Global Cakes Market By Product Type (Sponge cake, Cup Cake, and Dessert Cake), By Distribution Channels, By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Cake Market Overview

The cakes market size is expected to be worth around USD 66.30 Billion by 2032 from USD 45.9 Billion in 2021, growing at a CAGR of 3.4% during the forecast period 2022 to 2032.

Over the next few decades, cake cutting will continue to be a major driver due to its popularity in celebrating memorable moments and other success stories. The industry’s size is projected to grow due to the growing demand for desserts after meals at dine-outs and weekend parties by Generation Z and millennials. The trend to celebrate special occasions, festivals, or success has increased significantly over the last few years. This includes birthdays, weddings, and marriage anniversaries as well as Christmas, valentine’s day, work anniversary, pet’s birthday, children’s day, and mother’s day. The market is expanding as consumers are spending extra on special occasion cakes.

Global Cake Market Scope:

Product type analysis

Dessert cakes have been the most popular segment in 2021, accounting for 51.3% of the market. They are projected to continue their lead through the predicted period. These products are popular and widely eaten fresh on various occasions. It is also eaten as part of desserts in different countries.

Because of their growing popularity with young consumers around the world, sponge cakes will be the most rapidly expanding goods category. Their CAGR is 3.9% between 2023 to 2032. This sponge cake has a longer shelf life than its counterparts in the dessert. These products can be eaten fresh or after one week. These products are in high demand among young people all over the globe. In a few Asian nations like South Korea and Japan, there are not many local players who are famous for their sponge cotton cake.

Distribution Channel Analysis

With a market share of more than 52.1%, specialist retailers emerged as the largest product category in 2021. They are expected to continue their lead over the next few decades. There are many domestic players that have specialty shops selling a variety of desserts and artisanal cakes. You can also find cupcakes and other high-quality baked goods in large supermarket chains like Walmart, Sainsbury’s Tesco, 7Eleven, and Aldi. To attract customers, these deep-pocket industry players are expanding their product ranges.

Because it’s easy and convenient for customers to order cakes online, the number of cake sales is on the rise in many countries. The increasing use of the internet and the increased penetration of smartphones is driving the growth in online sales. Due to high customer engagement, almost all retail companies are entering this industry via eCommerce portals.

Кеу Маrkеt Ѕеgmеntѕ

By Product Type

• Cupcakes
• Dessert
• Sponge
• Other Product Types

By Distribution Channel

• Supermarket/Hypermarket
• Specialist Retailers
• Other Distribution Channels

Market Dynamics:

The demand for bakery products has been growing rapidly because they are convenient, affordable, and delicious in today’s fast-paced, changing world. North America and Europe have enjoyed strong demand for bakery products such as cake, pastry, and pita bread.

As a result, the market share for innovative and healthy products is growing in these regions. In Asia and the Middle East, there is a growing demand for cakes due to the adoption of western nutrition and lifestyles.

Due to consumer preferences for advanced baked varieties, the bakery industry has seen new key factors for market growth. The trend toward western-style baking in Asian countries like South Korea, Japan, China, and China is expected to continue. The Asia Pacific region accounted for nearly half of global revenue in 2019, according to estimates. This presents huge opportunities for local and international bakers for new varieties, including pastries and bar cakes.

Regional Analysis

Europe was the largest regional cake market, with a share of more than 31.3% in 2021. Many European countries like France, Italy, and Switzerland are known for their wonderful bakery products, including cakes. There are many delicious cakes available in these countries that are enjoyed by both locals and tourists. The primary factor driving Europe’s cake industry is the increasing number of food tourists.

Asia Pacific is expected to grow at a 3.9% CAGR between 2023 to 2032. Long-term growth opportunities are available for the cake industry due to increasing populations in countries like India and China. Small and medium-sized bakers might have some problems in capitalizing on these opportunities, while large players may have an advantage in countries like India, South Korea, Japan, and South Korea.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Market share is held by top manufacturers in Europe, North America, and parts of Asia. The focus on quality and low-calorie products is expected to grow as a result of a growing trend in healthy eating. Market growth will be driven by the fact that many bakers offer healthy alternatives to high-calorie and high-sugar products. Industry growth is expected to be influenced by the introduction of new flavors.

Маrkеt Кеу Рlауеrѕ:

• MCKEE Foods
• Finsbury Food Group Plc
• Yamazaki Baking Co., Ltd
• BreadTalk Group Limited
• Grupo Bimbo
• Hostess Brands, LLC.
• George Weston Limited
• Monginis
• George Weston Limited
• Britannia Industries Limited
• Other major players