Future Market Insights (FMI) has projected the baking molds & trays market to record 6.3% CAGR between 2021 and 2031. Due to increase in demand for sustainable packaging solutions globally, the wooden-based baking molds & trays are expected to outgrow the sales of plastic (CPET-based) baking molds & trays packaging solutions.
A majority of food packaging companies in the region are already exhibiting high demand for biodegradable packaging solutions for their food products in order to meet their sustainability targets. However, in the U.K., most of the prominent companies have shifted their focus from CPET material to wooden paperboard material due to significant increase in its demand in the last few years.
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Companies such as Panibois was launched in such thinking to introduce complete wooden based baking molds & trays solutions in the market. With its extensive line of products, Panibois is one of the forth leading manufacturers in wooden based baking molds & trays solutions, and simultaneously meeting the sustainability criteria for Sustainable Development Goals 2030.
FMI forecasts that the sales of baking molds & trays will increase considerably in the coming years. Factors such as consumer inclination towards green solutions, easy disposable baking trays and molds, user experience and convenience factor coupled with advance recycling processes will exponentially increase the baking molds & trays sales globally.
Key Takeaways from Baking Molds & Trays Market
- By cavity type, multiple cavity segment is ahead and leading the global baking molds & trays market. With its cost effectiveness, target segment is estimated to hold lion’s share of 80% during the forecast period.
- On basis of material, silicone is mostly preferred in the market due to its durability, safety and hygienic properties. The same segment is anticipated to increase 2.02 times of current value, during next 10 years.
- As per FMI experts, although industrial segment is expected to hold major chunk of the global market, commercial end use segment is expected to witness a gain of 150 bps of current value share by 2031, due to increasing health conscious youth preferring baked food over others.
- East Asia and South Asia combined are anticipated to generate large financials for baking molds & trays market due to lower tax slabs and cheap labor and easy foreign investment laws. Collectively these two regions are estimated to create cumulative incremental opportunity of US$ 370 Mn by the end of 2031. On the other hand, mature markets of North America and Europe are expected to hold prominent market share of almost 37% by the year 2031.
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“The global consumption of bakery & confectionary products is rising exponentially, especially usage of ready to eat food products has opened attractive opportunities for baking molds & trays manufacturers to maximize their sales. Growing emphasis on safe and sustainable packaging is anticipated to redefine the baking molds & trays market growth,” says FMI analyst.
High Perforation of Baking Molds & Trays in Food & Food Services Industry to Augment the Sales
Demand for global baking molds & trays market is on a rise because of the steady increase in the disposable incomes of middle-class families. They are manufactured of high quality such as silicone, plastic, metal and possess properties such as durability, uniformity, and are sustainable. These lightweight and recyclable molds & trays are predominantly used in food and food service sector baking and confectionary purposes. These are available in a variety of shapes in the market such as circular, oval, rectangular, etc.
Urbanization has increased the standard of living of middle class households, with increase in working class parents, families are more dependent on purchasing bakery and confectionary items from commercial outlets. This has been a major cause for exponential rise in the baking molds and trays market over the span of last few years.
Impact of COVID-19 on Baking Molds & Trays Market
Global crisis of COVID-19 pandemic had a low to moderate impact on the sales of baking molds & trays in the global market. Initially lack of availability of raw materials stopped the manufacturing process in factories across globe. Lockdown in prominent regions induced considerable impact on the manufacturing of baking molds & trays. Moreover, disruption of supply chains caused due to strict guidelines & overall lockdown lead to a complete shutdown of manufacturing plants for months. In general, the sales for baking molds & trays nearly halted during the lockdown causing a downgrade for the sales of target market. But during the last few months of the year 2020, supply chains were restored and trade routes re-opened due to which target market gained traction.
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Baking Molds & Trays Market Landscape
Nordic Ware, Guardini S.p.A., SILIKOMART S.r.l. are the top players operating in the baking molds & trays market. Furthermore, Hans Brunner GmbH, Pavoni Italia S.p.A., Dongguan AASIN Technology Co. Ltd., Bold Maker are also the noticeable players in the baking molds & trays market. The Tier 3 players in the market hold 80-87% in the global baking molds & trays market. In conclusion, key players contribute almost 13-20% of the global market.
Baking Molds & Trays Market by Category
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
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