The global baking molds & trays market is poised for substantial growth, with a projected size of US$840.9 million in 2023, as per the recent analysis by Future Market Insights (FMI). Anticipating a significant expansion, sales of baking molds & trays are forecasted to exhibit a noteworthy Compound Annual Growth Rate (CAGR) of 6.1% between 2023 and 2033.
The escalating consumer demand for convenience food is a key driver, stimulating the production of bakery goods and consequently increasing the demand for baking molds and trays. As these molds and trays play a crucial role in baking a variety of bakery goods, the surge in demand for ready-to-eat snacks and convenience foods is expected to further drive market growth.
Market expansion is also positively influenced by the proliferation of bakeries and confectioneries in industrialized nations like the United States, Canada, and Germany. Notably, the United States bread and confectionery industry witnessed substantial revenue growth, reaching approximately USD 35 billion in 2019 from USD 33 billion in 2018. The market is poised for favorable growth, with an anticipated value of US$1,520.3 million by 2033.
Request a sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-5288
The market is expanding as a result of rising consumer demand for environmentally friendly and sustainable baking trays and molds. Manufacturers are concentrating on creating goods out of organic and biodegradable materials, including silicone, glass, and bamboo. Finally, the industry is expanding due to the rising demand for visually appealing, vibrant, and fashionable baking molds and trays.
Key Takeaways
- In 2022, the United States ruled the baking molds & trays market, with a share of 15.2%.
- The baking molds & trays market increased at a 3.1% CAGR between 2016 and 2022, citing FMI’s study.
- The expansion of the market is anticipated to reach a market value of US$ 1,426.8 million by 2031.
- The expansion in China is anticipated to expand at an adequate CAGR of 6.53% by 2033. China’s market is likely to generate a share of US$ 115.7 million by 2033.
- Germany’s baking molds & trays market was expanding significantly, at a share of 2.7% in 2022.
- Between 2023 and 2033, the baking molds & trays sector is likely to increase in India with a size of US$ 78.8 million.
- The expansion in the United Kingdom is anticipated to expand at an adequate CAGR of 4.86% by 2033.
- Based on material, metal led with a market share of 32.6% in 2022, and continues to dominate the sector during the forecast period.
- Based on cavity type, multiple cavities are projected to lead the market by 2033. Initially, it was expanding at a market share of 79.9% in 2022.
Growth Opportunities in the Baking Molds & Trays Market:
- Innovation in Material Technology: The development of advanced materials for baking molds and trays, such as non-stick coatings, silicone, and heat-resistant plastics, presents a significant growth opportunity by enhancing product durability and performance.
- Customization and Personalization: Consumer demand for unique and customized baking products is growing. Manufacturers can capitalize on this trend by offering customizable molds and trays, allowing customers to create personalized baked goods.
- E-commerce Expansion: The rise of online shopping has opened up new avenues for market growth. Manufacturers can leverage e-commerce platforms to reach a wider customer base and explore global markets more effectively.
- Health and Wellness Focus: The increasing consumer emphasis on health-conscious choices provides an opportunity for the development of molds and trays that support healthier baking options, such as those designed for gluten-free or low-fat recipes.
- Environmental Sustainability: With the growing awareness of environmental issues, there is a rising demand for eco-friendly and sustainable baking products. Manufacturers can focus on creating molds and trays using recyclable materials or those with a reduced environmental impact.
Industry Trends in the Baking Molds & Trays Market:
- Shift Towards Silicone: Silicone baking molds and trays continue to gain popularity due to their flexibility, non-stick properties, and durability. This trend is expected to persist as consumers seek convenient and high-performance baking tools.
- Digitalization and Smart Baking Tools: The integration of smart technologies in baking molds and trays, such as temperature sensors and connectivity features, is an emerging trend. This allows for precise control over baking conditions and enhances the overall baking experience.
- Focus on Aesthetics: Baking molds and trays are not only functional but also considered as aesthetic tools for presentation. Trendy and visually appealing designs are becoming more prevalent as consumers seek products that enhance the visual appeal of their baked goods.
- Multipurpose and Specialty Molds: Consumers are increasingly looking for versatile baking tools that can be used for various recipes. Multipurpose molds and trays, as well as those designed for specific baking specialties, are gaining traction in the market.
- Globalization of Flavors: As global culinary influences continue to shape consumer preferences, baking molds and trays are adapting to accommodate a wide range of international flavors and baking styles. This trend reflects the diversity of consumer tastes and preferences in the baking industry.
Request Report Methodology: https://www.futuremarketinsights.com/askus/rep-gb-5288
Key Segments
By Cavity Type:
- Single
- Multiple
By Material:
- Plastic
- Silicone
- Metal
- Wooden
- Others
By End Use:
- Commercial
- Household
- Industrial
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube