Plastic Cutting Boards Market Contributing Large Share
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| Cutting Boards Market |
The
Cutting Boards Market is estimated to be valued at US$ 1.29 billion in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period
2023-2030, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
Cutting boards are surfaces used as an alternative to bare kitchen countertops
for food preparation through chopping, slicing, and dicing. Cutting boards come
in different materials like wood, plastic, bamboo, glass, and other composites.
Wooden and plastic boards are popularly used. Wooden boards provide natural
antibacterial properties while plastic boards are stain, odor, and moisture
resistant. Cutting boards prevent direct contact of food with countertops and
reduce chances of cross-contamination.
Market key trends:
The growing demand for multifunctional cutting boards is driving market growth.
Multifunctional boards feature design innovations and come in different sizes
suitable for various food preparation tasks. They are made of hybrid materials
and often have juice grooves, handles, and non-slip bases for safety and
convenience. Their space-saving, integrated design appeals to modern consumers.
Many multifunctional boards come with attached utensils like knives that add
value. With increasing health-consciousness, consumers also prefer boards made
from natural antibacterial materials like wood, bamboo, acacia, etc over
synthetic ones.
Porter’s Analysis
Threat of new entrants: Low capital requirements for manufacturing pose risk to
new entrants but established players have economies of scale and brand
awareness.
Bargaining power of buyers: Buyers have moderate to high bargaining power due
to availability of substitutes and undifferentiated products.
Bargaining power of suppliers: Suppliers have moderate bargaining owing to
availability of substitute raw materials like wood, plastic, bamboo etc.
Threat of new substitutes: Risk from new substitutes like plastic boards is
moderate as wood/bamboo have superior functional properties.
SWOT Analysis
Strength: Availability of wide range of natural materials, easy availability
through retail stores and e-commerce sites.
Weakness: Increased demand for sustainable products poses challenge,
wood/natural materials may get damaged on regular use.
Opportunity: Growing foodservice industry demand, innovative product
developments catering to different usage.
Threats: Stringent environmental regulations on wood harvesting, substitutes
gaining popularity due to pricing and sustainability concerns.
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 demand from retail and foodservice sectors. North
America accounts for over 35% of market share owing to strong retail industry
and changing consumer preference for wooden/bamboo products in the region.
Europe is the second largest market driven by availability of wide range of
natural cutting boards from regional manufacturers as well as expanding
organized retail sector.
Asia Pacific cutting boards market is expected to exhibit fastest growth at
CAGR of over 8.5% during the forecast period due to rising middle class
population, rapid urbanization and development of modern retail industry in
countries like China, India. Key players operating in the cutting boards market
are Epicurean, John Boos, Edward Wohl, San Jamar, SAGE, Neoflam, Catskill
Craftsmen, Proteak, Carver Board, Virginia Boys Kitchens, Totally Bamboo,
Lipper International, Madeira, Fackelmann, TOPULORS.
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