The new report by Expert Market Research titled, ‘Global Cake Market Report and Forecast 2022-2027’, 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.
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The key highlights of the report include:
Market Overview (2017-2027)
- Forecast CAGR (2022-2027): 1%
The global cake industry is being driven by the fact that cake-cutting has been a traditional way of celebrating various occasions such as birthday, festival, anniversary, and wedding, among others. In addition to this, the increasing demand for cake as a sweet treat after meal, especially during dine-out activities, is anticipated to augment the market in the forecast period. Moreover, the increasing inclination towards customised cakes is likely to be a major factor aiding the market. Geographically, Europe accounts for a significant share in the market owing to a significant consumption of baked goods and confectionery products in countries like Belgium, Italy, France, and the UK, among others. The increasing number of food bloggers and the availability of a range of confectionery items, including cakes, in the region are expected to further garner the market growth in the forecast period.
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.
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On the basis of 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 segmented into:
- Hypermarkets and Supermarkets
- Online Sales
The regional markets for cake include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The key trends in the global cake market include the growing popularity of cakes with innovative flavours, which can also be customised based on customers’ requirements. In addition to this, the rising consumer disposable income, improving living standards, and the influence of social media on customers are further bolstering the market growth. Meanwhile, the emerging e-commerce industry, which provides the convenience of door-step-delivery for any food item, is anticipated to be another major trend in the market. Moreover, the availability of a range of 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 market are American Baking Company (ABC), Aryzta AG, Flowers Foods, Inc., McKee Foods, Finsbury Food Group Plc, and Pepperidge Farm Incorporated, among others. 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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