Demand Outlook for Cutlery Steel
Asia Pacific is one of the prominent regions for cutlery steel after North America and Europe. China, being the largest manufacturing hub in the world is fueling the demand for cutlery steel in the region. The rapid urbanization due to the ever increasing population as well as industrialization in the developing nations is increasing the urge for better standards of living which is thereby driving the demand for medium to premium cutlery products in the region.
The modern cutlery products are easy to maintain, rust-free as well as easily washable which further provides impetus to the sales of cutlery steel in Asia Pacific.
The regional business is at maturity state and the competitive landscape is highly fragmented. For a new entrant the initial years will be challenging to compete with the established players, but with introduction of new product variety the chance of sustaining in the business high.
Who are the Key Manufacturers and Suppliers of Cutlery Steel?
Some of the leading manufacturers and suppliers of cutlery steel include
- John Boos
- Picnic time
- Melange Home
- Picnic at Ascot
- Chicago Cutlery
- Big Tree Furniture
- French Home
- Hampton Forge
- Groupe SEB
- Edibles by Jack
- UniCrave Technologies
- Mede Cutlery Company
- Candy Cutlery
- Unreasonable Group among others.
As manufacturers in the cutlery steel business are zeroing in on the delivery of consumer centric and innovative cutlery products, it is assessed to advance at a consistent speed during the assessment period.
In any case, increasing demand for custom made cutlery presents challenges the manufacturers as far as various factors associated with the production of each custom made cutlery product like different functioning environments, heating limit etc. comes into play. Being operating in a highly fragmented market the players are facing high competition amongst each other’s.
The top players are focusing on inorganic strategies such as acquisition in their operational region in order to reduce the competition.
An Adaptive Approach to Modern-day Research Needs
Cutlery Steel Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
By Product Type
- Table Fork
- Dessert Fork
- Bread Knife
- Meat Knife
- Dessert Knife
By Price Range
- Low End
- Medium Range
- Stainless Steel
By Distribution Channel
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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