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The cakes and pastries market size is projected to increase by USD 22.6 billion at a CAGR of 3.35% between 2023 and 2028. 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.
The market shows an Accelerate CAGR 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 2023 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 and trends. 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 analysis. 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 research and 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.
By Type
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.
The cakes segment accounted for USD 73.2 billion in 2018.
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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.
APAC is estimated to contribute 46% to the growth of the global market during the market forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
The market is witnessing significant growth due to the increasing popularity of bakeries and innovation in flavors. E-commerce platforms have made it easier for consumers to purchase these treats, expanding their reach beyond local bakeries. The market encompasses various product categories, including packaged, preserved, canned, frozen foods, as well as meat, vegetables, snacks, and quick foods. Healthier eating habits and rising living standards have led to an increased demand for vegan cakes and plant-based desserts. Dairy alternatives, such as soy milk and almond milk, are increasingly being used in baking. Honey and health-conscious baking are also gaining traction, with consumers making conscious ingredient choices. Innovative flavor combinations and fusion treats are capturing the attention of consumers, with visual appeal and aesthetics playing a crucial role. Sponge cakes, fruit cakes, biscuit cakes, flaky pastries, puff pastries, filo pastries, and choux pastries are some of the popular categories. Bakeries continue to experiment with new flavors and textures, keeping the market dynamic and exciting.
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 forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about Key companies, including:
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., The J.M Smucker Co., 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.
The market analysis and report of qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies 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 2024-2028, as well as historical data from 2018 - 2022 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.
Industry Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.35% |
Market growth 2024-2028 |
USD 22.6 billion |
Market structure |
USD Fragmented |
YoY growth 2023-2024(%) |
3.09 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 46% |
Key countries |
US, China, Germany, Russia, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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., The J.M Smucker Co., 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 inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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