Overview and Scope
Cake is a baked sweet dessert similar to bread that is often made with flour, sugar, baking soda or powder, eggs, and liquid flavoring. Pastries is a solid dough made of flour, salt, a substantial amount of fat, and a small amount of liquid.
Sizing and Forecast
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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Segmentation & Regional Insights
The cake and pastries market covered in this report is segmented –
1) By Type: Cakes, Frozen Cakes And Pastries, Pastries, Sweet Pies
2) By Distribution Channel: Super Markets And Hyper Markets, Convenience Stores, Online Retail, Bakeries, Other Distribution Channels
3) By Application: Food Service, Retail, Other Applications
North America was the largest region in the cake and pastries market in 2023. Asia-Pacific is expected to be the fastest-growing region in the cake and pastries market report during the forecast period. The regions covered in the cake and pastries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in cake and pastries are innovating new products, such as vegan cakes and pastries, to provide reliable services to customers. Vegan cakes and pastries are plant-based desserts made without any animal products, including eggs, dairy, and honey. For instance, in March 2022, Higgidy, a UK-based food manufacturing company, launched Little Vegan Quiche and Roasted Chickpea Masala Vegan Pie. Little Vegan Quiche and Roasted Chickpea Masala Vegan Pie are vegan pastries that are plant-based, meat-free and dairy-free pastry. Little Vegan Quiche has Petit Pois and Courgette flavors and a seeded shortcrust pastry of mint and chili. Roasted Chickpea Masala Vegan Pie is a shortcrust pastry filled with a creamy coconut, lentil, and spinach daal, layered with a chickpea and tomato masala, and hand-topped with a sweet mango chutney.
The cake and pastries market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………..
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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