July 20, 2024
Cutting Boards Market

Cutting Boards Market is Estimated To Witness High Growth Owing To Trends in Environment Friendliness

The Cutting Boards Market is estimated to be valued at US$ 1.29 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The cutting boards market deals in manufacturing of boards utilized for cutting and chopping food items in the kitchen. Cutting boards are available in various materials like wood, plastic, bamboo, glass and others. Wooden and plastic boards are most commonly used. Cutting boards provide a non-porous and stable surface to cut items safely without damaging kitchen counters. They prevent direct contact of food with the counter surface.

Market key trends:
Growing demand for eco-friendly and sustainable kitchen accessories is a major trend in the cutting boards market. Consumers are increasingly preferring naturally sourced materials like bamboo, acacia wood, teak wood etc. for cutting boards owing to their renewability and compostable nature. Manufacturers are extensively utilizing such materials and marketing cutting boards as green and environment friendly products. They are appealing to health-conscious customers who prefer limiting the use of plastics. Advancements in material science have enabled production of hybrid boards combining benefits of different materials like hardness of wood and non-porous quality of plastic.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as there is a significant initial capital required for manufacturing, distribution, and marketing of cutting boards. However, there are low switching costs for customers.
Bargaining power of buyers: The bargaining power of buyers is high as cutting boards are commodity products and there are many established manufacturers providing a variety of options at competitive prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials like wood, plastic, and bamboo are commodities and globally available from various suppliers.
Threat of new substitutes: The threat of new substitutes is low as cutting boards provide functionality that cannot be easily replaced by other kitchen accessories.
Competitive rivalry: The industry competition is high due to the presence of numerous established regional and global manufacturers.

SWOT Analysis
Strength: Cutting boards are indispensable kitchen tools offering functional benefits like protection of countertops. Various material options allow addressing different user needs.
Weakness: Single material cutting boards have limitations regarding hardness, material properties like density, and durability against frequent use and wash. Plastic boards may raise environmental concerns.
Opportunity: Growing demand for eco-friendly products allows scope for marketing bamboo and composite material boards. The personalized cutting boards market segments provide new opportunities.
Threats: Volatile raw material costs and supply chain disruptions can impact profitability. Increased competition may squeeze margins of regular plastic and wood boards.

Key Takeaways

The Global Cutting Boards Market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing focus on kitchen hygiene and safety. North America dominated the market in 2023, accounting for over 30% of the global revenue, owing to rising health consciousness.

Regional analysis – Asia Pacific is anticipated to be the fastest growing region during the forecast period. The growing middle-class population and rising disposable income in countries like China and India are expected to drive the demand for cutting boards in the region.

Key players operating in the cutting boards market include Epicurean, John Boos, Edward Wohl, San Jamar, SAGE, Neoflam, Catskill Craftsmen, Proteak, Carver Board, Virginia Boys Kitchens, Totally Bamboo, Lipper International, Madeira, Fackelmann, and TOPULORS. The highly competitive nature of the market with the presence of numerous regional and global players has led to product innovation and diversification to address evolving consumer needs.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it