Cakes Market

Cakes Market Size (2024 to 2029)

Cakes Market is expected to grow at a CAGR of 3.50% from USD 49.66 billion in 2024 to USD 58.98 billion in 2029.

Cakes Market Scenario

Cakes are a type of baked confection created using ingredients including flour, sugar, butter, and others. The widespread use of cake as food to celebrate food on many special occasions is primarily responsible for the increase in cake consumption worldwide. Along with this, the expansion of the cake market has also been attributed to an increase in the consumption of cakes as post-meal desserts. Additionally, as customers' awareness of their own health has increased, they have begun to favor enriched cakes with high nutritional value. The global cakes 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 global cakes market expansion has been aided by the manufacturers' introduction of new products to satisfy consumers' rising demand.

MARKET DRIVERS

Over the next several years, it is anticipated that one of the major driving forces will continue to be the enormous popularity of celebrating different kinds of important occasions and accomplishment through cake cutting. Additionally, it is anticipated that the size of the global cakes market would increase in the near future because to the increased demand for cakes as sweets after meals during dine-out and weekend parties among millennials and Generation Z customers worldwide. Birthdays, marriages, marriage anniversaries, Valentine's Day, Christmas, the birthday of a pet, a work anniversary, mother's day, and children's day are just a few examples of the unique occasions that are increasingly being celebrated around the world in recent years. The global cakes market's potential is developing as consumers spend more money on occasion-specific cakes. As a result of the immediate, easily accessible, and delicious nature of bakery items in today's increasingly urbanizing and evolving lifestyle, their demand is likewise rising dramatically across the globe. The demand for bakery goods including cake, pastries, biscuits, and pita bread has been particularly robust throughout Europe and North America.

Due to an increase in home health consciousness, innovative and healthy products have seen an increase in market share in the aforementioned locations. The demand for cakes is also rising in developing economies in Asia and the Middle East due to the increased embrace of the western lifestyle and diet. Due to shifting consumer preferences toward more complex baked options, the bakery business has been seeing fresh gains. For instance, it is anticipated that the growing popularity of western-style bakeries in Asian nations like China, Japan, and South Korea would continue to be a positive impact. According to estimates, the Asia Pacific region generated about half of the worldwide sales in 2019. This presents enormous growth potential for both domestic and foreign bakers to introduce new types, including cakes and pastries.

MARKET RESTRAINTS

Complying with strict rules and disparate standards around the world, increasing competition, and inflation predicted to stay over the top band in key nations during the short term, and fluctuating raw material prices are some market limitations for cake market over the projection period.

REPORT COVERAGE: 

SEGMENTAL ANALYSIS

Global Cakes Market Analysis By Product:

Based on product, Dessert cakes, which had a market share of 50.5% in 2019 and are anticipated to keep leading over the projection period due to their widespread fresh consumption on various occasions. Additionally, it is eaten as part of the dessert in many nations after meals.

With a CAGR of 3.7% from 2022 to 2027, sponge cakes are predicted to be the product category with the quickest growth. This is due to their increased appeal among young people around the world. Compared to other desserts, these sponge cakes have a long shelf life. These products can be enjoyed after a week in addition to when they are still fresh. As a result, the youthful population around the world is growing the demand for these products. Additionally, a few local players are well-known for their sponge cotton cakes in various Asian nations, like Japan and South Korea.

Global Cakes Market Analysis By Distribution channel

From 2022 to 2027, offline channels are anticipated to account for the majority of distribution channels. With a share of over 50.0% in 2019, specialty retailers became the market leader in this product category, and it is expected that they will continue to hold this position over the next years. Many domestic competitors have specialty shops where they sell a variety of artesian cakes, dessert cakes, and sponge cakes. Also widely accessible are cupcakes and other baked goods with a long shelf life in the biggest grocery chains, including Walmart, Sainsbury's, Tesco, 7Eleven, Apar, and Aldi. These wealthy business players are increasing their product offers in an effort to draw clients.

REGIONAL ANALYSIS

The consumption of cakes is suddenly on the rise in the Asia-Pacific region, particularly as more people in countries like Japan, China, and India are adopting western diets, which is boosting cake sales. The potential for increased market penetration and an increase in cake consumption per capita is very considerable in Asia's developing markets. The development of the newest organic flavors, vegan components, and healthy and natural ingredients will also affect how frequently products are consumed in developed countries.

With a share of almost 30.0%, Europe was the second largest regional market for cakes in 2019. Several European nations, including Switzerland, Belgium, France, Italy, and Austria, are well known for their delectable baked goods, particularly cakes. Both natives and visitors enjoy the broad range of cakes that are produced in these nations. Another important aspect boosting the cake sector in Europe is the rise of food tourists.

KEY PLAYERS IN GLOBAL CAKES MARKET

Key players in global cakes market are Finsbury Food Group Plc, Yamazaki Baking Co., Ltd, MCKEE FOODS, Grupo Bimbo, Bread Talk Group Limited, Hostess Brands, LLC, Monginis, George Weston Limited

RECENT HAPPENINGS IN THE GLOBAL CAKES MARKET

To diversify its product offering, Mondelez International, Inc. introduced Cadbury Choco bakes Choc Layered Cakes under the Choco bakery subcategory in India in July 2020. Along with this, the business also wants to give customers a novel eating experience by taking into account the trends in convenience and on-the-go eating.

DETAILED SEGMENTATION OF GLOBAL CAKES MARKET INCLUDED IN THIS REPORT     

This research report on the global cakes market has been segmented and sub-segmented based on Product, Distribution channel & region.  

By Product

• Cupcakes
• Dessert cakes
• Sponge cakes

By Distribution channel:

• Offline
• Online

By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America