According to the latest report by IMARC Group, titled "Cakes and Pastries Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global cakes and pastries market reached a value of US$ 130.7 Billion in 2021. Cakes and pastries are sweet food items that are widely consumed during special occasions or often eaten as desserts to satiate one’s sweet cravings. They are usually available in different shapes, colors, flavors and sizes with a limited shelf-life. They are baked products that contain flour as an essential ingredient. Cakes are generally prepared from a combination of eggs, flour, sugar and oil or butter and can easily be customized as per the consumer requirements. On the other hand, pastries are commonly available in short and suet crust, flaky, choux, rough puff, and filo variants.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cakes and Pastries Market Trends:
The global market is primarily driven by the changing dietary patterns of the masses. This is supported by the shifting lifestyle preferences and inflating disposable income levels of individuals. In line with this, the increasing popularity of ready-to-eat food items and snacks is providing a boost to the sales of cakes and pastries across the globe. Coupled with the busy lifestyles and hectic schedules, especially of working professionals, this is propelling the market growth. Moreover, continuous product innovations, such as the introduction of low-fat content and sugar-free bakery items due to the rising health-consciousness among the masses, are favorably impacting the market growth across the globe. Furthermore, the proliferation of restaurants and cafes, along with the growing trend of promotional activities through social media, is creating a positive outlook for the market. Additionally, continuous improvements in the e-commerce sector and the advent of online delivery services are providing an impetus to the market growth. Other factors, including innovative marketing strategies and advertising campaigns adopted by manufacturers and the increasing automation in the production processes, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 170.2 Billion by 2027, growing at a CAGR of 4.4% during 2022-2027.
- On the basis of the product, the market has been bifurcated into artisanal and in-store bakery products.
- Based on the type, the market has been segmented into cakes, frozen cakes and pastries, pastries, and sweet pies.
- On the basis of the sector, the market has been categorized into food service and retail.
- Based on the distribution channel, the market has been classified into supermarkets and hypermarkets, convenience stores, specialist retailers, artisanal bakeries, online stores and others.
- On the basis of the region, the market has been divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
- Based on the country, the market has been segregated into Italy, Germany, the United States, France, Ireland, the United Kingdom, Netherlands, Australia, China, Brazil, Argentina, Mexico, Saudi Arabia, Africa region and Japan.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players are 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, and BreadTalk Group Limited.
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