The global Cutlery market is expected to witness a market value of US$ 10.0 Billion in 2023 and is expected to accumulate a market value of US$ 20.3 Billion by registering a CAGR of 6.4% in the forecast period 2023 to 2033. The Cutlery market registered a CAGR of 3.2% in the historical period 2018 to 2022. Factors such as the changing consumer preferences, advancements in technology, and the increasing popularity of sustainable materials, are expected to boost the market growth over the analysis period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Cutlery has been flourished. One of the primary factors contributing to the growth of the cutlery market is changing consumer preferences. Consumers are becoming more aware of the importance of high-quality, functional, and aesthetically pleasing cutlery. As a result, manufacturers are investing in research and development to create innovative designs and features that meet consumers' demands.
Another factor that is expected to accelerate the market growth is the growth of the foodservice industry. Restaurants, hotels, cafes, and other foodservice establishments require high-quality cutlery products to serve their customers. With the increasing demand for dining experiences and the growth of the foodservice industry, manufacturers are focusing on creating premium cutlery products that cater to the needs of the foodservice industry.
Additionally, the advancements in technology is one of the major factors that is anticipated to boost the growth of the cutlery market in the near future. Manufacturers are using advanced materials and production techniques to create cutlery products that are durable, heat-resistant, dishwasher-safe, and antimicrobial. These features cater to consumers' demands for functional and convenient cutlery products that can withstand everyday wear and tear.
The increasing popularity of eco-friendly and sustainable materials is another major factor that is likely to create lucrative avenues for the market growth. Consumers are becoming more aware of the impact of plastic waste on the environment, and are seeking alternatives that are biodegradable and compostable. Manufacturers are responding to this trend by investing in the production of cutlery products made from sustainable materials such as bamboo, wood, and biodegradable plastics.
Furthermore, the growth of the e-commerce industry is projected to augment the growth of the cutlery market in the forthcoming years. The convenience of online shopping has made it easier for consumers to purchase cutlery products from the comfort of their homes. As a result, manufacturers are investing in online channels to reach a wider audience and increase sales.
On the regional end, the Cutlery market in North America is expected to account for the maximum share during the analysis period. Factors such as the changing consumer preferences, advancements in technology, and the increasing popularity of sustainable materials in the region, are anticipated to escalate the regional market growth.
On the other hand, the Cutlery Market in Asia Pacific is witnessing significant growth in recent years. The regional market growth is driven by factors such as the growth of the foodservice industry, the increasing popularity of online shopping, and the trend towards sustainable materials.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the manufacturing of Cutlery are expected to create lucrative opportunities for the market growth over the analysis period. For instance,
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 10.0 Billion |
| Projected Market Value in 2033 | US$ 20.3 Billion |
| Growth Rate (2023 to 2033) | 6.4% CAGR |
Cutlery is utilized to prepare, serve, and eat food. As such, cutlery comes under the homewares segment and its two sub-categories: cooking (for kitchen knives and utensils) and dining (for the flatware).
The increasing preference for fine dining and the growing popularity of casual dining is anticipated to grow in the future and thus boost the cutlery market’s growth. Additionally, there is growing popularity of professional cooking at home which requires specialized cutlery, this is projected to be one of the prominent factors for the growth of the global cutlery market throughout the forecast period.
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Changing eating propensities, such as casual dining and social dining are majorly impacting the cutlery usage. Increased urbanization, the modern consumer’s requirement for instant gratification, zeal not to miss out on anything, being online 24/7 and multi-tasking has caused the growth of casual dining.
It also fuels the demand for hybrid and disposable cutlery, joining the functionality of multiple eating utensils, for instance, the spife (spoon/knife), spork (spoon/fork), knork (knife/fork) and the sporf that combines all three. Moreover, due to the sustainability trend, the disposable hybrid cutlery is prepared for eco-friendly, biodegradable, natural, or recycled material. This generates prospects for manufacturing cutlery made of starch or bamboo, for instance.
Amaji , Vietnam has successfully tapped into these trends and manufactures wooden cutlery and bamboo straws inspired by nature. The company takes accountability for protecting the surroundings and has set goals to only manufacture and sell sustainable and eco-friendly products.
Several other opportunities exist in the cutlery market such as edible cutlery, which could be consumed like regular food will open new avenues in the market. With edible cutlery, the threat of pollution due to the plastic cutlery disposal is also minimized. Other trends in the cutlery market that tends to offer prospects include brand loyalty, handmade products, and individualization.
The threat to the surroundings on account of inappropriate disposal of plastics is anticipated to come out as the most prominent market restraint. Expensive cutlery set as a result of fluctuating raw material prices is additionally projected to hinder the cutlery market growth throughout the forecast period.
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Imports of cutlery in the European region are significant and growing. With manufacturing in Europe shifting to Asian nations, mainly to Vietnam and China, European cutlery imports from emerging nations are very prominent. This had secured the future market growth of cutlery throughout the forecast period.
Asian nations are anticipated to come out as the fastest expanding market. This is because of increased acceptance of cutlery in nations such as China, which accounts for prominent market share in the region. North America is anticipated to follow Europe on the basis of market share.
The cutlery market is marked by the existence of a huge number of both large and small firms. The sector is additionally marked by the rise in R&D concerning the processes and materials.
Anchor Packaging Inc. launched Culinary Classics, a novel product line for disposable cutlery, which incorporates redesigned products that are available with a hinged and perforated lid. This product line is reusable and recyclable. Mede Cutlery Company produces edible cutlery in attractive colors as well as new flavors of purple potato, corn, and sesame.
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1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Product Type 6.2. Distribution Channel 6.3. Application 7. Global Market Analysis and Forecast, By Product Type 7.1. Plastic 7.2. Stainless Steel 7.3. Silver 7.4. Gold 8. Global Market Analysis and Forecast, By Distribution Channel 8.1. Online 8.2. Offline 9. Global Market Analysis and Forecast, By Application 9.1. Household 9.2. Public Consumption Restaurant 9.3. High-end Restaurant 10. Global Market Analysis and Forecast, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. South Asia 10.5. East Asia 10.6. Oceania 10.7. Middle East and Africa 11. North America Sales Analysis and Forecast, by Key Segments and Countries 12. Latin America Sales Analysis and Forecast, by Key Segments and Countries 13. Europe Sales Analysis and Forecast, by Key Segments and Countries 14. South Asia Sales Analysis and Forecast, by Key Segments and Countries 15. East Asia Sales Analysis and Forecast, by Key Segments and Countries 16. Oceania Sales Analysis and Forecast, by Key Segments and Countries 17. Middle East and Africa Sales Analysis and Forecast, by Key Segments and Countries 18. Sales Forecast by Product Type, Distribution Channel, and Application for 30 Countries 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 20. Company Profile 20.1. Cambridge Silversmiths 20.2. Crate and Barrel 20.3. Farberware 20.4. J.A. Henckels 20.5. Kate Spade 20.6. Oneida 20.7. Towle 20.8. Wallace 20.9. WMF 20.10. Multifunction Tools & Knives 20.11. Hunting & Survival Knives 20.12. Zwilling JA Henckels 20.13. Wusthof 20.14. Shun 20.15. Myabi 20.16. F. Dick 20.17. Victorinox/Forschner 20.18. Global 20.19. Shun 20.20. Messermiester
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Cutlery Market
