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Cake And Pastries Market Key Trends and Forecast Report 2024-2033
Cake And Pastries Market Key Trends
According to The Business Research Company's, The cake and pastries market size has grown strongly in recent years. It will grow from $87.78 billion in 2023 to $94.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to changing consumer lifestyles, celebration and occasion culture, globalization of food culture, marketing and branding strategies, innovation in flavors and designs, e-commerce and online bakery shops.
The cake and pastries market size is expected to see strong growth in the next few years. It will grow to $125.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to customization and personalization, sustainable and ethical practices, focus on premium and artisanal offerings, rise in specialized dietary products, global economic trends. Major trends in the forecast period include digitalization of bakery services, rise in demand for artisanal and handcrafted products, health-conscious baking and ingredient choices, innovative flavor combinations and fusion treats, emphasis on visual appeal and aesthetics.
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Market Drivers and Trends:
The rising demand for ready-to-eat (RTE) and packaged foods is expected to propel the growth of the cake and pastries market in the coming future. Ready-to-eat (RTE) refers to a class of food items that have been cleaned, cooked, and most often packed before being made available for consumption. Packaged food includes preserved, canned, frozen, various varieties of meat and vegetables, snacks, and pre-packaged food items. Individuals choose quick or ready-to-eat foods for healthier eating habits due to better lifestyles and living standards. Among the cake and pastry market, packaged and ready-to-eat items such as bread, cakes, pastries, cream rolls, cookies, and biscuits are in high demand due to their availability and ready-to-eat characteristic. For instance, in January 2022, according to India's Ministry of Commerce and Industry, ready-to-eat food exports climbed by 24% to $ 394 million in 2021-22 (April-October). Furthermore, according to Euromonitor estimate, retail sales in Japan's packaged food sector is accounted at $216.3 billion in 2022. Therefore, rising demand for ready-to-eat (RTE) and packaged foods is driving the cake and pastries market.
Product innovation is the key trend gaining popularity in the cakes and pastries market. Major companies operating in the cakes and pastries market are focused on developing innovative products to strengthen their position in the market. For instance, in October 2022, Entenmann's, a US-based manufacturer of baked products launched Entenmann's Cake Truffles. Entenmann's Cookies & Crème Cake Truffles are filled with creamy white chocolate chunks and coated with a layer of silky, smooth chocolaty coating. Entenmann's Chocolate Delight Cake Truffles are covered with a layer of silky, smooth chocolatey coating. These incredibly indulgent tastes are guaranteed to tickle the mark for all chocolate lovers.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Finsbury Food Group Plc; Flowers Foods; Grupo Bimbo S.A.B. de C.V; Hostess Brands lnc.; McKee Foods Corporation; Yamazaki Baking Company Ltd.; Aryzta AG; BreadTalk Group Private Limited; Britannia Industries Limited; Edeka Group; Edwards Cake & Candy Supplies; Mulino bianco; Monginis Foods Private Limited; Americana Group; Tyson Foods Inc.; Campbell Soup Company; Pepperidge Farm; Lone Star Drills; Layne Christensen Company; Bright Blue Foods Limited; National Drilling Company; GORDON AND SONS BUILDING SERVICES LIMITED; Sunmoy Technology Co. Ltd.; Caster Drilling Enterprises; Dando Drilling International; Craig waterwell and drilling Ltd.; Jim Jeffers Well Drilling; Johnson Water Well Drilling; Koken Boring Machine Co. Ltd.; Simco Drilling Equipment Inc.
Cake And Pastries Market 2024 Key Insights:
• The cake and pastries market will grow to $125.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Cake And Pastries Market Rises On The Tide Of Ready-To-Eat And Packaged Food Demand
• Innovation Redefining Sweet Moments In The Cakes And Pastries Market
• North America was the largest region in the cake and pastries market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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