The market for baking trays and moulds, also known as baking containers, is anticipated to grow to $773 million in 2021. Between 2021 and 2031, sales of baking moulds and trays are anticipated to increase by 6.3% CAGR. Following the COVID-19 epidemic, there was a period of sluggish sales, but starting in 2021,
the need for baking moulds and trays is increasing again. By 2031, there will be a 1.3-fold rise in the use of metal baking pans and moulds compared to plastic, according to Future Market Insights (FMI).
How Will Baking Molds & Trays Market Outlook Compare Between 2021-2031 and 2016-2020?
Growth in fast moving consumer goods industry has caused accelerated growth in the baking molds & trays market. It is predicted to rise at 6.3% CAGR from 2021 to 2031 in comparison to the 2.8% CAGR registered during 2016 to 2020. The market has been forecast to account for nearly 1.8% of the bakery & confectionary market in 2021.
Globally an economic surge has resulted in rise of consumption of bakery and confectionary products. Increase in disposable income has caused consumers in emerging economies to spend more on food and food services sector and this trend is expected to continue through the course of the forecast period.
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Key Takeaways from Baking Molds & Trays Market
- By cavity type, multiple cavity segment is ahead and leading the global baking molds & trays market. With its cost effectiveness, target segment is estimated to hold lion’s share of 80% during the forecast period.
- On basis of material, silicone is mostly preferred in the market due to its durability, safety and hygienic properties. The same segment is anticipated to increase 2.02 times of current value, during next 10 years.
- As per FMI experts, although industrial segment is expected to hold major chunk of the global market, commercial end use segment is expected to witness a gain of 150 bps of current value share by 2031, due to increasing health conscious youth preferring baked food over others.
- East Asia and South Asia combined are anticipated to generate large financials for baking molds & trays market due to lower tax slabs and cheap labor and easy foreign investment laws. Collectively these two regions are estimated to create cumulative incremental opportunity of US$ 370 Mn by the end of 2031. On the other hand, mature markets of North America and Europe are expected to hold prominent market share of almost 37% by the year 2031.
Will Demand for Hygienic Packaging Solutions Drive Baking Molds & Trays Market?
Increasing awareness about the use of hygienic packaging solutions for various food packaging applications in emerging economies offer immense growth opportunities to the baking molds & trays market.
Consumers are preferring ready to eat meals available in microwave and oven-safe packaging that suit their busy lifestyles and need for hassle free cooking operations. While demand is picking up globally, low penetration in some emerging economies due to fewer suppliers and manufacturers offering packaging solutions might hinder the growth of the market.
Competitive Landscape
Companies operating in the baking molds & trays market are aiming at expansion and strategic partnerships with other manufacturers to expand their product manufacturing capabilities, product portfolio and global presence.
- In July 2021, Guardini S.p.A. launched a B-Nat Line that is a high quality sustainable product which is 100% manufactured in Italy.
- In March 2021, Nordic Ware undergoes expansion as home baking surges amid COVID pandemic. Company’s sales increased by over 400% and construction is underway for 22,000 square foot addition to the fulfilment centre. Later on, Nordic Ware will move on to phase-2 of expansion by building 45,000 square foot of warehouse space.
- In March 2021, Bold Maker introduced New THC Chocolate Bar Polycarbonate Mold, which is a 9-piece multiple cavity baking molds made from FDA 21 CFR Compliant Polycarbonate.
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Key Companies Profiled
- Nordic Ware
- Guardini S.p.A.
- SILIKOMART S.r.l.
- Pavoni Italia S.p.A.
- Hans Brunner GmbH
- Dongguan AASIN Technology Co. Ltd.
- Panibois
- Bold Maker
- TEMMA SHIKI
- Rubber Silicone Molds
- Schneider GmbH
Baking Molds & Trays Market by Category
By Cavity Type:
- Single
- Multiple
By Material:
- Plastic
- Silicone
- Metal
- Wooden
- Others
By End Use:
- Commercial
- Household
- Industrial