Global Bakeware Market is Expected to Foresee Significant Growth During the Forecast Period. Asia-Pacific to Witness the Highest Growth
- Vikas Kumar
- December 24, 2021
- CONSUMER GOODS, NEWS
- Bakeware Market Growth, Bakeware Market news, Bakeware Market Share, Bakeware Market Size, Bakeware Market Trend
- 0 Comments
The global bakeware market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 5% during the forecast period (2021-2027).
A rise in disposable income, an emerging number of working professionals coupled with the busy and hectic life schedule is leading to the growing demand for ready-to-eat food and eating outside. Therefore, the number of restaurants, QSR, the coffee house is witnessing a sharp rise, and the market for bakeware is rising as well. As per Statista, the market size of the quick-service restaurant industry worldwide consistently increased each year. In 2019, the sector was valued at approximately 875.26 billion U.S. dollars, reflecting an increase over the previous year’s size of 862.58 billion U.S. dollars. However, because of the stay-at-home restrictions implemented across the globe to minimize the spread of the coronavirus, the sector was forecast to decline in 2020.
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The growth of the bakeware market across the globe is being attributed to the increasing per capita spending of consumers on food worldwide which has inclined many consumers towards fast, convenient, and healthy modes of cooking that requires less cooking time such as baking and grilling. In 2019, Japan has the highest per capita spending on food that is USD 4417.5 per person followed by Australia, Canada, and France with per-person spending of USD 3,003.6, USD 2986.9, and USD 2983.4, respectively. This has been increasing the demand for bakeware at restaurants, cafes, hotels, and coffee shops.
Growth in the food outlets and restaurants etc. is one of the prominent reasons driving the demand for commercial cooking equipment. Also, the growing demand for junk food and processed food among millenniums is one of the prominent reasons which is contributing to the growth of the market. For Instance: In 2020, the number of pizza restaurants established was 78,092 in the United States alone. Even after the year-on-year fluctuations, the number of pizza restaurants was increased by roughly 6,000 units over the past 9 years. Thus, there has been intense competition among the independent chains of pizza and restaurants as they offer the same products. Therefore, many of these outlets are productively deploying commercial cooking equipment in their outlets to remain ahead of the competition as this type of cooking equipment helps them increase them by reducing the preparation time of other baked products. Furthermore, the rising consumer spending on food delivery and the need to deliver their orders in time is also fueling the demand for commercial equipment over the globe.
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During the COVID-19 pandemic, there was an immediate consumer shift from a retail store or bakery shops to the home bakery business as the COVID-19 has affected the economy in many ways driving different buying patterns. The pandemic led to lockdown resorted everyone to cooking and flaunting their creations on social and digital platforms, affecting much free time on hand or restaurants being shut, in turn, positively impacted the bakeware industry as more people indulged in buying bakeware products online.
Based on the Product Type, the market is fragmented into Cups, Tins & Trays, Pans & Dishes, Rolling Pin and Others. The tins & trays segment grabbed the major market share and dominated the market. Moreover, the market of this segment would proliferate in the forthcoming year. tins and trays are the utmost important product required in baking. Moreover, the offering of high-quality, reliable, and efficient products supplied by the manufacturer for perfect coatings on baking trays is gaining traction, therefore, the market for this segment is on the rise.
Based on the End-User, the market is fragmented into metal bakeware sets and glass bakeware sets. The metal bakeware sets segment grabbed the leading market share and dominated the market. Metal bakeware tends to heat up quickly and Dark metal pans will bake more quickly. Metals, especially aluminum, are generally better at conducting heat: they pick up that heat but can lose it again quickly.
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Additionally, the report provides detailed initiatives that are being taken in the field of bakeware. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), and Rest of World has been conducted. Asia Pacific region dominated the market and grabbed major market share in 2020. However, the North America region is expected to witness the highest CAGR during the forecast period on account of the rising disposable income coupled with the launch of bakeware made up of new materials.
Global Bakeware Market Segmentation
Market Insight, by Product Type
- Tins & Trays
- Pans & Dishes
- Rolling Pin
Market Insight, by Material Type
- Glass Bakeware Sets
- Metal Bakeware Sets
Market Insight, by End-User
Market Insight, by Distribution Channel
- Supermarkets & Hypermarkets
- Convenience Stores
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Indigo Metalware
- Motiba Silicone Private Limited
- Kaiser Bakeware
- Reynolds Consumer Products LLC
- The Oneida Group Inc.
- Primma G.R.A.
- Calphalon, LLC
- USA PAN
- Wonderchef Home Appliances Pvt. Ltd
- Nordic Ware