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Written by Business News » Updated on: June 24th, 2024
IMARC Group, a leading market research company, has recently released a report titled "Cakes and Pastries Market Report by Product (Artisanal Bakery Products, In-store Bakery Products), Type (Cakes, Frozen Cakes & Pastries, Pastries, Sweet Pies), Sector (Food Service, Retail), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Specialist Retailers, Artisanal Bakeries, Online Stores, and Others), and Country 2024-2032". The study provides a detailed analysis of the industry, including the cakes and pastries market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global cakes and pastries market size reached US$ 141.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 192.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032.
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Factors Affecting the Growth of the Cakes and Pastries Industry:
Changing Consumer Preferences:
Evolving consumer tastes and preferences are positively influencing the market. Consumers are becoming increasingly health-conscious yet still craving indulgent treats. This is driving the demand for cakes and pastries that offer a balance between decadence and nutrition. Products incorporating natural ingredients, reduced sugar content, and alternative flours are gaining popularity as consumers are seeking healthier options without compromising on taste. Moreover, the growing interest in artisanal and specialty products is fueling innovations in flavor profiles, textures, and presentation, catering to diverse consumer palates. Bakeries and pastry shops are adapting to these changing preferences by offering a wider range of options, including gluten-free, vegan, and organic alternatives, for catering to different dietary requirements and lifestyle choices.
Social Media Influence:
The pervasive influence of social media platforms is reshaping consumer behavior and preferences. Visual platforms are becoming instrumental in shaping food trends and driving consumer engagement. Users share aesthetically pleasing images and videos of desserts, inspiring others and creating a demand for visually stunning creations. Bakers and pastry chefs leverage social media to showcase their skills, promote their businesses, and connect with a wider audience. The viral nature of social media challenges and trends further amplifies the exposure of cakes and pastries, driving demand for innovative and Instagram-worthy products. As a result, businesses in the industry prioritize not only the taste and quality of their offerings but also their visual appeal and shareability on social media platforms to stay relevant and competitive.
Celebration Culture and Occasions:
The tradition of serving cakes and pastries at various celebrations and occasions is supporting the market growth. Cakes and pastries are synonymous with festivities, such as birthdays, weddings, anniversaries, and holidays, where they serve as centerpieces and symbols of joy and indulgence. The culture of gift-giving also contributes to sustained demand, as cakes and pastries are popular choices for expressing sentiments and marking special occasions. Manufacturers and retailers capitalize on this celebration culture by offering a wide array of products tailored to different occasions, including themed cakes, seasonal treats, and customizable options. Moreover, the rise of e-commerce platforms and online gifting services is making it easier for consumers to purchase cakes and pastries for themselves or send them as gifts to loved ones.
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Cakes and Pastries Market Report Segmentation:
By Product:
In-store bakery products represent the largest segment as they provide flavorful and fresh baked products.
By Type:
Cakes account for the majority of the market share due to their usage in celebrations and special events, such as birthdays, weddings, anniversaries, and graduations.
By Sector:
Food service represents the leading segment owing to the increasing demand for fresh cream in restaurants, hotels, and cafes for preparing various dishes and desserts.
By Distribution Channel:
Supermarkets and hypermarkets hold the biggest market share, driven by the increasing availability of different brands of fresh cream.
Regional Insights:
North America's dominance in the cakes and pastries market is attributed to the rising demand for fresh cream in the commercial and residential sectors for preparing a wide variety of food items.
Global Cakes and Pastries Market Trends:
The rising demand for convenience foods, including cakes and pastries, due to changing lifestyles and busier schedules, is bolstering the market growth. Consumers seek quick and easy snack options that can be enjoyed on-the-go or as a convenient treat during work breaks, commuting, or leisure activities. Single-serve portions, individually wrapped items, and portable packaging formats cater to this demand for convenience, allowing consumers to satisfy their cravings without compromising on taste or quality. Bakeries and cafes strategically position themselves in high-traffic areas, such as malls, airports, and office complexes, to capture impulsive purchases and meet the needs of on-the-go consumers.
Top Companies Operated in Cakes and Pastries Industry:
Key Highlights of the Report:
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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