Cake Market Revenue, Future Growth, Trends Plans, Top Key Players, Opportunities, Share, Size Analysis by Forecast to 2030
In recent years, there has been an increasing demand for bakery products such as cakes, pastries, muffins, and other items around the world due to the wide availability of such products in retail stores, online platforms, and bakery stores. This has resulted in the increasing demand for cakes, and other bakery products, which is projected to fuel the growth of this market. Further, the wide consumption of cakes on various occasions such as birthdays, weddings, and anniversaries has led to the rising demand for different bakery products that include cupcakes, muffins, and others in several regions of this market. This is another major factor driving this market’s growth. For instance, Mars Inc. introduced a gluten-free chocolate cake in the UK under its brand-Galaxy in order to offer the customers with better-quality cakes.
The global cake market size is anticipated to expand speedily owing to the increasing demand for bakery products across the world, observes Fortune Business Insights™ in its report, titled “Cake Market, 2023-2030”.
However, the cakes possess a high amount of calories and fats, which can be harmful to the body and can cause health problems such as diabetes and others. This is projected to hinder the growth of this market.
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On the basis of product type, this market is classified into dessert cake, sponge cake, cup cake, and others. Based on distribution channel, the market is divided into supermarkets/hypermarkets, convenience stores, specialty stores, and online retail. By geography, the market is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
This research report offers an in-depth study of the driving factors, restraints and trends influencing the growth of the market. In addition, this report offers a detailed evaluation of the market segments and regional developments in the market. Further, this report also incorporates a comprehensive analysis of the strategies adopted by market players to strengthen their position.
Increasing Consumption of Desserts by the Working Population to Fuel the Market
There has been an increasing demand for the bakery products such as cakes and pastries from the working population due to the easy availability of such products with varied tastes and quantities. This is a crucial factor responsible for the growth of this market. Further, the rising number of in-store bakeries in the supermarkets and malls is projected to propel the growth of this market.
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Increasing Consumer Inclination towards Healthy Living to Boost the European Market Growth
Europe is projected to dominate the cake market share on account of the increasing number of bakeries and rising consumer preference for healthy lifestyle in this region. Further, the availability of artisanal bakery items in the countries such as the UK and Italy is expected to fuel this market’s growth.
Asia Pacific region is anticipated to grow speedily in this market due to the increasing population and the rising disposable income of the people in the countries such as India and China.
Increasing Production of Innovative Cakes to Animate Competition
The prominent companies in the cake market are focusing on the increasing production of innovative cakes and pastries with different tastes and good quality in order to meet the requirements of the customers across several regions. This has resulted in the increasing competition among key companies which will help them to expand their business horizons and broaden their market footprint.
June 2020: Bonn Group launched a range of eggless cupcakes and bar cakes in mix fruit, chocolate and vanilla flavors in India in order to expand its cake product portfolio and provide affordable snacking options to the customers.
List of Key Players Covered in the Cake Market Report:
- Finsbury Food Group Plc
- Mondelez International Inc.
- Bonn Group
- Grupo Bimbo
- General Mills Inc.
- Britannia Industries Limited
- Hostess Brands LLC
- George Weston Limited
- Flowers Foods Inc.
- BreadTalk Group Pte Ltd.
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