Market Overview

The global cake market was estimated at US$ 45,909.56 million in 2021. Between 2022 to 2032, it is predicted to expand at a rate of 3.4 %.

In the next several decades the cake-cutting industry will continue to be a major factor in the industry due to its popularity as a way to celebrate memorable moments and other success stories. The industry's size is projected to increase because of the increasing demand for desserts after meals at dine-outs and weekend parties from Generation Z and younger generations. In recent years, the popularity of celebrating special occasions, festivals, and even success has grown dramatically. This includes weddings, birthdays, or marriage anniversaries as well as Valentine's Day, Christmas and works anniversary or birthday of a pet, Mother's Day, and children's day. With more people spending money on special occasion cakes it is a growing cake market. It is usually eaten in various countries, as a dessert. The latest research showed that chocolate cakes were the most popular choice worldwide.

Trends:

The growth of the market is expected to accelerate due to the expansion of bakeries in stores that sell to supermarkets. People are increasingly looking for top-quality goods, and they tend to prefer bakeries that are artisanal that provide high-margin items. Globally, consumers are shifting their preference to bakery product as it has functional properties that satisfy the dietary preferences of people like organic gluten-free, gluten-free, natural, organic ingredients as well as the use of flour, like rice flour and chia but not wheat flour. This has resulted in an increase in the demand for freshly baked cakes made using natural ingredients. The current market is also witnessing an increase in online sales and new products that are launched. In addition, another group of buyers who are conscious of their spending is buying cakes at a lower cost offered by in-store bakeries as well as the convenience of having one-stop shopping which is further increasing the market's sales.

Segmentation

By Product Type

• Cupcakes
•  Dessert
• Sponge
• Other Product Types

By Distribution Channel

• Supermarket/Hypermarket
• Specialist Retailers
• Other Distribution Channels

Cakes Market Drivers

In the next few years, it is predicted that one of the primary drivers will continue to be the huge popularity of celebrating different types of occasions and accomplishments by cutting the cake. It is also expected that the demand for cakes will increase in size due to increased demands from Generation Z and millennials worldwide for sweets after meals at dine-outs and weekend celebrations. Recently, unique occasions are being celebrated across the world like weddings, birthdays and anniversaries, Valentine's Day and Christmas, Valentine Day, Christmas and the birthdays of pets, as well as work anniversary holidays, mother's day, children's days as well as the birth of a baby. Since consumers are spending more on cakes for special occasions as well as other cakes, the worldwide market for cakes is growing.

Cakes Market Restraints

Market restrictions are a result of strict compliance with standards and increased competition.

Analysis of Regional issues

Europe was the most significant regional cake market with an increase of 31.3% by 2021. A lot of European nations like France, Italy, and Switzerland are known for their amazing bakery products which include cakes. There are plenty of delicious cakes to be found in these countries which are enjoyed by both locals and tourists. The primary factor driving Europe's cake industry is the increasing amount of food-related tourists.

Asia Pacific is expected to increase at the rate of 3.9 percent CAGR from 2023 to 2032. The cake industry is projected to have a long-term expansion potential due to the increasing number of people living in countries like India as well as China. Small and medium-sized bakers might be unable to capitalize on these opportunities. However, large players may have advantages in areas like India, South Korea, Japan, and South Korea.

Recent Changes

• In 2021, FGF Brands contracted for George Weston's fresh and frozen bakery business. The amount is USD 1.2 billion, to increase its sales within the frozen bakery sector that will be familiar with FGF and be home to the brand Stonefire flatbread.
• In 2021, McKee Foods Corp. added to its offerings by introducing its mini muffin cakes with the new launch of Little Debbie Strawberry Mini Muffins in Shortcake to meet consumer demand.
• Friendly's, Dean Foods' brand, launched Cake Singles in 2019, an individual ice-cream cake cup that was inspired by iconic Ice-cream Cakes.

Vendor Analysis

Finsbury Food Group Plc; Yamazaki Baking Co., Ltd.; MCKEE FOODS Grupo Bimbo; BreadTalk Group Limited; Hostess Brands, LLC.; Monginis; George Weston Limited; Britannia Industries Limited; and Other Key Players engaged in the Cake market.

Key Highlights

• CAGR for the market over the forecast timeframe 2022-2032
• Information on factors that will help the cake market grow over the next five years.
• Estimation of the cake market size and the contribution it makes to the market that is a parent
• Future trends to watch and shifts in consumer behavior
• The growth of the cakes market
• A review of the market's environment of competition and details about the vendors
• The main factors likely to hamper the growth of cake market vendors will be explained