NEWARK, Del, Dec. 14, 2022 (GLOBE NEWSWIRE) -- The Commercial Cutlery market size has been valued at USD 12.4 Billion in 2023 and is expected to grow to US$ 17.1 Billion by 2033, at a CAGR of 3.3% during the forecast period.
The Covid-19 pandemic has dealt a heavy blow to the Commercial Cutlery market. With restaurants forced to close their doors, sales of knives, forks and other eating utensils have plummeted. Some manufacturers are struggling to keep up with demand, as consumers shift to cooking at home.
The Commercial Cutlery market is seeing sales growth thanks to increased interest in the kitchen and cooking. More people are wanting to learn how to cook or improve their cooking skills, and they need the proper tools to do so. Commercial cutlery is the perfect solution for those looking for quality kitchen knives. The market is expected to continue growing as more people discover the joy of cooking.
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Commercial Cutlery has a number of advantages and uses. One advantage of commercial cutlery is that it is very durable. Commercial cutlery is also easy to clean and can be used in a dishwasher. Another advantage of commercial cutlery is that it is very sharp and can be used for a variety of tasks such as chopping vegetables or slicing meat. Commercial cutlery can also be used to spread condiments on bread or crackers.
The increased availability of high-quality products has also contributed to the growth of Commercial Cutlery sales. In the past, only professional chefs had access to high-quality knives and other kitchen tools. However, now there are many companies that offer these products to consumers. This has made it easier for people to get their hands on quality products, which has resulted in increased sales.
Key Takeaways:
- China currently has a Commercial Cutlery market share of around 32% in the Asia Pacific market.
- During the forecast period, the Commercial Cutlery market is expected to grow at a rapid CAGR of 3.3%.
- In the North American Region, the Commercial Cutlery market is dominated by the United States, with a market share of 68%.
- In terms of Commercial Cutlery market size, the United States is expected to have a total market capitalization of USD 3.2 billion in 2023.
- After the United States, the United Kingdom has the potential to become a Commercial Cutlery market leader. With a Commercial Cutlery market volume of USD 1.1 billion, the United Kingdom is rapidly expanding.
The main driver of the Commercial Cutlery market is the restaurant industry. The restaurant industry is a major user of Commercial Cutlery, and it is constantly changing and evolving. This means that the commercial cutlery market must also constantly change and evolve to keep up with the latest trends in the restaurant industry.
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Competitive landscape:
Top 5 manufacturers of Commercial Cutlery are Hunting & Survival Knives, Cambridge Silversmiths, Dexter-Russell, Victorinox, and Wüsthof.
The rise of plant-based diets is creating new opportunities for manufacturers of vegan-friendly cutlery. There is a growing demand for ethical and sustainable products, so this is an ideal niche for forward-thinking companies.
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Future Market Insights, in its new offering, provides an unbiased analysis of Commercial Cutlery presenting historical demand data (2018-2022) and forecast statistics for the period from 2023-2033.
The study provides valuable insight on the Commercial Cutlery market based on by Material Type (Stainless Steel, Ceramic, Plastic, and Silver), by Product (Spoons, Forks, and Knives), by Application (High-end Restaurant, Catering units, and Cafeterias).
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Commercial Cutlery Market by Category
By Material Type, Commercial Cutlery Market is segmented as:
- Stainless Steel
- Ceramic
- Plastic
- Silver
By Product, Commercial Cutlery Market is segmented as:
- Spoons
- Forks
- Knives
By Application, Commercial Cutlery Market is segmented as:
- High-end Restaurants
- Catering units
- Cafeterias
By Region, Commercial Cutlery Market is segmented as:
- North America
- Latin America
- Europe
- Asia Pacific
- Oceania
- MEA
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Product launches & Recent Developments
3.4. Product Life Cycle Analysis
3.5. Value Chain Analysis
3.6. Global Market - Pricing Analysis
3.7. Forecast Factors - Relevance & Impact
4. Global Market Analysis 2018-2022 and Forecast, 2023-2033
4.1. Historical Market Size Value (US$ Bn) & Volume (MT) Analysis, 2018-2022
4.2. Current and Future Market Size Value (US$ Bn) & Volume (MT) Projections, 2023-2033
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