According to the latest report by IMARC Group, titled “Cakes and Pastries Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global cakes and pastries market size is currently expanding at a steady rate. Cakes and pastries are baked desserts that are widely consumed by all age groups across the globe. These can be prepared at homes, bakeries, and other food joints, including cafes and restaurants. Cakes and pastries are generally available in a range of shapes, tastes and flavors. With a limited shelf-life, both the desserts share somewhat similar appearance but vary in other aspects, such as production procedures and ingredients. A cake is a sweet dessert containing essential ingredients, such as sugar, butter, baking soda, eggs, flour, oil or butter and baking powder. Some of the most popular flavors of cakes are chocolate, vanilla and strawberry. On the other hand, pastries are generally available in smaller sizes and relatively fewer flavors as compared to cakes. The primary ingredients in pastries include butter, water and flour, and they can be both sweet and savory in taste. Short-crust, rough-puff, puff, filo and flaky are some of the common types of pastries available in the market.
Global Cakes and Pastries Market Trends:
The bourgeoning demand for cakes and pastries can be attributed to rapid urbanization and increasing disposable incomes, which has led to a higher purchasing power of consumers. Furthermore, the increasing inclination of consumers, especially the young demographic, toward trying new flavors of cakes and pastries is providing a thrust to the market. This has prompted market players across the globe to introduce innovative flavors, such as fruit and nut, coffee, caramel, and cookies and cream. Rising health-consciousness is also acting as another major growth-inducing factor and has led to the incorporation of healthier ingredients, along with the introduction of gluten-free and organic product variants in the market. Moreover, the baked goods sector has significantly evolved in the recent years owing to various technological advancements and the incorporation of novel manufacturing techniques. Along with this, the growing popularity of western-style bakeries in developing nations, such as India and China, is further presenting manufacturers with numerous growth opportunities.
- The market has been bifurcated on the basis of the product, which includes 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.
- The report has analyzed the market according to the sector, which mainly consists of the food service and retail sectors.
- On the basis of the distribution channel, the market has been segregated into convenience stores, supermarkets and hypermarkets, specialist retailers, artisanal bakeries, online retailers and others.
- On the geographical front, the market has been divided into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being Finsbury Food Group, Flowers Foods, Inc., Grupo Bimbo, S.A.B. de C.V., American Baking Company, LLC, Britannia Industries Limited, Euro Cakes SpA, Hostess Brands, LLC., McKee Foods Corporation, Yamazaki Baking Co., Ltd., Aryzta AG, Mulino Bianco (Barilla G. e R. F.lli S.p.A.), EDEKA Central AG & Co. KG, Edwards Baking Co., and BreadTalk Group Limited.
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