Bakeware Market Overview: Global Industry Analysis by Size, Share, Growth, Sourcing Strategy
Market Scenario
Bakeware Market Size was valued at USD 4.5
billion in 2022. The Bakeware market is projected to grow from USD 4.7 Billion
in 2023 to USD 6.5 billion by 2030, exhibiting a compound annual growth rate
(CAGR) of 5.6% during the forecast period (2023 - 2030) The increasing demand
for baked products and the rapid growth of commercial bakeries are expected to
promote the growth
of bakeware market. The change in consumer preferences and the availability
of a wide-range of product in different freshness, taste, and flavors can
improve the momentum of the bakeware market. The inclination towards comfort
food is also expected to earn considerable revenue for the market. Other causes
that are expected to favor the bakeware market are growing number of nuclear
families, expansion of organized retail sector across the emerging economies,
and the introduction of non-stick bakeware among others. Ban on plastic use and
growing trend of dining out are some restrains on the global bakeware market
rise.
Market Segmentation
The segment assessment of the global
bakeware market is done by product type, distribution channels, and end-users.
The product type-based segments of the
global bakeware market are cups, tins & trays, rolling pin, and pans and
dishes among others. The cup, tin, and tray segment is expected to earn
considerable revenue by 2027. The pan and dishes segment is expected to
generate considerable revenue for the market. The baking tins and trays segment
can hold its dominance in the near future as these are crucial utensil used in
baking because that are responsible for holding the base for any baking
product, baked in an oven. Hence, specificity materials are used in the
fabrication of baking tins and that are likely to tolerate fluctuating baking
temperatures. However, highly-priced pans and dishes is expected to hinder the
market rise in the study period.
The end-user-based segments of the global
bakeware market are household and commercial. The commercial segment is likely
to expand at the highest CAGR in the study period. The growing preference for
bakery products and expansion of its consumer base are other important causes
that can prompt the bakeware market. The increasing preference for dine-in
experience by a large population has resulted in the increasing number of
commercial cafes and bakeries. These factors are expected to drive the
expansion of commercial segment in the years to come.
The distribution channel-based segments of
the global bakeware market are Store-Based and non-store based. The store-based
segment of the market is expected to make high profit. The rising number of
supermarkets and hypermarkets, and convenience stores that sale different types
of bakeware and the availability of online channels that are contributing to
maximizing their sales are likely to prompt the market in the years ahead.
Top-notch bakeware manufacturers are emphasizing on promotional activities to
boost product visibility and reach, which, in turn, can result in the rise of
the segment. The inclination towards store-based channels as they offer a
one-stop shopping experience can bolster the segment upsurge. The expansion of
online business is likely to aid the growth of non-store-based segments.
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Regional Analysis
In North America, the bakeware market is
expected to thrive owing to the booming bakery business and expansion of
commercial bakeries. The In Europe, the presence of top-notch bakeries can
contribute to the market rise. MRFR study reveals that Asia Pacific bakeware
market is likely to surge at rapid pace to garner high revenue by 2027.
According to MRFR findings, the bakery industry can be worth above USD 471
billion and expand at about 6% CAGR in the next couple of years, which is
expected to significantly impact the bakeware market in APAC.
Rest of the World
Key Players
Key industry players are adopting different
strategies, such as; expansions, product launches, and partnerships to
strengthen their market positions. The growing focus of market on expanding
operations across the world to augment their strong partner relationships and
production capabilities are expected to support the market rise. Strategies
adopted by top-notch companies are their entrance in untapped markets to grow
their customer base are assessed by MRFR.
Motiba Silicone Private Limited (India), Indigo Metalware (India),
Kaiser Bakeware (Germany), Reynolds Consumer Products LLC (US), The Oneida
Group Inc. (US), Primma G.R.A. (Canada), Calphalon LLC (US), USA PAN (US),
Wonderchef Home Appliances Pvt. Ltd (India), Nordic Ware (US), and Others.are
companies that are enlisted by MRFR.
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