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Cutlery Market is reached a valuation of US$ 5.74 billion in 2023

08-28-2023 04:52 AM CET | Industry, Real Estate & Construction

Press release from: Factmr

Cutlery Market is reached a valuation of US$ 5.74 billion in 2023

The cutlery market is expected to be worth $5.74 billion by 2024. Demand for cutlery products is expected to reach US$ 10.38 billion by 2033, growing at a 6.1% CAGR between 2023 and 2033.

Increased demand for sustainable and organic items made from wheat stalks and other edible resources is boosting the cutlery industry's excellent development prospects. The vast majority of consumers understand the value of visually beautiful, useful, and high-quality flatware. As a result, manufacturers are boosting their R&D expenditure in order to produce unique designs and features that meet consumers' requirements.

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A market research and competitive intelligence agency conducted a study on cutlery products. The research focuses on cutlery sales analysis, supply chain organization, and other essential elements. Significant organizations invest in mergers and acquisitions, new innovations, and enterprises to stay competitive and grow their market position, all while keeping product standards.

For instance:

Pharrell will present a new silverware set made from recycled CDs on December 14, 2020. This project was performed in collaboration with Pentatonic, a technology and design organization.

On November 27, 2020, the Linden Portable Cutlery Set, a new eco-friendly cutlery set, was launched to the market. This set comprises two spoons of varying sizes, a knife, a fork, and a pair of chopsticks.

Key Players:

Cambridge Silversmiths
A. Henckels
Crate and Barrel
Kate Spade
Multifunction Tools and Knives
Hunting and Survival Knives

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Regional Analysis:

Cutlery sales in India are predicted to grow at a CAGR of 6.5%, reaching $1.46 billion by the end of the forecast period in 2033.Rising culinary awareness, as well as a preference for unusual dining experiences, all contribute to the market's development potential. The growing number of eateries in India is driving up demand for silverware.

The growing popularity of food bloggers and cookery shows is expected to effect cutlery demand. The desire to sample new and traditional cuisines with specialized cutlery leads to market growth, which is assisted by rising sanitation and health standards. The Indian market is expected to contribute for around 14% of worldwide market value between 2023 and 2027.

Key Segments of Industry:

By Product :
Soup Spoons
By End Use :
Food Service Outlets
Institutional Food Services
Residential Usage
By Sales Channel :
Direct Sales
Modern Trade
Specialty Stores
Online Retail

More in-depth competitive analysis, Buy Now:

About Fact.MR

We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.

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