|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The cakes market is projected to register a CAGR of 3.5% during the forecast period, 2021-2026.
The COVID-19 scenario put an initial hold on the supply chain both from the raw material side and end products; however, being a part of associated snacking, the market for cakes has eventually witnessed an upward demand trend, mostly in the developing economies. The ease of lockdown has further prompted artisanal cake manufacturers to populate the market with new products, thus disrupting the branded category over a shorter time frame. Furthermore, this factor has even led to product shortages across counters, thus allowing manufacturers to embark on capacity expansion.
Over the medium term, unpackaged/artisanal cakes led in terms of sales while packaged/industrial cakes continued to decline in volume and value terms. Rising consumption, shifting preferences, and the emergence of small producers are among the changes transforming the organized cake industry.
Scope of the Report
A cake is a form of sweet food made from flour, sugar, and other ingredients that is usually baked. The cakes market is segmented by form into packaged and unpackaged/artisanal. By product type, the market is segmented into cupcakes, dessert cakes, cheesecakes, sponge cakes, and other cakes. By distribution channel, the market is categorized into supermarkets/hypermarkets, specialist retailers, convenience stores, and other distribution channels. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
|By Product Type|
|By Distribuiton Channel|
|Other Distribution Channels|
Key Market Trends
Rise in In-store Bakeries is Increasing the Cake Demand
The rise in supermarket in-store bakeries is projected to attract a significant number of consumers, further contributing to accelerated market growth. Consumers are looking for value-based products and are attracted to artisanal bakeries with high-margin products. The in-store bakeries found in supermarkets or hypermarkets have a comparatively small floor area. However, they offer an extensive range of fresh-baked products with clean labels and healthier ingredients, owing to the demand from health-conscious consumers.
An increasing volume of cakes in in-store bakeries has been significantly observed, as cakes are dominating the dessert category in in-store bakeries. Likewise, cakes are indulgent products that entice consumers shopping in supermarkets. The value-conscious consumers are spending on lower priced cakes offered by in-store bakeries, and the convenience of one-stop shopping further adds to the sales of the market.
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Increasing Consumption Rate of Cakes in Asia-Pacific
Asia-Pacific is becoming a key market, as rising disposable income, urbanization, and the demand for western-style diets are supporting the growth in sales of baked goods and cakes. China is set to become the second-largest baked goods market globally by 2022, with cakes being one of the most popular segments. These markets are attractive to major corporates, which see the potential for significant sales growth.
In countries such as India, as consumers’ preference for nutritious and eye-appealing products grow, brands operating in the cakes market have further improved products’ shelf-life without any compromise on taste and organoleptic properties, which has eventually led cake manufacturers to switch from fresh to frozen categories in almost all the bakery segments. At present, the market growth is, however, hampered by insufficient supply chains and logistics systems, including infrastructure constraints such as temperature requirements of certain cakes and effective pH required for additives, which have limited the penetration rate of products further.
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The cakes market is competitive and is still growing owing to the product variants across packaging formats, flavors, and sizes. The market vendors are developing new products with an emphasis on organic and gluten-free variants to increase their market shares and gain traction in the global marketplace. The bakery manufacturers and brand owners who dominate the domestic markets are making strategic acquisitions of domestic cake manufacturers. Acquiring these brands enables diversification and gives these players access to stable cash flows and further growth opportunities. Major players operating in the market include General Mills, Britannia Industries, George Weston Limited, and Grupo Bimbo, among others.
- In June 2020, Bonn Group launched a range of eggless cupcakes and bar cakes in mixed fruit, chocolate, and vanilla flavors across the North Indian states. The manufacturers are currently developing innovative products to satisfy the evolving needs of consumers.
- In 2019, Dean Foods' brand, Friendly's, launched Cake Singles, an individual ice cream cake cup inspired by the company's iconic ice cream cakes.
- In 2018, Baskin Robbins announced the launch of its new Cookie Cakes, which combines two of the most popular sweet treats, i.e., cookies and ice cream, into one delectable dessert.
Table of Contents
1.1 Study Deliverables and Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Form
5.2 By Product Type
5.2.2 Dessert Cakes
5.2.4 Sponge Cakes
5.2.5 Other Cakes
5.3 By Distribuiton Channel
5.3.2 Specialist Retailers
5.3.3 Convenience Stores
5.3.4 Other Distribution Channels
5.4.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
5.4.4 South America
18.104.22.168 Rest of South America
5.4.5 Middle-East and Africa
22.214.171.124 South Africa
126.96.36.199 Saudi Arabia
188.8.131.52 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Share Analysis
6.2 Most Active Companies
6.3 Key Startegies Adopted
6.4 Company Profiles
6.4.1 American Baking Company
6.4.2 Britannia Industries
6.4.3 Euro Cakes
6.4.4 General Mills Inc.
6.4.5 Flower Foods
6.4.6 George Weston Limited
6.4.7 Grupo Bimbo
6.4.8 CSM Bakery Solutions
6.4.9 Rich Products Corporation
6.4.10 McKee Foods
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Global Cakes Market market is studied from 2016 - 2026.
What is the growth rate of Global Cakes Market?
The Global Cakes Market is growing at a CAGR of 3.5% over the next 5 years.
Which region has highest growth rate in Global Cakes Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Cakes Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Global Cakes Market?
Britannia Industries Limited, Flower Foods, George Weston Limited, General Mills Inc. , Grupo Bimbo are the major companies operating in Global Cakes Market.