The new report by Expert Market Research titled, ‘Global Cake Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global cake market, assessing the market based on its segments like types, flavours, distribution channels, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Cake Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 3.1%
The global cake market is being driven by the fact that cake-cutting have been a tradition in various occasions such as birthday, festival, anniversary, and wedding, among others. The increasing demand for cake as a sweet post-meal during dine-out activities is also anticipated to augment the market in the forecast period.
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Moreover, the increasing inclination towards cake-making and cake-decoration as a profession is likely to be a major invigorating factor of the market. Geographically, Europe accounts for a significant share in the market owing to the presence of large cake-eating consumer base in Belgium, Italy, France, and United Kingdom, among others. The increasing number of food bloggers and local bakery product consumers in the region will further garner the market growth in the forecast period.
Cake Industry Definition and Major Segments
Cake is a round shaped sweet food item, which is typically baked or fried. The main ingredients used in the preparation of cake include flour, egg, sugar, baking soda, fat, a form of liquid, and a pinch of salt. Cakes come in a variety of flavours, such as strawberry, chocolate, vanilla, and butterscotch, among others. The texture of cake is generally tender and melt-in-mouth. Moreover, a cake can be decorated according to the needs of the consumer.
On the basis of product type, the market can be segmented into:
• Sponge Cakes
• Cup Cakes
• Dessert Cakes
The different flavours of the product include:
Based on distribution channel, the market has been bifurcated into:
• Hypermarkets and Supermarkets
• Online Sales
The regional markets for cake include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Cake Market Trends
The key trends in the global cake market include the growing popularity of cakes with innovative flavours, along with the subject to modification. Consuming cake post-meal can help in digestion and tickle the taste buds, making them an ideal sweet companion of any spicy and sour cuisine, thereby, bolstering the market growth in the forecast period.
Meanwhile, the emerging e-commerce industry, which provides the door-step-delivery for any food item, is anticipated to be another major trend in the market. The availability of sensational cake flavours on online platforms, such as pink champagne cake, hazelnut almond cake, mint chocolate, and white forest cake, among others, at reasonable prices is likely to provide impetus to the market in the forecast period.
Key Market Players
The major players in the Global Cake Market are :
- American Baking Company (ABC)
- Aryzta AG
- Flowers Foods, Inc.
- McKee Foods
- Finsbury Food Group Plc
- Pepperidge Farm Incorporated
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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