DUBLIN, Feb. 5, 2024 /PRNewswire/ — The “Global Cutlery Market Forecasts from 2023 to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global cutlery market is projected to witness a compound annual growth rate of 2.12% to grow to US$8.826 billion by 2028 from US$7.622 billion in 2021.
The increasing number of food service restaurants coupled with an increase in hotels, cafes, and other food service joints is increasing the demand for high-quality cutlery products to serve their consumers. With increasing demand in food service establishments, there is an increasing surge for premium quality knives, and forks, among others.
Moreover, the increase in technological advancement as it has made the production procedures easy is also one of the reasons boosting the global cutlery market growth.
Furthermore, the increase in e-commerce is boosting the global cutlery market in the projected period. Also, the increasing popularity of culinary shows on TV and video-on-demand networks has introduced viewers and cooking lovers to various cuisines and various cutlery options such as chopsticks with were initially used in Japan but have become famous all around the world, such globalization of cutlery is pushing the global cutlery market towards an upward curve.
Rising preference for fine dining
The growing number of fine dining restaurants along with growing per capita income in developing countries is aiding the global cutlery market growth. Further, the growing use of new and innovative products with advanced materials like carbon fiber, synthetic fibers, ceramics, and titanium alloys is increasing the demand for new and improved cutlery in the projected period.
For instance, to keep up with the demand for new products Eco-Products launched its newest line of sustainable products of compostable cutlery. According to OEC World, the top importers of cutlery sets plated with precious metal in 2021 were France, Germany, the United Kingdom, the United States, and Ireland with imports worth 4.94, 4.79, 3.28, 3.10, and 2.81 million respectively. The increasing imports in France can be attributed to the presence of a large number of fine dining restaurants coupled with increasing visits of tourist to such places
In North America, it is projected that the global cutlery market will grow steadily.
The North American region is estimated to have a large share during the projected period due to the market players that are involved in matching client expectations by offering quality cutlery sets and items. Additionally, there is an increase in financing for R&D initiatives to identify better composition and raw materials, which will enhance the efficacy and efficiency of the cutlery products and fuel the regional cutlery market.
The United States is anticipated to be the largest growing market during the forecast period
The United States cutlery market is growing owing to the increased demand for edible cutlery, as people are more concerned about the environment and are switching to decompostable and edible cutlery. The market is also growing due to growth in government initiatives and various product developments in the nation.
According to the US Census Bureau, the import of cookware, cutlery, and tools increased from 1, 069 million dollars in May to 1, 079 million dollars in June 2023. This import growth is due to the rising demand for an improved dining experience. Manufacturers in the nation are further focusing on product innovation, diminishing the use of plastics and using environmentally friendly products. For instance, Sabert Corporation announced the introduction of a new line of compostable paper cutlery in April 2022. The cutlery line is recyclable and constructed of FSCTM-certified paper. The set comes with a 13cm coffee spoon, a 17cm fork, a 17cm knife, and four 17cm spoons.
Market Key Developments
In August 2023, the family-owned American manufacturer Benchmade Knife Company (Benchmade) unveiled a newly designed website with a digital makeover that highlights the brand’s dedication to quality.
In June 2023, Sabert, a leading producer of sustainable food packaging solutions in the United States, unveiled its EcoEdge line of patented recyclable and biodegradable paper cutlery.
In April 2023, Eco-items introduced compostable cutlery with a distinctive, user-friendly design that is constructed from birch wood and has been certified by the Forest Stewardship Council (FSC) as the newest range of eco-friendly items.
Company Profiles
Boker Baumwerk GmbH Solingen
Carl Schmidt Sohn GmbH
Kyocera Corporation
BergHOFF
Ergo Chef
Stanley Rogers
Fiskars Group
W.Wright
KitchenAid
ZWILLING
Market Segmentation:
By Product Type
Forks
Table Fork
Dessert Fork
Others
Spoons
Teaspoon
Tablespoon
Dessert
Others
Knives
Bread Knife
Meat Knife
Dessert Knife
Others
By Price Range
Low End
Medium Range
Premium
By Material
Stainless Steel
Plastic
Sliver
Others
By Distribution Channel
Online
Offline
By Geography
North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
Japan
China
India
South Korea
Indonesia
Thailand
Others
For more information about this report visit https://www.researchandmarkets.com/r/2ueuxh
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SOURCE Research and Markets
