The Global Baking Pans Market is expected to exhibit strong growth, reaching USD 1.57 billion by 2030. As per the report titled “Baking pans Market Size, Share & COVID-19 Impact Analysis, By Type (Metal Baking Pans, Glass Baking Pans, Ceramic Baking Pans, Silicone Baking Pans and Other), By Application (Hotel, Restaurant, Café, Residential and Other), and Regional Forecasts, 2023-2030” observes that the market size in 2022 stood at USD 1.1 billion and USD 1.57 billion in 2030. The market is expected to exhibit a CAGR of 5.30% during the forecast period.
WMF GmbH's Trademark KAISER has Introduced a New Line of Silicone Baking Pans
In February 2020, a new line of silicone baking pans has been introduced under the KAISER brand of WMF GmbH. The new CrispFlex line has various characteristics, including a non-stick coating that makes removing cakes and muffins from the pan simple and guarantees consistently crispy baking results. These pans can also be folded, which frees up a lot of storage space.
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Rising Investments on R&D by Key Players to Boost Market Growth
Key players are heavily spending on product innovation and working on R&D projects to produce creative and novel items to meet consumer demand and compete with rival products. For the production of various foods, key players have introduced baking pans in various structures and patterns. New baking pans designs and sizes help increase bakery goods' appeal and give them a beautiful appearance. In addition, various non-stick coated baking pans have been produced, making it simple to clean bakeware tools and preventing food from sticking to models and ruining dishes. The global market for baking pans is expanding as a result of innovation in this industry.
Impact of COVID-19 on Baking Pans Market
The Covid-19 outbreak has had a significant impact on the market, resulting in sluggish growth in demand for baking pans. Stringent government regulations worldwide have resulted in the closure of marketplaces, which has directly impacted the growth of baking pans sales. Furthermore, the closure of bakeries and restaurants has significantly slowed demand for baking pans, as these items are in short supply in commercial kitchens.
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Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the baking pans market plan acquisitions to improve their brand recognition globally. For instance, in July 2020, Groupe SEB invested in StoreBound, a business that develops new items by collaborating with creators and licencing partners to design, produce, and deliver baking pans to stores worldwide.
List of Key Players Profiled in the Report
- Bundy Baking Solutions
- Royal Albert
- Crate and Barrel
- WMF Group GmbH
- LloydPans
- Nordic Ware
- Silicone Zone
- Trudeau
- Universal Industries
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Further Report Findings
- The market in the Asia Pacific is expected to gain a huge portion of the global baking pans market share in the coming years due to increased consumer knowledge of baking techniques, food preparation techniques, and flavours among customers from different countries.
- The demand for useful kitchen tools like baking pans in this region is also anticipated to rise as disposable income levels rise.
- In Europe, the growth in this region is primarily driven by the growing number of consumers in Italy, Germany, France, and Spain are becoming increasingly accustomed to baked goods due to their simplicity of preparation and high nutritional content.
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