Global Low-end Cutlery Market is likely to emerge as Fastest Growing Segment
Arizton has announced the publication of its latest report titled Cutlery Market – Global Outlook and Forecast 2017 - 2022. The report includes in-depth details of the global cutlery market and provides the market size of each segment and region. It also outlines major drivers, trends, and challenges for the global market.
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Analysts at Arizton say that the global cutlery market is expected to cross $11billion during 2016−2022. The analysts further add that the low-end cutlery segment is likely to dominate the market in terms of price range.
In terms of price range, the market comprises: low-end, medium-end, and high-end segments.
Global Cutlery Market by Price Range 2016
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Low-end Cutlery Market to Grow at a CAGR of 7.9%
The low-end cutlery market is an inexpensive segment, which consists of products made of stainless steel with limited design value and easy to clean. Low-end cutlery is majorly distributed through interior stores, supermarkets, convenience stores, and online stores. The segment caters to the mass market and is generally made up of low-quality stainless steel or plastic. The percentage contribution of the low-end segment is higher in developing economies such as APAC, Latin America, and MEA than developed economies of North America and Europe. The high percentage contribution in developing economies is mainly due to the low availability of affluent consumers. The low-end cutlery market is expected to grow at a CAGR of 7.95%.
In the medium-end cutlery segment, the products are trendy in terms of style, color, and decorative handles. This segment has accessible pricing in small sets and are mainly sold at general interior stores and medium-segment departmental stores. The percentage contribution of the medium-end segment is high in North America and Europe, whereas in developing economies, the share is significantly less than the low-end segment.
High-end cutlery products are manufactured by international brand companies with heritage or luxury status. High-end product is majorly distributed through departmental and online stores. The high-end cutlery market is higher in North America and Europe than APAC, Latin America, and MEA. High-end products are majorly manufactured by high heritage brands. These products are sold primarily through departmental stores and online medium.
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