Pune, India, January 2021, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Bakeware Market.
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.
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.
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