Global Cake Market
The global cakes market is expected to grow at a CAGR of 3.5% during the period 2017-2022 to reach a market value of USD 75 billion. As a major development in the marketplace, at the end of October 2014, Fletchers became a part of Finsbury, the UK’s largest supplier of premium cakes, and contributed GBP 16 million to sales in two months. Manufacturers are including healthy ingredients in their cake products in order to sustain their competitive advantage over others. The sales of large cakes have been on the decline in favour of small ones.
Increase in urbanization and changing consumer preferences drive the growth of this market. The rise of in-store bakeries is another major driver of this market. Health issues in line with the growing concern for obesity and related diseases and regulatory constraints pertaining to product labelling pose a threat to this market. The increase in home baking further reduces the demand for packaged cakes. The increase in online sales and demand for product innovation would further help in market growth in the future. Cake pops, a type of snack, is gaining popularity and is available in grocery stores. The idea of customizable cakes is a key factor contributing to the growth of this market.
The global cakes market is segmented on the basis of product type, mixing methods, sales channels, and geography. By product type, the market is segmented into decorated cake, cupcake, dessert cake, pound cake, cheesecake, ice cream cake, snack cake, wedding cake, and others. Decorated cake and dessert cake together account for the majority of the market demand globally. The major type of cakes as per mixing methods are shortened cakes, layer cakes, pound cake, foam and sponge cakes, flourless or low-flour cakes, angel food cake, biscuit, and chiffon cake. By sales, the market is divided into industrial/packaged cakes, artisanal cakes, and in-store bakeries. The report discusses the market revenue in terms of distribution channels such as online sales, convenience stores, supermarkets and hypermarkets, etc.
The global cakes market has been geographically segmented into North America, Europe, South America, Africa, and Asia-Pacific. In 2015, Europe dominated the market with more than 60% market share in terms of revenue. The reason for this is the presence of many established artisanal baked good makers. In India, the cake market is seeing an exponential growth due to the increase in urbanization. Americans spent USD 20 billion on cakes and other sweet baked goods in 2014. However, the global demand for industrial cakes is expected to grow in the Asia-Pacific region due to the larger consumer base and changing food habits pertaining to bakery foods.
The market for cakes is highly fragmented due to the presence of a large number of regional and international suppliers. The vendors compete for innovation, pricing, and distribution. Some of the major players in market include:
Key Deliverables in the Study
Market analysis for the cakes market, with region-specific assessments and competition analysis on the global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the cakes market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions where this industry is growing and to also identify the regions that are still untapped.
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