Cutlery and Hand Tool Market Size, Share, Growth, and Industry Analysis, By Type (Metal Kitchen, Cookware, Utensil, Saw Blade, Hand Tools), By Application (household, commercial), Regional Insights, and Forecast To 2032

Updated On: 08 April 2024

REPORT OVERVIEW

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The global cutlery and hand tool market size was USD 140000.0 million in 2021. As per our research, the market is projected to touch USD 230000.0 million by the end of 2027, exhibiting a CAGR of 8.63% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels.

The market is a diverse sector encompassing various utensils for food preparation and manual tools for tasks like construction. Cutlery includes knives, forks, spoons, and specialized tools made from materials like stainless steel, ceramic, and plastics. Consumer preferences hinge on factors like design, price, and functionality, with a growing trend towards sustainability. Hand tools range from hammers to screwdrivers and cater to construction, maintenance, and repair needs. Both markets distribute products globally through various channels, including online retail, specialty stores, and department stores. Understanding consumer needs and evolving trends is crucial in this dynamic industry.

COVID-19 Impact: Profound Adverse Effects of the COVID-19 Pandemic on the Market

The COVID-19 pandemic inflicted significant setbacks on the cutlery and hand tool market. Supply chains were severely disrupted, causing production delays and material shortages. Reduced consumer spending due to economic uncertainties led to decreased demand for non-essential items. The closure of retail stores and a shift to e-commerce altered the distribution landscape. Meanwhile, increased logistics costs and safety concerns further strained the industry. Although some segments, like DIY hand tools, saw increased demand, the overall impact underscores the importance of adaptability and resilience in navigating unforeseen disruptions in this market.

LATEST TRENDS

Rising Demand for Sustainable Cutlery Innovations Transforming the Market

One prominent trend in the cutlery market is the increasing demand for sustainable cutlery options. Consumers are becoming more environmentally conscious, prompting manufacturers to produce cutlery from recycled materials, implement eco-friendly production processes, and design products for longevity and reusability. This trend reflects a broader shift towards sustainability and responsible consumption, influencing purchasing decisions and driving innovation in the cutlery industry.

SEGMENTATION

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By Type

Based on the type, the market is classified as metal kitchen, cookware, utensil, saw blade, hand tools

By Application

Based on application, the market are classified as household, commercial

DRIVING FACTORS

"Home Improvement Surge to Fuel Hand Tool Demand"

The burgeoning interest in home improvement projects, accelerated by extended periods of remote work and leisure activities at home, has become a pivotal factor driving cutlery and hand tool market growth. As homeowners seek to enhance their living spaces, there's an increased demand for a wide range of hand tools, from power drills to wrenches, auguring well for manufacturers and retailers catering to this DIY renaissance.

"Sustainability Awareness to Reshape Cutlery Preferences"

A growing awareness of environmental sustainability is profoundly reshaping the cutlery market. With consumers increasingly prioritizing eco-friendly choices, manufacturers are incorporating sustainable materials and production practices, such as bamboo and recycled metals, into their cutlery offerings. This eco-conscious shift is poised to be a significant driving force in the market as responsible consumerism continues to gain traction.

RESTRAINING FACTOR

"Supply Chain Disruptions and Material Shortages Hindrances to the Growth of the Market"

The cutlery and hand tool market faces substantial challenges due to ongoing supply chain disruptions and material shortages. Factors such as the COVID-19 pandemic and global logistics issues have led to delayed production, increased transportation costs, and scarcity of essential raw materials. These constraints not only hamper timely product availability but also exert upward pressure on manufacturing and retail prices, impacting profitability and market stability. Navigating these supply chain challenges remains a significant hurdle for industry players in meeting customer demand and maintaining competitive pricing.

REGIONAL INSIGHT

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"Asia's Pervasive Influence as a Dominant Manufacturing Hub"

Asia, and notably China, stands as a dominant force in the global cutlery and hand tool market share, primarily due to its robust manufacturing capabilities and competitive advantages. With cost-effective labor, advanced production technologies, and a vast network of suppliers, Asia has been a prolific source of hand tools and cutlery for both local consumption and international exports. China, in particular, has emerged as a manufacturing powerhouse, producing a wide range of products that cater to diverse consumer needs. While other regions play significant roles, Asia's manufacturing prowess remains a pivotal force shaping the dynamics of the market on a global scale.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of the Market"

Financial players, including banks, investors, and insurers, wield significant influence in driving market expansion. They offer critical funding and capital injection, supporting businesses in scaling their operations and reaching new markets. Furthermore, financial institutions provide risk management tools, mergers and acquisitions expertise, and essential market research, aiding companies in navigating uncertainties and seizing growth opportunities. They also play a pivotal role in facilitating international expansion and assisting firms in entering new markets. Moreover, by investing in innovative startups and disruptive technologies, financial players contribute to market evolution and expansion, promoting dynamism and competitiveness within various industries.

List of Market Players Profiled

• Atlas Copco AB (Sweden)
• Snap-on Inc (U.S.)
• Procter & Gamble (U.S.)
• Griffon Corporation (U.S.)
• Kennametal Inc (U.S.)
• Blount International Inc (U.S.)
• Stanley Black & Decker Inc (U.S.)
• Techtronic Industries Co. Ltd (Hong Kong)
• Lifetime Brands Inc (U.S.)
• Apex Tool Group (U.S.)

REPORT COVERAGE

Financial players are pivotal drivers of market expansion, playing multifaceted roles that contribute to the growth and dynamism of various industries. These entities, including banks, investors, and insurers, provide vital financial resources and capital infusion, empowering businesses to scale their operations, invest in innovation, and enter new markets. Moreover, their expertise in risk management, mergers and acquisitions, and market research equips companies with the tools to navigate uncertainties, seize opportunities, and make informed decisions. Financial institutions are instrumental in facilitating international expansion, offering foreign exchange services and market entry strategies that enable firms to tap into global markets. Furthermore, by investing in innovative startups and disruptive technologies, financial players foster innovation and transformation within industries, driving market expansion in new and exciting directions. Their influence extends beyond mere financial support, as they actively shape the strategic landscape of businesses, industries, and economies. In an ever-evolving global landscape, the collaboration between businesses and financial institutions remains critical in shaping the future of markets. Together, they drive economic growth, foster innovation, and contribute to the vitality and competitiveness of markets across diverse sectors, making financial players indispensable partners in the journey of market expansion and development.