The Cake and Pastries Market has experienced significant growth in 2021, with a market size of USD 130.72 Billion, and is projected to continue to grow at a CAGR of 4.5% during the forecast period. This growth is primarily attributed to the increasing consumption of cakes and pastries on special occasions and as post-meal desserts. Additionally, the rise in event planning and celebration of occasions like weddings, retirement, work anniversaries, and birthdays is also driving market growth.
The market is also seeing an increase in demand for customized cakes, pastries, and dry cakes, largely due to rising disposable incomes. The availability of a wide range of flavors, including strawberry, blueberry, and chocolate, is also contributing to market growth. Kukkr, for example, launched an online platform in 2021 that allows customers to order customized cakes made by home bakers in Bangalore, Hyderabad, and Mumbai. Eating cakes can also improve mood as it increases the level of serotonin and endorphins, which makes consumers feel happier, further driving market growth.
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Several factors drive the global consumer goods market’s revenue growth, including the rapid increase of the global population, the increasing demand for food and other essential goods, including healthcare and nutrition, personal care and hygiene, and electronic products, changes in consumer lifestyles and preferences, increases in the demand for packaged and processed food and beverage products, and an increasing population of working people. Among the factors driving revenue growth for the global consumer goods market are technological advances in product manufacturing and packaging techniques, as well as the rapid adoption of innovative technologies such as artificial intelligence, the Internet of Things, big data analytics, and robotics and automation. Other key factors driving global consumer goods market revenue growth include increasing awareness that plastic packaging has adverse environmental effects and a growing need for environmentally friendly and sustainable packaging solutions. A growing income level of consumers worldwide, particularly in developing economies such as India, and stringent government regulations and guidelines for product safety and quality are factors that are set to boost market revenue growth further.
Key Players covered in this report are
Finsbury Food Group Plc, American Baking Company, BreadTalk Group Pte Ltd, Grupo Bimbo, Tyson Foods, Inc, Hostess Brands, LLC, Hostess Brands, LLC, Monginis, George Weston Limited, Campbell Soup Company, Britannia Industries Limited.
By Product Outlook
- Artisanal Bakery Products
- In-store Bakery Products
By Distribution Channel Outlook
- Super Markets Hyper Markets
- Convenience Stores
- Online Retail
By Type Outlook
- Frozen Cakes and Pastries
- Sweet Pies
Key Regional Markets Covered in the Report:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, Spain, France, BENELUX, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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