Market Size of Pastries Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 65.38 Billion |
| Market Size (2029) | USD 74.99 Billion |
| CAGR (2024 - 2029) | 2.78 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Pastries Market Analysis
The Pastries Market size is estimated at USD 65.38 billion in 2024, and is expected to reach USD 74.99 billion by 2029, growing at a CAGR of 2.78% during the forecast period (2024-2029).
The growing popularity of customizable pastries and increasing product innovation are expected to drive the market's growth during the forecast period. The use of specialty ingredients, such as whole-grain bread, concentrates, and sweet goods mixes in pastries by manufacturers, has seen significant developments as a part of the overall demand for healthy ingredients, indulgence without calories, and high demand for on-the-go food products. For instance, in August 2021 Europastry brands with Verdeo, a company dedicated to creating new ways to use olive oil in food products, launched a range of pastries, Olive. The new range, including croissants, donuts, and muffins, is made with 100% olive oil instead of butter and palm oil.
Furthermore, among the most popular products in the bakery segment are cakes and pastries. It is often consumed for ceremonial events like birthdays, weddings, and anniversaries. Cakes come in a variety of sizes and shapes, and they can be made to the customer's specifications. A pastry is a flour, water, and oil dough that can be both sweet and savory. Pie and tart crusts are frequently made from baked or fried pastries. Pastries like puff, shortcrust, and choux are among the most popular varieties sold in stores.
The two main reasons propelling the market's expansion are the increased demand for indulgent food products and growing urbanization. The consumption of ready-to-eat food items like cakes, pies, and pastries has increased due to the growing working population and rising disposable incomes, which has increased sales. Also, a broad and diverse consumer base is being served by ongoing experimentation to develop unique flavors of fillings and toppings, coupled with the rising desire for customized pastries and cakes. Moreover, a rise in consumer health concerns has prompted the use of healthier ingredient substitutes, such as whole wheat flour, in place of white flour.
