Knife Market to Record an Exponential CAGR by 2027

Posted by Akanksha Jain on December 14th, 2020

Knife is a cutting edge tool connected to a handle. Knifes are used for food processing and preparation in the food industry. Cutting plays a crucial role at any level of food production. Various types of knives include bayonet, ballistic knife, fighting knife, dagger, butterfly knife, etc. The market is expected to hit US$ 2,848.9 million by the end of 2027, with a CAGR of 4.5 per cent over the forecast years (2019-2027) due to a growing demand for food industry knife for poultry, meat, fish, vegetables, fruit, grains, nuts, etc.

Players operating in the knife Market are implementing inorganic growth strategies such as product creation, product releases and creative packaging concepts to expand their product portfolio and meet growing customer demand. For example, in April 2019, Urban Bar launched the Coley Bar Knife with a 4.5-inch high-grade 18/8 steel blade and a premium Swiss Pear wood handle.

Asia Pacific is expected to maintain a leading role on the global knife market. Increased use of knives in different applications including such cutting, trimming, cutting and cutting meat, poultry, pork, fruit, vegetables and bakery products in the food processing industry is expected to increase demand for knife in the area over the forecast years. The food processing industry is a major growth area for the Asian Pacific knife market, which is why the growth of the food industry is expected to boost growth for the knife market in the region. According to Invest India, the Indian packaged food market was estimated at US$ 322 billion in 2016 and is projected to cross US$ 543 billion by the end of 2020, at a growth rate of 14.6% between 2016 and 2020.

To Further Information about Knife Market @ https://www.globenewswire.com/news-release/2020/05/20/2036450/0/en/Knife-Market-to-Reach-US-2-848-9-Million-globally-by-end-of-2027-Coherent-Market-Insights.html