Global knife sharping service market was valued at USD 70.6 million in 2020 and projected to reach USD 117.1 million by 2028, expanding at a CAGR of about 6.7% during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand for knife sharpening from various end-users such as household, commercial, and industrial units.
Knives are key tools and essential items in a kitchen and to maintain a sharp knife helps chef in the fine preparation of food items. Knife sharping is widely adopted as a common practice among restaurants and hotels providing food service to customers. Electrical and manual knife sharpeners are the most common methods for fixing a dull blade.
Some of the major advantages of using electric sharpeners is that it provides sharpening service at a low cost as well as is less time consumption. An electric sharpener consists of the abrasives, which are motorized wheels that spin against the blade when the knife is inserted from the base and pull backward in a slow and straight motion toward the in a slow and straight motion towards the tip. Manual knife sharpener are operated manually using V-shaped sharpener chambers where the users pull the knife from the base to the user pulls the knife from the base to the tip repeatedly. Knife sharping service is easy to use and available in very low cost.
Market Drivers, Restraints, Trends, and Opportunities
- Growing awareness about the benefits of sharp knives and cutting tools in the foods preparation is a major driver of the market growth.
- Rising development of advanced electric sharpeners is another key driving factor for the market.
- Increasing urbanization and rapid opening up of several fast food restaurants and hotels in developing countries as a result of population growth are some major drivers of the market growth.
- Short life span of the knives using electric sharpening machines is a main challenge that is expected to hamper the market growth.
- The global outbreak of COVID-19 has positive impact on knife sharpening service. The movement restriction and shutdown of outdoor restaurants have raised the demand for knife sharpening service due to increasing habit of food preparation at home within several households. On a commercial level, the demand for this service has been hampered significantly due to the same reason.
Knife Sharping Service Market Segment Insights
Based on end-users, the knife sharping service market is segmented into household, commercial, and industrial. The household segment held for over 33% of the market share in 2020 and is anticipated to account for a major share during the forecast period due to wide use of different knives in cooking at home kitchen. Increasing large number of users and rising demand for knife sharping service for home food preparation and the wide availability of extremely versatile and a variety of sizes and style are the key factors driving the segment growth.
However, the commercial segment is estimated to hold a substantial share of the market during the analysis period owing to increasing numbers of restaurants and hotels offering a variety of the dishes and cuisine. Restaurant is representing a leading segment and is anticipated to project an impressive growth rate during the forecast period.
In terms of regions, the market is broadly classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is dominating the knife sharping market and is projected to grow significantly in the coming years as the number of fast food restaurants and hotels are rising rapidly due to the process of urbanization in the region. Europe is expected to account for a large share in the coming years owing to wide habit of eating foods outside home.
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