Cakes and Pastries Market Size, Growth, Future Trends, Key Players and Industry Analysis Report 2024-2032
Cakes and Pastries Market Size 2024-2032
The growing demand for healthier and premium options represents one of the key factors influencing the growth of the cakes and pastries market across the globe.
BROOKLYN, NY, USA, February 11, 2024 /EINPresswire.com/ -- IMARC Group, a leading market research company, has recently releases report titled “Cakes and Pastries Market Report by Product (Artisanal Bakery Products, In-store Bakery Products), Type (Cakes, Frozen Cakes & Pastries, Pastries, Sweet Pies), Sector (Food Service, Retail), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Specialist Retailers, Artisanal Bakeries, Online Stores, and Others), and Country 2024-2032.” The study provides a detailed analysis of the industry, including the global cakes and pastries market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the Cakes and Pastries Market?
The global cakes and pastries market size reached US$ 141.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 192.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032.
Global Cakes and Pastries Market Trends:
The growing demand for healthier and premium options represents one of the key factors influencing the growth of the cakes and pastries market across the globe. This is primarily driven by consumer preferences for natural ingredients, reduced sugar content, and indulgent yet nutritious treats which is boosting the market growth. Additionally, there is a surge in demand for artisanal and customized cakes and pastries, fueled by the desire for unique flavors, innovative designs, and personalized experiences.
Moreover, the rise of online ordering and delivery services is reshaping the market dynamics, offering consumers greater convenience and access to a wide variety of bakery products. Furthermore, sustainability and eco-friendly practices are gaining traction, with consumers increasingly preferring brands that prioritize ethical sourcing, eco-friendly packaging, and waste reduction initiatives.
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Factors Affecting the Growth of the Cakes and Pastries Industry:
Changing Consumer Preferences and Lifestyles:
One of the primary drivers of growth in the cakes and pastries market is changing consumer preferences and lifestyles. With an increasing number of consumers seeking convenient and indulgent food options, the demand for cakes and pastries as snacks, desserts, or celebration treats continues to rise. Moreover, evolving dietary trends, such as the growing popularity of vegetarian, gluten-free, or organic options, are prompting manufacturers to innovate and diversify their product offerings to cater to a wider range of consumer preferences. Additionally, the influence of social media and food blogs in showcasing visually appealing and creatively crafted cakes and pastries is driving consumer interest and fueling demand for premium and artisanal products.
Rising Disposable Incomes and Urbanization:
The rising disposable incomes and urbanization are significant factors contributing to the growth of the cakes and pastries market. As urbanization accelerates and incomes rise, consumers have greater purchasing power and are more willing to spend on convenience foods and indulgent treats like cakes and pastries. Urbanization also leads to lifestyle changes, such as increased social gatherings, celebrations, and dining-out occasions, driving demand for cakes and pastries in bakeries, cafes, and restaurants. Moreover, the growing trend of gifting cakes and pastries for special occasions, such as birthdays, weddings, and festivals, further boosts market growth, particularly in urban areas where the culture of gift-giving is prevalent.
Innovation and Product Diversification:
Innovation and product diversification are key drivers of growth in the cakes and pastries market. Manufacturers are continuously innovating to introduce new flavors, ingredients, and formats to attract consumers and differentiate their products in a competitive market landscape. This includes the development of healthier or functional cakes and pastries, such as sugar-free, low-fat, or fortified options, to cater to health-conscious consumers. Furthermore, the introduction of premium and indulgent offerings, such as gourmet cakes, artisanal pastries, and customized desserts, appeals to consumers seeking unique and high-quality bakery products. Additionally, the expansion of distribution channels, including online platforms, specialty bakeries, and cafes, provides consumers with greater accessibility to a diverse range of cakes and pastries, driving market growth through increased convenience and availability.
Cakes and Pastries Market Report Segmentation:
Breakup by Product:
• Artisanal Bakery Products
• In-store Bakery Products
In-store bakery products represent the largest product segment in the market, as consumers increasingly prefer freshly baked goods and artisanal pastries offered by in-store bakeries, which provide convenience and a wide variety of options.
Breakup by Type:
• Cakes
• Frozen Cakes & Pastries
• Pastries
• Sweet Pies
Cakes represent the largest type segment in the market, given their versatility as celebratory treats, desserts, and snacks, making them a staple in various occasions and consumer preferences worldwide.
Breakup by Sector:
• Food Service
• Retail
Food service is the largest sector segment in the market, as cakes and pastries are commonly consumed in restaurants, cafes, and other food service establishments, catering to diverse consumer demands and dining-out occasions.
Breakup by Distribution Channel:
• Super Markets and Hyper Markets
• Convenience Stores
• Specialist Retailers
• Artisanal Bakeries
• Online Stores
• Others
Supermarkets and hypermarkets represent the largest distribution channel segment in the market, owing to their extensive reach, convenience, and diverse product offerings, attracting a large consumer base seeking one-stop shopping for bakery products.
Breakup by Region:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
By region, North America is the largest market, driven by the region's high consumption of cakes and pastries, strong presence of established bakery chains, and consumer preferences for indulgent and innovative bakery products.
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Leading Companies Operating in the Global Cakes and Pastries Industry:
• Finsbury
• Flowers Foods
• Grupo Bimbo
• American Baking Company
• Britannia
• Euro Cakes
• Hostess Brands
• McKee Foods
• Yamazaki Baking
• Aryzta
• Mulino Bianco
• Edeka
• Edwards Cake & Candy Supplies
• BreadTalk Group Limited.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Elena Anderson
IMARC Services Private Limited
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