Cake Market To Reach 58.71 Billion With CAGR 3.2% By Year 2028 | Market Dynamics; Value Chain Analysis; Competitive Landscape; Industry Events and Developments
Cake market was estimated at USD 47.09 billion in 2021, and is projected to reach 58.71 billion by 2028, growing at a CAGR of 3.2%.
Cakes are baked goods that are high in fat, cream, sugar, eggs, and flour. A wide range of additions, such as fruits and flavours, can be used into cakes. Desserts were originally merely bread variations, but they today encompass a wide range of simple and intricate arrangements, including pastries, meringues, custards, and pipes, in addition to other types of cakes. The most frequently used cake ingredients are baking soda or baking powder, along with flour, sugar, eggs, butter, oil, or margarine, a liquid, and other ingredients. Most of the grocery stores, superstores, and e-commerce grocery and bakery websites sold several varieties of cakes and offered free delivery alternatives or minimal delivery charges. The simplicity of lockdown has further encouraged producers of artisanal cakes to flood the market with new goods, disrupting the branded category more quickly.
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The market has grown as a result of the growing number of working professionals and their increased appetite for quick meals such muffins, sweet pies, and cupcakes. Additionally, the market expansion has been aided by the manufacturers' introduction of new products to satisfy consumers' rising demand. For instance, in an effort to provide consumers with higher-quality cakes, Mars, Inc. introduced a gluten-free chocolate cake under the Galaxy brand in the United Kingdom in August 2020.
Consumers are moving closer to flexitarian and plant-based diets on a regular basis. The Flexitarian Diet is a way of eating that typically emphasizes plant-based meals, but allows animal products in moderation. This means that the bakery business no longer uses eggs, butter, or cream because many customers want plant-based products that are still delicious.
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Based on the product type, the cupcakes segment is expected to dominate the cakes market over the forecast period. Cupcakes are still extensively more popular than any of these desserts. Even though they're all worthy contenders, none of them have led the cupcake yet, and it looks like they don't have a fighting chance either.
Based on the form, the packages form segment is anticipated to hold the largest market revenue during the forecast period. Owing to the development of vegan packaged cakes and hygiene issues.
Based on the distribution channel, the specialty stores segment is expected to hold the highest cakes market share over the forecast period. Different domestic players have their specialty stores with an extensive range of dessert cakes, artesian cakes, and sponge cakes.
• Biscuits Cake
• Dessert Cake
• Cheese Cake
• Sponge Cake
• Food Service
By Distribution Channel
• Specialty Stores
• Convenience Stores
• Online Stores
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Regional Analysis for the Cake Market:
Asia-Pacific is turning into a key marketplace, as growing disposable income, urbanization, and the call for western-fashion diets are assisting the increase in income of baked items and desserts. China is about to turn out to be the second-biggest baked items market globally via way of means of 2022, with desserts being one of the maximum famous segments. These markets are appealing to important corporates, which see the capacity for tremendous income increase. In nations together with India, as consumers' desire for nutritious and eye-attractive merchandise grow, manufacturers working withinside the desserts marketplace have similarly stepped forward merchandise' shelf-existence with no compromise on flavor and organoleptic properties, which has ultimately led cake producers to interchange from clean to frozen classes in nearly all of the bakery segments.
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)
Players Covered in Cake market are :
• General Mills Inc.
• Finsbury Food Group Plc
• Britannia Industries Limited
• Modern Food Enterprises Pvt Ltd.
• Yamazaki Baking Co. Ltd.
• Mondelez International Inc.
• Elite Group of Companies.
• MCKEE FOODS
• Grupo Bimbo
• BreadTalk Group Limited
• Parle Products Pvt Ltd.
• Hostess Brands LLC.
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