Market Overview
Global Bakeware Market size is expected to cross USD 11 Billion by 2027 at a CAGR of 4.5% during the forecast period of 2020 to 2027. There are several regional and international players operating in the business of offering bakeware, making it a highly competitive market. However, brand loyalty is not a concern in the market, which provides scope for the new players to enter the market. The initial investment required to establish and market a bakeware brand is high, with the requirement of advanced technologies and equipment to compete in the global market. Additionally, government restrictions regarding the use of plastic in various countries and increasing consumer shift towards environment-friendly products reduce the scope of entry for new players. Existing market players are focusing on reducing production costs to compete in the cut-throat market and are engaging in strategic expansions to strengthen their businesses worldwide and survive in the market.
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Competitive Landscape
- Motiba Silicone Private Limited (India)
- Indigo Metalware (India)
- Kaiser Bakeware (Germany)
- Reynolds Consumer Products LLC (US)
- The Oneida Group Inc. (US)
- Primma G.R.A. (Canada)
- Calphalon, LLC (US)
- USA PAN (US)
- Wonderchef Home Appliances Pvt. Ltd (India)
Market Segmentation
- Growth of commercial bakeries: The bakery industry across the globe is experiencing robust growth, thus emerging lucrative for commercial bakeries. This growth is primarily driven by rapidly evolving consumer preferences for product varieties in terms of taste, flavors, and freshness. In mature markets, the growth is primarily driven by changing lifestyles and increasing demand for comfort food. Europe and North America are the major markets for commercial bakeries, where the bakery industry is generating maximum revenues. However, Asia–Pacific is anticipated to be the fastest-growing region for revenue generation. According to MRFR analysis, the growing bakery industry was worth over USD 471 billion in 2019 and is expected to grow by over 6% for the next couple of years. Hence, growth of the commercial bakeries is boosting the sale of bakeware and is expected to continue to do so during the forecast period.
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Regional Analysis
Non-store-based to register the highest CAGR during the upcoming years: The non-store-based segment mainly includes e-commerce, wherein manufacturers distribute bakeware through various online shopping sites and their websites. Companies face difficulties in reaching consumers in different regions through brick-and-mortar stores. Thus, e-commerce channels enable companies to cater to consumer’s needs and increase brand presence. Additionally, increasing penetration of e-commerce in several developing countries of Asia-Pacific is boosting the growth of the non-store-based segment.
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