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Written by Business News » Updated on: October 28th, 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:
The growth of the cakes and pastries market is significantly influenced by changing consumer preferences. There's a rising demand for convenience foods due to busy lifestyles, leading to increased consumption of ready-to-eat and easy-to-prepare bakery items. Additionally, the growing trend of indulgence eating, where consumers seek out gourmet and artisanal pastries for their taste and quality, also drives market growth. The demand for novel flavors, exotic ingredients, and aesthetically pleasing bakery products is on the rise, especially among younger consumers influenced by social media and food trends. This shift in consumer preferences towards premium, diverse, and convenient bakery options is a key factor driving the expansion of the cakes and pastries market.
Health and Wellness Trends:
The health and wellness trend is another major factor influencing the cakes and pastries market. Consumers are increasingly looking for healthier options in baked goods, leading to a surge in demand for products made with natural, organic, and nutrient-rich ingredients. There's a growing preference for low-calorie, low-sugar, and gluten-free pastries among health-conscious consumers. Bakery manufacturers are responding by reformulating their products, incorporating whole grains, reducing sugar content, and using natural sweeteners and functional ingredients. This trend towards healthier and 'better-for-you' bakery products is not only expanding the consumer base but also encouraging innovation in product development, thereby contributing to the growth of the market.
Technological Advancements in Bakery Processing:
Technological advancements in bakery processing and packaging are driving the cakes and pastries market forward. The adoption of modern baking technologies has improved the efficiency, scalability, and consistency of bakery production. Innovations in packaging, such as improved sealing techniques and the use of inert gases, extend the shelf life of products, making them more appealing for retail and export. Automation in baking processes reduces labor costs and enhances product quality. Furthermore, the use of digital platforms for marketing and distribution, including online ordering and delivery services, has opened new sales channels for bakery products. These technological developments are crucial in meeting the growing demand and maintaining the quality and variety of cakes and pastries, fueling market growth.
Cakes and Pastries Market Report Segmentation:
By Product:
In-store Bakery Products dominate the market by product in the global cakes and pastries sector, as they offer freshly baked, high-quality items that appeal to consumers seeking freshness and immediate consumption.
By Type:
Cakes lead the market by type due to their widespread popularity and integral role in celebrations and special occasions, which drives consistent demand across various demographics and cultures.
By Sector:
The Food service sector is the largest market by sector, as restaurants, cafes, and catering services extensively use cakes and pastries to diversify their menu offerings, meeting the demand for desserts and snack options.
By Distribution Channel:
Supermarkets and hypermarkets are the largest distribution channels for cakes and pastries, offering a wide variety of products under one roof and the convenience of one-stop shopping for consumers.
Regional Insight:
North America is the largest market by region for cakes and pastries, attributed to high consumer spending on baked goods, a strong culture of celebrating with cakes, and the presence of numerous leading bakery chains and artisanal shops.
Global Cakes and Pastries Market Trends:
The growing demand for healthier options represents one of the key factors influencing the growth of the cakes and pastries market across the globe. This is further driving an increase in cakes and pastries made with natural, organic, and gluten-free ingredients which is boosting the market growth. Consumers are seeking out products that offer indulgence without compromising on health, leading to the popularity of low-calorie, low-sugar, and whole-grain options.
The market is also driven by the rise in demand for artisanal and gourmet pastries, as consumers increasingly value craftsmanship, quality ingredients, and unique flavor profiles. The influence of global cuisine is also evident, with a growing interest in exotic and ethnically diverse pastries and flavors. Additionally, the convenience factor plays a significant role, with a surge in ready-to-eat and easy-to-prepare bakery products catering to busy lifestyles.
Speak to An Analyst: https://www.imarcgroup.com/request?type=report&id=1590&flag=C
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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