Cakes Market Overview
Cake is generally consumed as a snack or a form of dessert. Initially they were used to be a modification of breads. In recent days, cake flour is made from little protein wheat and the flour is prepared such that the starch to gluten ratio is more. Also, they were used to be home or bakery made special desserts. Now, they are one of the largest mass produced food items.
They are extensively accepted and used as a mark of celebration in almost all modern societies. Commonly, the ingredients of a cake comprises of flour, eggs, sugar, butter, baking soda or baking powder. Additionally there are ingredients such as dried fruits, nuts, cocoa and several flavoring elements added in the baking process according to preferences in tastes. There are numerous recipes, styles and shapes in which cakes can be made.
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The factors which are propelling the growth of the Cakes Market globally are rise in urban population and changing life styles and food in taking habits of people, Rise in number of bakeries, high tradition rate of cakes in numerous ceremonies and rise in innovation regarding the making satisfying all types of consumers.
There are also few restraining factors due to which the cakes market is facing challenges, they are increase in the diabetic and obese population and other health concerns.
Cakes Market Forecast Report (2018-2023)
Globally Cakes market size is around USD 111.18 billion in 2017. It is estimated to grow at a CAGR of 4.3% to increase approximately up to USD 143.13 billion by 2023.
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Cakes Market Segmentation
Cakes Market is partitioned globally according to Type, Mixing Method, and Distribution Channel. With respect to type the market is categorized into Dessert Cake, Cheese Cake, Cup Cake, Ice Cream Cake, Chocolate Cake, Sponge Cake and Wedding Cake. Cupcakes section of the market holds the key market share as it is popular among children and their ease of preparation. Dessert cakes are anticipated to be the swiftly growing market section due to the boosting demand for desserts in ceremonies and dinners. With respect to Mixing Method, market is classified into Layer Cake, Flourless Cake, Pound Cake and Shortened Cake. Layer cakes possess significant portion in the market share due to the innovation involved in their making. With respect to distribution channel market is shared by In-Store Bakeries, Supermarkets, Convenience Stores and Online Stores. In-store bakeries generate majority of sales revenue whereas online stores are the fastest growing market section.
Geographically, the Cakes Market has been partitioned into Latin America, Europe, Middle East, North America, and Asia Pacific & Africa. The Europe region is leading the market. Asia Pacific region is projected to boost the market hastily with high CAGR over the estimated time period.
The major companies dominating this market for its products and services are
- Dan Cake,
- Mckee Foods Corporation,
- Grupo Bimbo,
- A.B. de C.V.,
- Hostess Brand,
- Premier Foods Group Limited, among others.
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