The Global Bakeable Market was valued at US$ 1,416.6 Million in 2022 and is expected to reach US$ 2,199.7 Million by 2030, registering a CAGR of 4.97% during the forecast period of 2023-2030. Bakeable trays or direct-to-oven trays are used for baking food in oven at high temperature. Metals were initially used to manufacture bakeable trays, however, currently corrugated paper cardboards are used. Corrugated paper cardboard is lightweight, waterproof, and heat resistant that can sustain temperature up to 220ºC. Bakeable trays allow storage, transportation, and selling food products in a single container, which minimizes the packaging and product cost. Bakeable trays are majorly used in food & beverages industry for packaging of ready-to-eat or convenience foods. These trays are also used for roasting and baking food products such as pizzas, meat steaks, confectionary items, pasta, and others.
Global Bakeable Trays Market- Impact of Coronavirus (Covid-19) Pandemic
Numerous industries experienced economic crises during COVID-19, and the global market for bakeable trays was severely impacted by the virus's spread. Governments imposed a nationwide lockdown to stop the spread of corona virus disease, which significantly damaged the raw material supply chain and loomed over the production cycle of the global bakeable trays market. Government restrictions on bakeries, restaurants, and hotels, three industries that use bakeable trays extensively, led to a sharp decline in demand for the product. E-commerce significantly contributed to the improvement of the bakeable trays supply chain and its resurgence.
Global Bakeable Trays Market - Growth Drivers
Consumers are becoming more health conscious and environmentally aware, which is driving the demand for bakeable tray made for sustainable and eco-friendly materials. This factor may lead to significant growth throughout the forecast period. For instance, The Pampered Chef, Ltd. is one of America's top direct-selling organizations. It was founded in 1980 by Doris Christopher. Paperchef offers parchment paper baking cups made from unbleached, chlorine-free, and compostable paper.
With more people spending time at home during the COVID-19 pandemic, there has been an increase in home baking. Bakeable trays offer a convenient solution for home bakers who want to experiment with new recipes or bake for their families. For instance, Wilton Industries, Inc. operates as a food crafting company. The Company offers baking, cake decorating, candy and cookie making, wedding, baby, party, seasonal, kitchen, and hydration products for the specialty home products industry. This Wilton industries has seen as increase in sales of its silicone bakeable trays, which are non-stick and easy to clean, making them a popular choice for home bakers.
Bakeable trays are a popular item in convenience stores, where consumers are looking for quick and easy meal solutions. For instance, the brand Good Cook sells bakeable trays specially designed for convenience stores, with single-serve portion of breakfast items such as sausage and egg breakfast sandwiches. This factor in bakeble trays market, may generate the driving growth throughout the forecast period.
Global Bakeable Trays Market – Restraints
The availability of raw materials such as aluminium, steel, silicone, could impact the production and distribution of bakeable trays. In situations where the availability of raw materials is low, the cost of produce bakeable trays can increase, as manufacturers may need to source materials from alternative suppliers or regions. For instance, if there is a shortage of aluminium or steel, manufacturers may face challenges in producing bakeable trays, which could impact their sales. This restraining factor may hinder the growth of the bakeable trays market.
Figure 1. Global Bakeable Trays Market, By Application, 2022
Among application, the food & beverages segment accounted for a significant market share in the global bakeable trays market in 2022. Bakeable trays are majorly used in the food & beverages industry for packaging of ready-to-eat or convenience foods. Changing lifestyle and increasing disposable income are expected to increase demand for ready-to-eat or convenience food products by the forecast period (2023-2030). For instance, according to the Trading Economics Statistics on U.S. Disposable Personal Income, the disposable personal income in the populace of the U.S increased to USD 19594.76 Billion in January 2022 from USD 19207.40 Billion in December of 2021.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2022 | Market Size in 2022: | US$ 1,416.6 Mn |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR: | 4.97 % | 2030 Value Projection: | US$ 2,199.7 Mn |
| Geographies covered: |
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| Companies covered: |
iVEX Protective Packaging Inc., DuraCorp LLC, Huhtamaki BCP Ltd., Packaging Sales & Service Inc., Menasha Corporation, Honeymoon Paper Products Inc., Tielman Sweden AB, Genpak LLC, Northland Aluminum Products Inc., and Laminating Technologies Industries LLC |
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Asia Pacific accounted for the largest market share in 2022, owing to growing the food & beverages industry. Bakeable trays are used in the bakery industry to store, bake, ship, and display single served baked goods such as cupcakes, muffins, and others. Growth of bakery industry in the region is expected to increase demand for bakeable trays. For instance, according to the Ministry of Food Processing Industries and Government of India, the bakery sector is further estimated to grow through the forecast period at a CAGR of 9.62% between 2023 and 2030 to reach a value of USD 17.55 billion by 2030. The Indian bakery market is being supported by the thriving biscuits and cookies industry.
North America accounted for the second largest market share in 2022. For instance, according to the Food and Agriculture Organization of the United Nations in 2021, North America accounted for 16.9% of the world’s food supply.
Europe has huge potential on bakeable trays market and growing demand significantly in this region. For instance, the European bakery market was valued at US$ 185.38 billion in 2021, and it is expected to grow a CAGR 4.4% during the forecast period of (2023-2030).
Figure 2. Global Bakeable Trays Market, By Region, 2022
Global Bakeable Trays Market - Key Players
Major players operating in the global bakeable trays market include iVEX Protective Packaging Inc., DuraCorp LLC, Huhtamaki BCP Ltd., Packaging Sales & Service Inc., Menasha Corporation, Honeymoon Paper Products Inc., Tielman Sweden AB, Genpak LLC, Northland Aluminum Products Inc., and Laminating Technologies Industries LLC.
Definition: Bakeable tray is a sheet pan, also referred to as baking tray, baking sheet, or baking pan, is a flat, rectangular metal pan placed in an oven and used for baking pastries such as bread rolls, cookies, sheet cakes, Swiss rolls, and pizzas.
Bakeable trays or direct-to-oven trays are mostly made from corrugated paper, which is both waterproof and heat-resistant. These trays are designed for shipping and baking of food products on the same tray, which makes it more efficient than traditional baking trays. Most of the manufacturers offer bakeable trays with a high gloss P.E.T. laminate. These trays can be baked at temperatures up to 220ºC
Key players in the market are adopting various strategies such as product launches in order to expand their product portfolio and strengthen their market presence. For instance, Multivac is the leading manufacturer worldwide of thermoforming packaging machines for food processing. In 2016, Multivac Inc. launched dual ovenable Mylar BAKE film coated product range. The product is designed for cooking meat and has self-venting property, which increases its shelf life.
Market Dynamics
Among product type, the single corrugated bakeable trays segment is expected to account for a significant share over the forecast period. Single corrugated trays are used for baking and shipping of goods. This trays offer time & money saving alternative for conventional baking pans.
Among application, the food & beverages segment is expected to witness significant growth over the forecast period. Growth of bakery and convenience food products is expected to increase the demand for bakeable trays. For instance, according to Germany Trade & Invest (GTAI), Germany’s Revenue in the Bread & Bakery Products segment amounts to US$ 31.86 bn in 2023. The market is expected to grow annually by 2.94% (CAGR 2023-2030). According to the same source, Germany’s convenient food market was valued at US$ 10.79 bn in 2023, which has increased by 4% between 2013 and 2017.
Asia Pacific is expected to account for a significant market share over the forecast period. Increasing disposable income and changing lifestyle patterns has led to increasing demand for convenience or ready to eat food products. For instance, according to World Bank Group, the per capita income in Asia Pacific region was US$ for 2021 was 13,042, a 13.65% increase from 2020.
Key features of the study:
Detailed Segmentation:
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