Market Size of Cakes, Pastries, and Sweet Pies Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cakes, Pastries, and Sweet Pies Market Analysis
The Cakes, Pastries, and Sweet Pies market is projected to register a CAGR of 3.9% during the forecast period.
Increasing indulgence in cake, pastries, and sweet pies along with innovation in the bakery industry driving the market all over the world. The bakery sector has seen many innovations, particularly in flavor and topping, as more people become interested in food experiments. As a result, the popularity of custom cakes is expected to drive market growth over the forecast period.
Rising consumption of ready-to-eat food with the convenience factor, with changing preferences for flavored food products, is pushing the revenue generation in the global cakes, pastries, and sweet pies market. Additionally, the introduction of bakery products, including cakes, pastries, and sweet pies, with health claims, such as lower amounts of high-fructose corn syrup and sodium and higher amounts of fiber, is expected to attract consumers to such products, and thus, help the overall market to grow.
Moreover, bakery products' ingredients that provide functional benefits and are suitable for the consumer's specific dietary needs, such as wheat gluten, kosher, organic, and other natural ingredients are also driving the demand for pastries, cakes, and sweet pies. In March 2022, Morrisons launched a range of vegan pastries at its market street bakery counter across the United Kingdom. The company claims that this pastry range is ideal for health-conscious consumers who seek plant-based and meat-free alternatives to conventional food products.
