Cakes Market Overview:
The global cake market in the world was valued at USD 42.94 trillion in the year 2019. Between 2020 and 2027, the market is expected to grow by a compound annual growth rate (CAGR) of 3.3 percent. Due to its popularity as a way to celebrate celebrations, cutting cakes is expected to be a major driver in the coming decades.
Bakery products have seen an increase in consumption in recent years because of their accessibility and affordability. Indians consume biscuits and bread all day long. This is why they are fast-moving consumer goods. This helps boost their sales. The bread market is also encouraged by the expansion of fast-food restaurants that use it in burgers, sandwiches, and soups. Market growth is also being increased by the introduction of bakery products that offer value.
The Driving Factors of the Cakes Market:
Emerging markets and demand of millennials, Because of the growing demand of millennials and emerging markets due to the rising demand from millennial and emerging markets, the Cake Mixes market is expected to expand at a healthy CAGR. The technological advances made in the Cake Mixes sector have enabled efficient production, an expanding assortment of products, as well as effective operations monitoring.
Cakes Market Restraining Factors:
Most baked goods use refined flour. Consuming too much can cause obesity and other health issues. Doctors recommend an optimum diet, which includes high-protein and probiotic foods. Bakery products aren't a good option due to their high sugar and carb content. Because of growing concerns about illnesses that are a result of lifestyles, like diabetes and obesity, this is not a wise option. Manufacturers invest a lot of money in R&D to produce whole grain products.
Cakes Market Key Trends:
People suffering from celiac disease are able to consume gluten-free food items and, in particular, those free of gluten. Gluten-free products are in high demand due to their ability to help with diabetes, indigestion bloating, weight loss, and other health issues such as weight gain and diabetes. Bakery products that claim to contain no fat, gluten, sugar, whole wheat salt, as well as other harmful ingredients are becoming increasingly popular with those who are conscious of their health.
Recent Trends within the Cakes Market:
McKee Foods Corp. increased its operations by the launch of Little Debbie Strawberry Shortcake Mini Muffins to meet consumer demand in 2021.
Friendly's, Dean Foods' brand launched Cake Singles in 2019, each cake cup is an ice-cream creation that was inspired by the iconic ice cream cakes.
Key Companies in the Cakes Market:
This cake market comprises 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, and other major players.
Market Segmentation
Based on the distribution channel, the supermarkets/hypermarkets segment is expected to hold the largest revenue share due to its proximity, accessibility, and affordability. Bakery products are also sold on their own retail shelves.
FAQ:
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