Bakeware Market |Global Segments, Industry Profit Growth, and Future Prospects.
Market Scope
Market Research Future (MRFR) expects the bakeware market to surpass USD 11 Billion by 2027, believes Market Research Future (MRFR). Between 2020 and 2027, MRFR anticipates the market size to soar at a rate of 4.5%.
Major Boosters and Impediments
The dramatic increase in the preference for processed food items in line with the surging inclination toward baked products has been favorable for the global market. The soaring popularity of different bakeware is the result of their convenience, easy availability, low costs as well as speed of preparation. The global market’s growth is also fostered by the heightened demand for tins and trays, cups, and various bakeware in small-and-large scale food chains, coffee shops, and cafes.
Bakery items like bagels, bread, and rolls are seeing massive demand among consumers, all of which require to be made using different bakeware. Meanwhile, pastries and croissants are fast picking up a notable pace in conjunction with the consistently evolving consumer tastes and preferences. As a result, the worldwide market will continue to see relentless growth in the years ahead.
The market growth is also bolstered by the prevalence of the busy schedules of consumers. This is the case, especially in Asia, where the bakery products industry has been burgeoning at a spectacular pace, in view of the surging employment rate and soaring number of time-pressed consumers looking for ready-to-eat snacks. The region is noting a shifting preference for non-stick bakeware Market growth, which will present attractive opportunities to global vendors in the future.
Segmental Review
Major product types are pans and dishes, tins and trays, cups, rolling pins, and more. The tins & trays segment generates the highest revenues in the worldwide market and will continue maintaining its leadership all through the forecast period. Baking tins and trays are extremely essential utensils that are used during baking. These work as a holding base for a variety of products that are baked in an oven.
End-users of bakeware are household and commercial. The commercial segment forms the biggest share in the global industry and will grab a higher growth rate over the years to follow. The segment’s robust growth can be attributed to the mounting number of commercial bakeries worldwide and their extensive use of bakeware. The emerging preference for a dine-in experience among consumers has raised the number of commercial cafes and bakeries. Given this factor, will enjoy significant demand in the commercial sector over the following years.
Top distribution channels are non-store-based and store-based. The store-based segment has procured the leading position in the market. The sub-segments are convenience stores, supermarkets, and hypermarkets, and many more.
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Regional Insight
The Asia Pacific can expect to be the market leader and gain the top position in the coming years. The demand for bakeware is expected to soar considerably in India and China. The markets in these countries are promising, considering the rising disposable income as well as the purchasing capacity of the booming population. Considering the growing prevalence of hectic lifestyles led by the consumers, convenient food products have gained significant traction in the region, which should foster the demand for bakery products and ultimately for . Puffs, muffins, and several savoury items have also sparked the interest of the younger population, who are increasingly buying cups, tins, pans, and trays to bake at home. The market demand in the region is further pushed by the thriving hospitality industry and the surge in tourism.
Europe has seized a considerable portion of the global market, with Germany ranking first in the region. The consistent growth of the tourism, as well as food supply sectors across Italy, Germany, and the United Kingdom, present lucrative opportunities. Europe has renowned players with a well-established supply chain, distribution channels, extensive product ranges that cater to the constantly evolving consumer tastes and preferences. Product innovation is a key focus area for a lot of companies and the regional market is frequently marked with the launch of a variety of bakeware including rolling pins, trays, cups, and more.
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Top Companies
Calphalon, LLC (US), Kaiser Bakeware (Germany), The Oneida Group Inc. (US), Primma G.R.A. (Canada), Wonderchef Home Appliances Pvt. Ltd (India), Indigo Metalware (India), Nordic Ware (US), Reynolds Consumer Products LLC (US), Motiba Silicone Private Limited (India), USA PAN (US), are the leading bakeware developers considered in the MRFR study.
These companies frequently undertake competitive strategies like product innovations and new launches as well as divestments to elevate their business standing, by upping their competitive edge.
For instance:
March 2022
Crate and Barrel introduce its first cookware collection called the Kitchen by Crate. The latest collection has around 200 items, such as bakeware, silicone utensils, storage containers, cutting boards.
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