Albany, NY -- (SBWIRE) -- 11/07/2018 -- Cutlery can be categorized as utility tools used in preparing, serving, and eating food. Cutlery has been in use since centuries in the western world but now is categorized as luxury designer products. These augment the aesthetics of dining and the kitchen. Traditionally, silver sterling has been used to make cutlery items; however, presently, cutlery items are made from a variety of materials. The cutlery market is marked by the presence of large number of both small and large firms. The large market players also produce other items besides cutlery. The industry is also marked by the increase in R&D relating to the materials and processes.
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There are many factors driving the global cutlery market. The increasing popularity of professional cooking at home that utilize specialized cutlery is expected to be one of the major drivers of growth during the forecast period. Additionally, the increased popularity of casual dining and growing preference for fine dining are expected to grow in future and in turn drive the market's growth. Moreover, the increasing per capita disposable income and the number of households are expected to propel the market growth. Increased popularity associated with the introduction of new and advanced materials like carbon fiber, titanium alloys, synthetic fiber, new polyethene, composites, and ceramics in cutlery items is also expected to boost the growth of the market.
There are, however, some factors that are restraining the market's growth. The threat to the environment due to improper disposal of plastics is expected to emerge as the most prominent market restraint. Fluctuating raw material prices are also anticipated to hinder the market growth during the forecast period.
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Many opportunities exist in the cutlery market. Edible cutlery, which can be eaten like regular food is expected to open new opportunities in the market. With edible cutlery, the risk of pollution owing to the disposal of plastic cutlery is also minimized.
The global cutlery market can be segmented on the basis of product type, price range, and geography. On the basis of product type, the market can be segmented into metal based and non-metal based. Based on product type, the market is expected to be dominated by metal based cutlery owing to their growing demand from developed economies. The said sub-segment is expected to dominate the market throughout the forecast period. On the basis of price range, the market can be divided into low end, moderate, and high end. Based on price range, the market is expected to be dominated by low end cutlery while also surfacing as the fastest growing sub-segment.