The global baking molds & trays market size is poised to reach USD 840.9 million in 2023, finds Future Market Insights (FMI) in a recent market analysis. Sales of baking molds & trays are expected to expand at a significant 6.1% CAGR between 2023 and 2033.
It is anticipated that rising consumer demand for convenience food increases the production of bakery goods and fuels market demand. As baking molds and trays are used to bake a variety of bakery goods, the demand for ready-to-eat snacks and convenience foods is expected to increase.
The expansion of bakeries and confectioneries in industrialized nations like the United States, Canada, and Germany is anticipated to positively affect market expansion. For instance, the United States bread and confectionery industry generated approximately USD 35 billion in revenue in 2019, up from USD 33 billion in 2018.
Accordingly, the market is anticipated to increase favorably and reach a value of USD 1,520.3 million by 2033.
| Attributes | Details |
|---|---|
| Baking Molds & Trays Market CAGR (2023 to 2033) | 6.1% |
| Baking Molds & Trays Market Size (2023) | USD 840.9 million |
| Baking Molds & Trays Market Size (2033) | USD 1,520.3 million |
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Growth in the fast-moving consumer goods industry has caused accelerated growth in the baking molds & trays sector. It is predicted to rise at 6.1% CAGR from 2023 to 2033, in comparison to the 3.1% CAGR registered from 2016 to 2022. The market accounted for nearly 1.8% of the bakery & confectionery market in 2021.
| Particulars | Details |
|---|---|
| Jan-Jun (H1), 2021 (A) | 3.0% |
| Jan-Jun (H1), 2022 Projected (P) | 2.7% |
| Jan-Jun (H1), 2022 Outlook (O) | 3.4% |
| BPS: H1,2022 (O) - H1,2022 (A) | 40 |
| BPS: H1,2022 (O) - H1,2021 (A) | 70 |
Globally, an economic surge has resulted in the rise in consumption of bakery and confectionery products, which makes the market expand at a Y-o-Y of 3.2% in 2023.
On the back of these factors, the global baking molds & trays industry is anticipated to create an incremental opportunity of USD 684 million during the assessment period. The market showed an amazing jump from USD 665.3 million in 2016 to USD 814.66 million in 2022.
Restaurants and bakeries are shifting towards non-stick baking molds & trays to reduce the time and labor invested in cleaning utensils. Traditionally usage of plastic molds & trays was very common in the food services industry, but lately, it has been transitioning to lightweight, durable, safe, and hygienic silicone molds & trays.
The bakery and confectionery segment is anticipated to expand almost 2 times its current value, by the end of 2033.
Short-term growth (2023 to 2026): A growing inclination towards e-Commerce is observed, and the industry is expected to grow steadily during the forecast period. Big brands are already acknowledging the value of e-commerce and wholesale packaging, without compromising on consumer satisfaction.
Medium-term growth (2027 to 2030): An increase in disposable income has caused consumers in emerging economies to spend more on the food and food services sector, and this trend is expected to continue in the coming years.
Long-term growth (2031 to 2033): The increasing mass production of bakery and confectionery food items has spurred the demand for baking molds & trays in commercial and industrial sectors. This continues to create a conducive environment for baking molds & trays sector growth through 2033.
Increasing awareness about the use of hygienic packaging solutions for various food packaging applications in emerging economies offers immense growth opportunities to the baking molds & trays market.
Consumers prefer ready-to-eat meals available in the 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.
To capitalize on untapped potential in emerging economies, market players are collaborating with regional and local players. Expansion strategies adopted by them are expected to bode well for the global market.
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North America is forecast to be the most money-making market. The United States dominated the market with a share of 15.2% in 2022. According to the analysis, the United States is expected to hold almost 80% of the North America baking molds & trays market till 2033.
As per the American Bakers Association, the baking industry generates a profit of almost 2% of the GDP of the United States. The baked products manufactured and sold in the United States surpassed USD 124.1 million in 2022. Consumers have more preference for bread besides rolls and cakes, and this consumption is increasing at a fast pace.
In the United Kingdom, the market for baking trays and molds has been expanding significantly. In 2022, the market was worth USD 21.4 million. The popularity of baking as a hobby and the rising number of home bakers have played a significant role in this growth.
The market is anticipated to expand at a predicted CAGR of 4.86%, with a value of USD 32.8 million during the forecast period. The expanding trend of healthy eating, as well as the rising demand for convenience and specialty goods, are anticipated to fuel this expansion.
The most widely used baking trays and molds are those constructed of silicone, glass, and metal. Metal molds, which make up about 70% of the market, account for the majority of sales. However, as they are simple to use, simple to clean, and have excellent non-stick properties, silicone molds are becoming more and more well-liked.
| Country | China |
|---|---|
| Market CAGR (2023 to 2033) | 6.53% |
| Market Value 2022 | USD 65.5 million |
| Market Value 2033 | USD 115.7 million |
| Country | India |
|---|---|
| Market CAGR (2023 to 2033) | 8.36% |
| Market Value 2022 | USD 38.3 million |
| Market Value 2033 | USD 78.8 million |
China has always gained global popularity due to its stronghold in infrastructural & industrial growth. In 2021, the country is projected to account for over 36% of the baking molds & trays sector in East Asia.
Besides increasing uptake of the latest technologies, the low cost of manufacturing and availability of cheap labor has positioned China to exhibit strong growth in the East Asia baking molds & trays business.
According to the National Health & Nutrition Survey, China is Asia’s leading market for the food & food services industry, also making it highly lucrative for sales of baking molds & trays manufacturers.
India is the leading shareholder, accounting for almost 25% of sales in the South Asia baking molds & trays sector by 2033. The expansion and penetration of the baking & confectionery services present lucrative opportunities for baking molds & trays industry growth in India. As per FMI, the demand for reusable mold is considerably high in the country.
As per FMI, Japan had a market share of 6.3% and a worth of USD 51.5 million in 2022. Japan is one of the key producers of baking molds & trays in East Asia. Manufacturers from Japan are keenly focusing on developing safe products for consumers.
Also, major bakery & confectionary providers from Japan are transitioning from plastic molds & trays to silicone and wooden molds & trays, which are sustainable and do not cause a carbon footprint. Subsequently, the Japan baking molds & trays market created an incremental opportunity of USD 55.4 million during the forecast period.
Section 419 (Section 350h) of the Food and Drug Administration (FDA), states the standards for produce safety. These safety regulations are set to boost the market for safe and hygienic food preparing and packaging solutions like baking molds & trays in Japan. To fulfill this regulation, many of the key players in Japan are planning to shift towards clean room facilities and green baking containers.
Multiple cavities are widely preferred in the market due to the convenience it offers, due to which they commanded over 79.9% of the market share in 2022. Globally, the demand for convenience in day-to-day life has transformed packaging, as consumers who are vastly leading busy lifestyles are likely to have more influence on the packaging industry than any other existing factor.
Attributes such as convenience in storage and handling, and ease of usage, have largely affected the use of packaging. Due to this, people are more inclined towards purchasing bakery & confectionary products. As a result, the usage of multiple cavity baking molds & trays is likely to expand by 2.02 times by 2033.
Metal is widely used in the market due to its flexibility, durability, and lightweight properties. Metal accounted for about 32.6% of the market share in 2022. North America and Europe are largely emphasizing sustainable development and implementing strict rules to curb the carbon footprint.
The trend is moving away from plastic as a basic material and toward silicone.
Silicone has a large market share since it is a better environmentally friendly solution and can be recycled after being used for a while.
The industrial segment leads the global baking molds & trays holding market. It accounted for a share of about 57% in the year 2020. The industrial segment continues to lead the market due to the high demand for factory-produced bakery & confectionery products, chocolates, and bread among others.
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Baking Molds & Trays Start-ups Meeting the Need for Commercial Bakers
The market is fiercely competitive, with many start-ups concentrating on offering cutting-edge solutions for the baking sector. Bake Boss, Bakershacks, and Bake Rite are a few of the top start-up businesses in the baking molds and trays sector.
These businesses are concentrating on offering an extensive selection of molds and trays of high caliber that are made to satisfy the requirements of industrial bakers. These startups also put a lot of effort into giving their clients personalized solutions.
Fresh Strategies Supports Baking Molds & Trays Industry Players to Focus on Sustainable Products
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.
The baking molds and trays market size is valued at USD 840.9 million in 2023.
The baking molds and trays market is projected to thrive at 6.1% CAGR through 2033.
The baking molds and trays market is predicted to surpass USD 1,520.3 million by 2033.
The market anticipates an absolute dollar opportunity worth USD 684 million.
India will rise at a high 8.36% CAGR in the baking molds and trays market, reaching USD 78.8 million by 2033.
1. Executive Summary | Baking Molds And Trays Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Cavity Type 5.1. Single 5.2. Multiple 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material 6.1. Plastic 6.2. Silicone 6.3. Metal 6.4. Wooden 6.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Commercial 7.2. Household 7.3. Industrial 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Nordic Ware 16.2. Guardini S.P.A. 16.3. Silikomart 16.4. Pavoni Italia 16.5. Hans Brunner GmbH 16.6. Panibois 16.7. Bold Maker 16.8. TEMMA SHIKI 16.9. Schneider GmbH 16.10. Indigo Metalware 17. Assumptions & Acronyms Used 18. Research Methodology
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Baking Molds And Trays Market
