BAKEABLE TRAYS MARKET ANALYSIS

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 5.65% 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

• Health and Sustainability

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.

• Increase in Home Baking

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.

• Increase demand in Convenience Stores

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

• Limited Availability of Raw Materials

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

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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.

Global Bakeable Trays Market – Regional Insights

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

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Global Bakeable Trays Market - Recent Developments

• Ivex Packaging, introduced bakeable trays coated with PE lamination which eliminate the use of specialized sprays for baking. In1952 Entered Singleface business, Introduced single face to compete locally in the upper Midwest against Sherman Paper Products.
• 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 the shelf life.
• In 2016, Tielman Sweden AB acquired Fin Form A/S, a Denmark-based company that manufactures paper baking cups. The acquisition helped Tielman to expand its product portfolio in bakeable packaging solutions and strengthened its presence in global bakeable trays market.

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.