Cakes Market size is expected to experience reasonable growth to record a considerable CAGR over the foreseen period 2021-2026. The cake is generally a snack or a form of dessert. They were used to be a modification of bread. In recent days, cake flour is made from low protein wheat and the flour is prepared such that the starch to gluten ratio is high. Also, they were used to be home or bakery made special desserts. Now, they are one of the largest mass-produced food items.
They are widely accepted and used as a symbol of celebration in almost all modern societies. In general, the ingredients of a cake include flour, eggs, sugar, butter, baking soda, or baking powder. Apart from these, several additional ingredients such as dried fruits, nuts, cocoa, and several flavoring substances added in the preparation. There are numerous recipes, styles, and shapes in which cakes can be made.
The rapid increase in the urban population and changing lifestyles and eating habits of people are the major factors driving the market growth. An increase in bakeries, the high usage rate of cakes in several ceremonies, and an increase in innovation regarding making satisfying all types of consumers are also expected to drive the market growth. However, the increase in the diabetic and obese population and other health concerns are hindering the market growth.
Recent Developments
Market Drivers and Restraints:
The great popularity of celebrating various types of special occasions and the success of the cake cutting is expected to remain a key factor for years to come. Additionally, the growing demand for cakes as desserts after restaurant dinner meals and weekend parties among millennials and Gen Z consumers around the world is expected to increase the extent of the business in the upcoming time. In recent years, the trend to celebrate various kinds of special occasions, successes or festivals, such as birthdays, marriages, wedding anniversaries, Valentine's Day, Christmas, work anniversary, mother's day and children's day, which has increased the call for cakes around the world. Consumers have increased their spending to purchase specific cakes for certain occasions, which is expanding the reach of the market. The demand for baked goods is also increasing significantly around the world, as they are instant, affordable, and delicious foods in this rapidly urbanizing and changing lifestyle. North America and Europe profited from the strong consumer base of baked goods, including pita bread, cookies, pastries, and cakes.
The market share of innovative and healthy products has increased in the regions mentioned above due to the growing number of health-conscious people across the globe. The bakery industry has seen higher profits due to changing consumer preferences towards advanced bakery variants. For example, the growing adoption of a Western-style bakery in Asian countries, especially China, Japan, and South Korea, is expected to remain a favorable factor. The Asia-Pacific region accounted for nearly half of global turnover in 2019, offering huge growth opportunities for local and international bakers to launch new variations, including cakes and desserts.
Cakes Market Segments and Sub Segment Analysis:
By Type:
By Mixing Method:
By Distribution Channel:
Cupcakes segment holds the largest market share due to its high popularity among children and their ease of preparation. Dessert cakes are expected to be the fastest-growing segment due to the increasing demand for desserts in ceremonies and dinners.
Layer cakes occupy the largest market share due to the innovation involved in their making.
In-store bakeries generate the largest sales revenue whereas online stores are the fastest-growing market segment.
Geographical Segmentation, and Regional Presence:
The global Cakes market has been categorized based on the geography into the Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Europe was the largest regional cake market, with a share of more than 30.0% in 2019. Several European countries such as Switzerland, Belgium, France, Italy and Austria stand out for their delicious baked goods, especially pastries. These countries have a wide variety of pastries that are widely consumed by both locals and tourists. A growing number of gastronomic tourists is also one of the main drivers of the cake industry in Europe. Asia Pacific is expected to grow at the fastest CAGR of 3.8% from 2020 to 2027. However, small and medium-sized bakers may find it difficult to take advantage of these opportunities, and large players may have a competitive advantage in countries such as Japan, South Korea, and India.
Impact of COVID-19 on Cakes Market
The spread of COVID-19 has had a marginal impact on food production around the world. As the F&B sector was affected by the spread of COVID-19, it had an impact on the volume of cakes production. In addition, demand is expected to increase and more closing stock will be used for the 2019-20 season. Manufacturers in the cake market face challenges in the supply of raw materials, as well as labor shortages in their manufacturing plants. Another major concern of exporters is the delay in the opening of ports around the world. Delayed loads, delayed ships, and slow port transactions will also affect the outlook for food & beverages that has been present in the supply chain process. Furthermore, the retail sector has also been severely affected by this pandemic, which affected cakes business in the second quarter of 2020, which will see a recovery in the third and fourth quarters of 2020.
Leading Company
Artisan Cake Company had the most substantial share of the global Cakes Market in terms of sales and revenue in 2019.
Leading Key Companies Covered in this market report are:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Type
5.1.1 Introduction
5.1.2 Dessert Cake
5.1.3 Cheese Cake
5.1.4 Cup Cake
5.1.5 Ice Cream Cake
5.1.6 Chocolate Cake
5.1.7 Sponge Cake
5.1.8 Wedding Cake
5.1.9 Y-o-Y Growth Analysis, By Type
5.1.10 Market Attractiveness Analysis, By Type
5.1.11 Market Share Analysis, By Type
5.2 Mixing Methods
5.2.1 Introduction
5.2.2 Layer Cake
5.2.3 Flourless Cake
5.2.4 Pound Cake
5.2.5 Shortened Cake
5.2.6 Y-o-Y Growth Analysis, By Mixing Methods
5.2.7 Market Attractiveness Analysis, By Mixing Methods
5.2.8 Market Share Analysis, By Mixing Methods
5.3 Distribution Channel
5.3.1 Introduction
5.3.2 In-Store Bakeries
5.3.3 Supermarkets
5.3.4 Convenience Stores
5.3.5 Online Stores
5.3.6 Other Distribution Channels
5.3.7 Y-o-Y Growth Analysis, By Distribution Channel
5.3.8 Market Attractiveness Analysis, By Distribution Channel
5.3.9 Market Share Analysis, By Distribution Channel
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Type
6.1.3.3 By Mixing Methods
6.1.3.4 By Distribution Channel
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Type
6.1.4.3 By Mixing Methods
6.1.4.4 By Distribution Channel
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Type
6.1.5.3 By Mixing Methods
6.1.5.4 By Distribution Channel
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Artisan Cake Company
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 The Blue Cake Company
8.3 American Baking Company
8.4 Edwards Cake
8.5 Ele Cake Company
8.6 Britannia
8.7 Little Venice Cake Company
8.8 Finsbury
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
Related Reports
Apr 2021
Apr 2021
