The United States’ Baking Molds and trays market is highly lucrative for several compelling reasons. Firstly, it dominates the North American market, holding a 15.2% share in 2022, and is projected to maintain this dominance, capturing nearly 80% of the market by 2033.
The American Bakers Association reports that the baking industry contributes significantly to the nation’s GDP, generating approximately 2% of it. In 2022, the United States saw sales of baked products exceeding $124.1 million, and there is a growing consumer preference for bread, rolls, and cakes. This trend reflects a thriving industry and positions the United States as a major player in the Baking Molds & Trays market.
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The Global baking molds & trays market is predicted to be worth US$ 840.9 million in 2023, and rise to US$ 1,520.3 million by 2033. Demand is expected to increase at a CAGR of 6.1% during the projected period.
Due to the rising demand for convenience foods, the global baking molds and trays sector has experienced significant expansion in recent years. Baking molds and trays are a common option for both commercial and residential uses since they make baking meals quick, simple, and effective. A wide range of meals may be baked evenly due to the heat-resistant construction of baking molds and trays.
The need for baking molds and trays is rising as consumers seek convenience and a wide variety of goods. For instance, the comfort and simplicity of washing non-stick silicone baking molds and trays have led to a rise in demand. Due to consumer desire for customized products, there is also an increase in the demand for bespoke baking trays and molds.
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.
Key Strategies in the Industry
Companies that provide baking molds and trays are looking to grow their business and form strategic alliances with other producers to increase their product portfolio, product manufacturing capacity, and global presence. Many start-ups are focusing on providing cutting-edge solutions for the baking industry in this highly competitive market. The leading start-up companies in the baking molds and trays market include Bake Boss and Bake Rite.
Recent Developments
- New THC Chocolate Bar Polycarbonate Mold, a 9-piece multiple cavity baking mold constructed from FDA 21 CFR Compliant Polycarbonate, was introduced by Bold Maker in March 2021.
- Hans Brunner GmbH grew by establishing its first international subsidiary in Brazil in October 2020. Companies can complete client tasks quickly by communicating in local languages and eliminating time zones.
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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.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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.
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