Market Forecast
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 Bakeware Market Growth.
Market USP
Product Innovation
Growth
Opportunities in the Market
Rising consumption of cupcakes to render growth opportunities to the
cups segment: The growth of the segment can be attributed to the increasing
consumption of cupcakes across the globe. Cupcakes are gaining prominence
amongst other baked products. The rising preference for cupcakes in social
gatherings, picnics, parties, office events, and cafes as a sweet baked snack
is catalyzing the sale of cups, which is driving the growth of the segment.
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.
Key Players
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
Contact:
Market Research
Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street,
5Th Floor
New York, NY
10013
United States of
America
+1 628 258 0071
(US)
+44 2035 002 764
(UK)
Email:
sales@marketresearchfuture.com