Pocket knives have become increasingly popular as multi-purpose tools for both indoor and outdoor activities. According to a recent report by Allied Market Research, the pocket knives market was valued at $578 million in 2021 and is projected to reach $989.1 million by 2031, growing at a CAGR of 5.6% from 2022 to 2031. This article will analyze the key factors driving the growth of the pocket knife industry, including the top investment pockets, drivers and opportunities, changing market trends, and competitive landscape.
Overview of the Pocket Knife Market
Pocket knives are versatile tools that come equipped with a variety of features such as can openers, scissors, leather punchers, tweezers, and screwdrivers in addition to the blade. The market includes single-blade, multi-blade, and multi-tools. Based on the application, the market is fragmented into outdoor activities and indoor activities, and the distribution channel includes e-commerce and offline channels. The market is further segmented based on the offline channel into hypermarkets/supermarkets, convenience stores, and others.
Outdoor activities were the highest revenue contributor in 2021 at a CAGR of 5.7%. Pocket knives are used for a variety of jobs, including fishing, hunting, kindling creation, cutting rope, and splitting firewood. A pocket knife can also be used to prepare the bait and cut the fishing line. Additionally, using one to clean fish is a common practice across the globe. Therefore, it is expected that the numerous outdoor activities that include pocket knives would increase the market growth.
Key Drivers of Pocket Knife Market Growth
1. Simple and Compact Design
Single-blade pocket knives are the highest revenue contributor in 2021, with a CAGR of 5.9%. The simplicity and compactness of single-blade pocket knives, which come in a wide variety of sizes and forms, are their finest features. These benefits are expected to raise the market for single-blade pocket knives on a global scale.
2. Increasing Disposable Income
North America holds the largest pocket knife market share in 2021 due to the increase in disposable income and the popularity of various pocket knife varieties, including single- and multi-blade models, Swiss army, and multi-tool models. The rise in disposable income has led to an increase in spending on outdoor activities and a rise in demand for pocket knives.
3. Wide Availability through Offline Channels
Offline channels such as hypermarkets/supermarkets and convenience stores had the largest pocket knives market size in 2021 and are expected to have the largest market share in 2031. Customers can easily find pocket knives through these channels, which offer large sets of pocket knives. These kinds of stores have a variety of pocket knives, including both single-blade and multiple-blade models that are available.
Changing Market Trends
The pocket knife market is expected to continue growing in the coming years. Some of the emerging trends in the market include:
1. Rising Demand for Customized Pocket Knives
As consumers become more interested in personalized products, there is an increasing demand for customized pocket knives. Many companies are offering personalized pocket knives with the customer's name or initials engraved on the blade.
2. Growing Demand for Lightweight Pocket Knives
As consumers increasingly seek lightweight and compact devices, there is a growing demand for lightweight pocket knives. As a result, many manufacturers are creating knives made from lightweight materials such as titanium and carbon fiber.
3. Technological Advancements
Technological advancements have led to the development of pocket knives with enhanced features such as GPS, LED lights, and built-in fire starters. These features make pocket knives more convenient for outdoor activities and increase their functionality.
The pocket knife market is poised for substantial growth in the future due to rising demand for outdoor activities and the convenience and versatility of pocket knives. The market is classified into various segments based on type, application, distribution channel, and region.