Cakes and Pastries Market, By Product (Artisanal Bakery Products and In-store Bakery Products), By Distribution Channel (Hyper Markets & Super Markets, Online Retail, and Others), By Type, and By Region Forecast to 2030
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The global cakes and pastries market has been experiencing significant growth over the past few years, with the market size reaching USD 130.72 billion in 2021. The market is expected to continue its growth trajectory, with a projected revenue Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period. The increasing consumption of cakes and pastries on various special occasions and festivities, as well as post-meal desserts, are key factors driving the market revenue growth.
The growing trend of celebrating events such as weddings, retirement, work anniversary, birthdays, and others is also raising the demand for cakes and pastries, which is driving revenue growth of the market. Moreover, rising disposable incomes are increasing the demand for customized cakes, pastries, dry cakes, and others. The availability of various flavored pastries such as strawberry, blueberry, chocolate, and others is giving consumers a wide range of choices, which is further driving the market revenue growth.
Consumers also prefer to eat cakes to uplift their mood, as their consumption increases the level of serotonin and endorphins, which help in feeling happier. This has been contributing to the market revenue growth. For instance, Kukkr launched an online platform on 20 February 2021 to order customized cakes crafted by home bakers. The platform provides consumers with innovative and original designs for themed cakes, dessert table items, and wedding cakes made by home bakers in Bangalore, Hyderabad, and Mumbai.
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Market Segments: –
The global cakes and pastries market is segmented based on product, distribution channel, type, and region. The market size was valued at USD 130.72 billion in 2021, with a forecasted CAGR of 4.5% from 2021 to 2030, reaching a revenue of USD 193.25 billion by 2030.
Based on product, the market is segmented into artisanal bakery products and in-store bakery products. Based on the distribution channel, the market is segmented into super markets and hyper markets, convenience stores, online retail, bakeries, and others. Based on the type, the market is segmented into cakes, frozen cakes and pastries, pastries, and sweet pies.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The report offers historical data and revenue forecasts for each sub-segment from 2019 to 2030. The report also provides analysis of market trends, growth factors, and competitive landscape, along with company rankings in the market.
Strategic developments in the market:
In response to this trend, many companies are developing new product lines that cater to health-conscious consumers. For example, in 2020, Nestle launched a plant-based version of its popular Bakersfield chocolate cake, which is made with oat milk instead of dairy.
Another strategic development in the market is the increasing use of e-commerce channels to reach consumers. With the rise of online shopping, many companies are expanding their online presence to tap into this growing market. For instance, in 2021, Cinnabon announced a partnership with DoorDash to offer delivery services for its products.
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Competitive Landscape:
The global cakes and pastries market is highly competitive with several key players operating on both regional and global levels. The market is fragmented due to the presence of several small and large players. Key players in the market are engaged in various strategic initiatives such as product innovation, strategic partnerships, and mergers and acquisitions to expand their market share and strengthen their position in the market.
Finsbury Food Group Plc, American Baking Company, BreadTalk Group Pte Ltd, Grupo Bimbo, Tyson Foods, Inc, Hostess Brands, LLC, Monginis, George Weston Limited, Campbell Soup Company, and Britannia Industries Limited are some of the major companies operating in the global cakes and pastries market.
Finsbury Food Group Plc is a leading player in the market, offering a range of baked goods, including cakes, bread, pastries, and morning goods. The company has a strong presence in the UK and Europe and is expanding its market reach through strategic acquisitions.
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