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The cakes and pastries market size is estimated to increase by USD 22.4 billion and grow at a CAGR of 3.42% between 2022 and 2027. Market expansion hinges on several factors, notably the expanding millennial population's preference for convenience foods, rising demand for artisan-baked goods, and the growing popularity of ready-to-eat (RTE) products. However, challenges impeding growth include the potential restraint posed by increasing obesity rates, heightened health consciousness among consumers, and the rising incidence of diabetes worldwide. Overcoming these obstacles requires innovative approaches to cater to evolving consumer preferences while addressing health concerns. By offering healthier options, emphasizing transparency in ingredient sourcing, and implementing targeted marketing strategies, the market can mitigate these challenges and capitalize on the opportunities presented by shifting consumer trends. Adapting to the demands of health-conscious consumers while meeting the need for convenience and variety remains crucial for sustained growth in the convenience foods and baked goods sectors.
Analysis Period | 2017-2027 |
Market Size (2017) Historic Year | USD 108.56 billion |
Market Size (2027) - Forecasted Year | USD 144.76 billion |
Historic Opportunity (2017-2021) | USD 9.30 billion |
Historic CAGR | 2.08 % |
Forecasted Opportunity (2023-2027) | USD 22.40 billion |
Market Opportunity Transformation Growth | 33.35 % |
Market Opportunity Capitalization | USD 31.70 billion |
This market report extensively covers market segmentation by type (cakes and pastries), sector (food service and retail), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth by the cakes segment will be significant during the forecast period. Demand for cakes is determined by several factors. First, cakes are popular for celebrations such as birthdays, weddings, and anniversaries. It is also popular as a dessert or sweet snack. As a result, cake demand remains relatively constant throughout the year, although it can peak during the holiday season. A key trend in the global market is the increasing demand for healthier and more natural ingredients. Consumers are becoming more health conscious and demand products made with natural ingredients and free of harmful additives. As a result, many cake makers today use less sugar, fat and natural ingredients in their products.
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The cakes segment was valued at USD 71.45 billion in 2017 and continued to grow until 2021. Another trend in the market is the growing popularity of novelty cakes. These cakes are designed to look like famous characters, animals, or other objects and are often used for children's parties and other events. The original cakes add a fun element to the celebration. It's a great addition and can be adapted to any theme or occasion. In terms of distribution, cakes are sold through various channels such as supermarkets, bakeries, and online retailers. Some manufacturers also sell directly to consumers through their own stores or online platform. Therefore, the factors mentioned above are expected to drive the growth of the cake segment in the global market during the forecast period.
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Europe is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Along with Europe, the United States, Mexico, and Canada are among the most important markets in North America. The market dominates the food industry due to innovation, packaging, new flavors, new technology, and consumer health consciousness. Health awareness and poverty are two parallel trends dominating the US market. Moreover, the availability of flavor (Sweet and Savory) such as buttercream, chocolate, and peanut butter is expected to increase in the region during the forecast period. Consumers are increasingly turning to a healthier lifestyle. As a result, cake and pastry recipes are placing greater demands on healthy, natural ingredients such as naturally occurring sugars, nuts, whole grains, fruits, and seeds. Therefore, such factors are expected to drive the growth of the market during the forecast period.
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In the bustling world of cakes and pastries, there's an endless array of flavors and textures to tantalize your taste buds. From sweet to savory, shortcrust pastry serves as the perfect canvas for culinary creativity. Essential ingredients like baking powder and baking soda ensure that each creation rises to perfection, while liquid flavorings add an extra layer of deliciousness. Whether you're craving a classic cake, a flaky pie, or a delicate tart, the cakes and pastries market offers endless options to satisfy your cravings. Indulge in customizable pastries, enjoy the wholesome goodness of whole grain bread, or savor the richness of olive oil-infused creations. Pair your treats with a steaming cup of coffee or refreshing juice, and don't forget to explore vegan savory pastries for plant-based delights. With flour, sugar, milk, butter, and eggs as the building blocks, the possibilities are endless in this delectable world of desserts and pastries. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The inclination of the growing millennial population towards convenience foods is notably driving the market growth. Consumers now want wholesome, personalized, and natural products without compromising health, taste, or ingredients. Manufacturers and retailers have high expectations for the quality, taste, and appearance of their food while also having to reach increasingly time-pressed consumers. Millennials and Generation Z are driving demand for quality baked goods due to their interest in groceries. Millennials want transparency and clean, simple ingredient labeling, and they want to support companies that reflect their unique values. Therefore, the global market is expected to witness significant growth during the forecast period as the demand for Vegan savory pastries and healthy baked goods such as cakes, pastries, and sweet tarts rises.
The rising demand for sugar-free bakery products is a key trend influencing market growth. The increasing prevalence of diabetes in the world has increased the demand for sugar-free baked goods. As baked goods and confectioneries have become readily available on the street, the need for convenient meals has increased, and a variety of foods are being consumed. In addition, growing consumer interest in different flavors coupled with rising consumption of homemade baked goods and heightened health and fitness concerns will also provide growth opportunities for the global market throughout the year.
The increasing obesity among consumers is challenging the market growth. Obesity is one of the most serious global health problems of the 21st century, affecting countries around the world. Adult obesity is a major risk factor for ill health and premature death, including various cardiovascular diseases (CVD), some common cancers, diabetes, and osteoarthritis. Obesity and overweight continue to increase among children and adults. For example, according to the World Obesity Federation's World Obesity Atlas 2022, over 1 billion people worldwide, including 1 in 5 women and 1 in 7 men, will be obese by the year 2030. Amid rising consumer health concerns, the global cakes and pastries market is likely to be negatively impacted during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
American Baking Co: The company offers different variety of cakes, cupcakes, cheesecakes, pies, and bars. Some varieties of cakes and cheesecakes include vanilla cakes, lemon cakes, chocolate cakes, red velvet cakes, oreo cheesecakes, snickers cheesecakes, and apple and walnut cheesecakes.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments
The market is experiencing robust growth driven by diverse consumer preferences and lifestyle trends. Consumers seek flavorful options, both sweet and savory, with a growing demand for customizable pastries and indulgent food products. Whole grain bread and organic ingredients cater to health-conscious and gluten free consumers. Urbanization and Western-style diets fuel the popularity of convenience stores and online retail for ready to eat foods and packaged foods. Vegan and plant-based desserts are gaining traction, reflecting evolving dietary preferences. Innovation in flavors and ingredient choices drives the market, with a focus on health-conscious baking and artisanal, handcrafted products. Visual appeal and aesthetics play a significant role, with fusion treats and innovative flavor combinations enticing consumers. From classic sponge cakes to flaky pastries, the market offers a wide array of options to satisfy diverse tastes and preferences.
Moreover, the market is thriving with a plethora of options to cater to diverse consumer preferences and lifestyle choices. From sweet pies to savory flavors, consumers can indulge in a variety of treats, including pie, tart, puff pastry, shortcrust pastries, and choux pastries. With an increasing focus on health and dietary restrictions, options like gluten-free and clean label ingredients appeal to health-conscious and diabetic consumers, as well as those following Western-style diets. Whether enjoyed for breakfast or paired with coffee or juice, cakes and pastries offer convenient and delicious options for any occasion. Additionally, the rise of e-commerce and the demand for ready-to-eat and preserved foods have made these delectable treats accessible anytime, anywhere. From traditional favorites to innovative plant-based and vegan options, the cakes and pastries market continues to evolve to meet the changing tastes and preferences of consumers worldwide.
In the realm of baking and pastry, Bakers confectionery products and Liquid flavoring offers a wide array of options to cater to various tastes and preferences. From sweet to savory flavors, consumers can enjoy a diverse range of treats crafted with quality ingredients like flour, milk, eggs, and olive oil. Whether it's for personal enjoyment or as a thoughtful gift, cakes and pastries are a delightful choice. With the convenience of e-commerce, consumers can easily access a variety of pre-packaged and quick foods, including canned, frozen, and snack items. As more people embrace healthier eating habits, there's a growing demand for vegan and plant-based options, as well as artisanal and handcrafted products. Health-conscious baking practices and the use of natural ingredients like honey and fruits contribute to the appeal of these delectable treats, ensuring that there's something for everyone in the ever-evolving world of cakes and pastries.
Cakes And Pastries Market Scope |
|
Report Coverage |
Details |
Page number |
149 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.42% |
Market growth 2023-2027 |
USD 22.4 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.05 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 41% |
Key countries |
US, China, Germany, Russia, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
American Baking Co., Aryzta AG, Barilla G. e R. Fratelli Spa, Bonn Nutrients Pvt. Ltd., BreadTalk Group Pte Ltd., Campbell Soup Co., Corporativo Bimbo SA de CV, Dofreeze LLC, Edwards Cake and Candy Supplies LLC, EUROPASTRY SA, Flowers Foods Inc., Hostess Brands Inc., McKee Foods, Monginis Foods Pvt. Ltd., Rubicon Bakers LLC, The Essentials Baking Co., The Wadia Group, Tyson Foods Inc., WPP Plc, and Yamazaki Baking Co. Ltd. |
Market dynamics |
Parent market analysis, market growth and trends, market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Sector
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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