Bakeware Market: Current Analysis and Forecast (2021-2027)
Emphasis on Product Type (Cups, Tins & Trays, Pans & Dishes, Rolling Pin, Others); Material Type (Glass bakeware sets, Metal bakeware sets); Distribution Channels (Supermarkets & Hypermarkets, Convenience Stores, Online, Other); End-User (Commercial, Household); Region/Country
The Global Bakeware is Expected to Display a CAGR of ~5% over the forecast period (2021-2027)
A rise in disposable income, rising demand for processed and packaged food coupled with the rising number of tourists across the globe are some of the prominent factors driving the market of bakeware. Asia-Pacific had over 17 million in 2020. In comparison, the region with the second-highest number of foodservice establishments was Latin America with over 2.3 million. Moreover, per the World Bank, the total number of international tourists reached 487 million in 2019 high from 396 million in 2015. Moreover, a rise in the investment in the hospitality sector is leading to the growing number of hotels and restaurants which is gaining end-users traction, and the market is booming. As per a report by JLL, approximately USD7 billion in transactions in 2021, an increase of 20% year-on-year, up from USD 5.8 billion in 2020. Moreover, in the first half of 2021, In total, 61 hotel investment deals were transacted in the first half of the year across nine countries and representing over 10,000 rooms.
Furthermore, the increasing interest in cooking across countries is also leading to the growing demand for bakeware. As per GfK, India is the leading country with 13.2 hours in terms of the number of hours spent on clocking in a week followed by Ukraine, South Africa, Indonesia, and Italy with 13.1, 9.5, 8.3, and 7.1 hours respectively and the global cooking average is just under 6.5 hours a week.
Global, Quick Service Restaurant Industry Market (USD Bn), 2011-2021
Indigo Metalware, Motiba Silicone Private Limited, Kaiser Bakeware, Reynold, Consumer Products LLC, The Oneida Group Inc., Primma G.R.A., Calphalon, LLC, USA PAN, Wonderchef Home Appliances Pvt. Ltd, Nordic Ware, etc. are some of the prominent players operating in the Bakeware market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst Product Type, Tins & Trays segment holds the major share”
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 witness the highest CAGR during the forthcoming years owing to the growing demand from homemakers and the rising number of commercial bakeries as well.
“Amongst Material Type, Metal Bakeware segment holds the major share”
Based on the material type, the market is fragmented into glass bakeware sets and metal bakeware sets. The metal bakeware sets segment grabbed the major market share and dominated the market. The segment captured XX% market share in 2020. The segment is witnessing an uptick as the 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. However, the demand for glass metalware is emerging from households.
“Amongst Distribution Channel, Hypermarkets & Supermarkets segment holds the major share”
Based on the distribution channel, the market is fragmented into Supermarkets & Hypermarkets, Convenience Stores, Online, and Other. The supermarkets and hypermarkets segment grabbed the major market share and dominated the market. The key factors attributed to the growing share of the segment is the availability of numerous brands under one roof, expanding supermarkets and hypermarket chains, etc.,
“Amongst End-User, Commercial segment holds the major share”
Based on the End-User, the market is fragmented into commercial and households. The commercial segment grabbed the major market share and dominated the market. The segment captured XX% market share in 2020. However, the residential segment would witness the highest CAGR during the forthcoming years.
“Asia-Pacific represents one of the largest markets of Bakeware market”
For a better understanding of the market dynamics of the Bakeware market, a detailed analysis was conducted for different regions across the globe including North America, Europe, Asia Pacific, and the Rest of the world. Asia-Pacific dominated the market and generated the leading revenue share in 2020 owing to the availability of Bakeware in abundance and new launches are some of the factors that are contributing to the growth of the market.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
The Bakeware Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Bakeware Market were the three major steps undertaken to create and analyze the demand for Bakeware across major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Bakeware market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/ bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the Bakeware through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Bakeware market, we conducted a detailed secondary analysis to gather historical market insights and share for product type, material, end-user, and distribution channel for major regions. Major segments included in the report are material and distribution channels. Further region and country-level analyses were conducted to evaluate the overall adoption of Bakeware across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Bakeware. Further, we conducted factor analysis using dependent and independent variables such as the rise in disposable income, rising demand for processed and packaged food, etc., A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Bakeware industry across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Bakeware market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up/ top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Bakeware across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Bakeware market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Bakeware market. Data was split into several segments sub-segments post studying various parameters and trends in the areas of product type, material, end-user, and distribution channel of the Bakeware market.
Main Objective of the Bakeware Market Study
The current & future market trends of Bakeware were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Bakeware in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product type, material, end-user, and distribution channel
- Define and analysis of the regulatory framework for the Bakeware industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Bakeware market for the major countries
- The major region studied in the report includes North America, Europe, Asia- Pacific, and the Rest of the World.
- Company profiles of the Bakeware market and the growth strategies adopted by the market players to sustain in the fast-growing market
Deep dive regional level analysis of the industry
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November 7, 2024
