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Report Overview: Cake MarketThe global cake market size was valued at USD 42.83 billion in 2020 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.2% from 2021 to 2027. The high popularity of celebrating various types of special occasions and success through cake cutting is expected to remain a key driving force over the next few years. Moreover, rising demand for the cakes as desserts post meals during dine-out and weekend parties among millennials and Generation Z consumers across the globe is projected to expand the industry size in the near future. Over the past few years, the trend of celebrating various types of special occasions, success or any festivals, such as birthday, wedding, marriage anniversary, valentines day, Christmas, pet’s birthday, work anniversary, mother’s day, and children’s day, has been increasing significantly across the globe. Consumers have been increasing spending on purchasing occasion specific cakes, which is expanding the market scope. Demand for the bakery products is also increasing significantly across the globe as they are instant, accessible, and delicious food in this rapidly urbanizing and changing lifestyles. Europe and North America have enjoyed the strong consumer base of bakery products, including cake, pastry, biscuit, and pita bread. The market share for innovative as well as healthy products has been rising in the above-mentioned regions as a result of a growing number of health-conscious people at the domestic level. Furthermore, with the rising adoption of western lifestyle and nutrition, demand for cakes is increasing in developing economies of Asia and the Middle East. The bakery industry has been witnessing new gains owing to changing preferences among consumers toward advanced baked variants. For instance, increasing adoption of a western-style bakery in Asian countries, including China, Japan, and South Korea, is expected to remain a favorable factor. It was estimated that the Asia Pacific accounted for almost half of the global revenue in 2019, which offers huge growth opportunities for the local as well as international bakers to launch new variants, including cakes and pastries.
Product Insights: Cake MarketDessert cakes were the largest product segment with a share of 50.5% in 2019 and is expected to maintain its lead over the forecast period as these products are widely consumed fresh in various occasions. Moreover, it is consumed after meals in various countries as a part of the dessert. Sponge cakes are anticipated to be the fastest-growing product segment with a CAGR of 3.7% from 2020 to 2027 on account of rising popularity among young consumers across the globe. These sponge cakes have a high shelf life as compared to dessert counterparts. These products are consumed fresh as well as they can be consumed after a week. Hence, the demand for these products is also increasing among the young generation across the world. Moreover, in some Asian countries such as Japan and South Korea, few local players are very popular for their sponge cotton cakes.
Distribution Channel Insights: Cake MarketSpecialist retailers emerged as the largest product segment with a share of over 50.0% in 2019 and are anticipated to maintain its lead over the next few years. Various domestic players have their own specialty stores with a wide range of artesian cakes, dessert cakes, and sponge cakes. In addition, cupcakes and other types of high shelf life baked goods are widely available in the largest chain of supermarkets, such as Walmart, Sainsburys, Tesco, 7Eleven, Apar, and Aldi. These deep-pocket industry participants are expanding their product offerings in order to attract customers. Online sales of cakes are significantly increasing in many parts of the world as it is very easy and convenient for the customers to place an order for the desired cakes. In addition to this, the growing penetration of smartphones, along with increasing the use of the internet, is propelling the online sales of the product. Almost all the retail companies are entering the industry through e-commerce portals owing to maximum customer engagement.
Regional Insights: Cake MarketEurope was the largest regional market for cakes accounting for a share of over 30.0% in 2019. Various European countries such as Switzerland, Belgium, France, Italy, and Austria are famous for their delicious bakery products, especially cakes. These countries have a large variety of cakes that are widely consumed by the locals as well as tourists. An increasing number of food tourists is also one of the key factors driving the cake industry in Europe. Asia Pacific is projected to expand at the fastest CAGR of 3.8% from 2021 to 2027. The increasing population in developing countries including China and India is offering huge long-term opportunities for the cake industry. However, small and medium bakers may face some difficulties in order to capitalize on such opportunities and large players may have a competitive advantage in countries, such as Japan, South Korea, and India.
Key Companies & Market Share Insights: Cake MarketLeading manufacturers hold a significant market share in Europe, North America, and some parts of Asia. A growing trend of healthy intake is anticipated to increase the focus on quality and low-calorie products. A large number of bakers are offering healthy alternatives to high-calorie and high sugar products, which is anticipated to be a primary factor for market growth. The addition of new flavors in the market is also anticipated to positively impact industry growth. Some of the prominent players operating in the global cake market include:
Key companies Profiled: Cake Market Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global cakes market report on the basis of product, distribution channel, and region:
- Finsbury Food Group Plc
- Yamazaki Baking Co., Ltd.
- MCKEE FOODS
- Grupo Bimbo
- BreadTalk Group Limited
- Hostess Brands, LLC.
- George Weston Limited
- Britannia Industries Limited
- Campbell Soup Company (Pepperidge Farm)
Product Outlook (Revenue, USD Million, 2016 - 2027)
Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
- Specialist Retailers
- Convenience Stores
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1 | read more...