HYDERABAD, TELANGANA, INDIA, Nov 24, 2022 /EINPresswire.com/ — Cake Market Overview:
The global cake market size was valued at USD 43.94 billion in 2022, and is estimated to reach USD 53.94 billion by 2027, with a recorded CAGR of 4.5% during the forecast period.
The cake is a flour confection made from flour, sugar, and other ingredients, and is usually baked. In their earliest forms, cakes were modifications of bread, but cakes now cover a wide range of preparations that can be simple or elaborate and share characteristics with desserts such as cakes, custards, tarts, and meringues. The cake is often served as a celebratory dish on ceremonial occasions, such as weddings, anniversaries, and birthdays. The tart can also be filled with fruit preserves, nuts or dessert sauces such as custard, jam, cooked fruit, whipped cream or syrups.
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The main factors that have greatly increased the market demand for cakes. Excepted is the growing popularity of celebrating various types of special occasions and success through cake cutting which drives market revenue. The increasing availability of cakes through supermarkets and hypermarkets and online stores and rapid urbanization are driving the growth of the market. The increasing demand for cakes as dessert after dessert during dinner parties and weekend parties among millennial and Gen Z consumers around the world is driving the growth of the market. The increasing demand for customizable cakes is the main factor driving the growth of the market. The increasing consumption of desserts among consumers drives the growth of the market.
Increasing competition is the key factor hindering the growth of the market. The fluctuating prices of raw materials are the main factor in restricting the growth of the market.
Pastry Market – By product:
• Dessert cakes
Product-Based: The dessert cake segment recorded as the largest market share in the cake market in 2022 and is projected to grow significantly during the forecast period.
Cakes market – By distribution channel:
• Out of line
Based on distribution channel: The Offline had the largest share of the cake market in 2022 and is projected to grow significantly during the forecast period.
Pastry Market – By flavor:
Based on flavor: The chocolate segment had the largest market share in the cake market in 2022 and is projected to grow significantly during the forecast period.
Pastry Market – By modes of availability:
Based on modes of availability: The Packaged segment held the highest market share in the cake market in 2022 and is anticipated to grow significantly during the forecast period.
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Europe is the fastest growing region in the cake market and it is expected to grow significantly during the forecast period. Europe has high availability in countries like the UK, Germany, France, Russia, Italy, Spain and the rest of Europe. The reason for this dominance of the region is the growth and popularity of the cake market and the increasing number of unique and delicious cake recipes and baked goods that have been steadily attracting both locals and tourists and are likely that this generates growth in the region’s market. increase. The increasing demand for healthy pastries drives the growth of the region’s market. Germany is the largest market supporting pie growth. There has been rapid growth in the cake market in the region, which has led to the growth of the global market.
Except that Asia Pacific is growing lucratively in the cake market.
Latest industry development:
• In July 2020, Mondelez International, Inc., launched Cadbury Chocobakes Choc Layered Cakes in the Chocobakery subcategory in India to expand its product portfolio. Along with this, the company also aims to provide consumers with new dining experiences with convenience and on-the-go consumption trends in mind.
• In 2021, McKee Foods Corp. expanded its business by aligning its mini muffin cake item with the new launch of Consumer Demand Little Debbie Strawberry Shortcake Mini Muffins.
• In June 2020, Bonn Group launched a range of egg-free muffins and cake bars in mixed fruit, chocolate and vanilla flavors in India to expand its cake product portfolio and bring affordable snack options to the market.
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