Global Cake Market Report and Forecast 2024-2032

Global Cake Market Outlook

The global cake market is expected to grow at a CAGR of 3.1% during the period 2024-2032.

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Global Cake Market Likely to be Driven by Demand for Cupcakes, Custom Cakes, Cakes for Celebratory Occasions, and Healthy Cakes

The global cake market is expected to be driven by demand for cakes, cupcakes and high-end confectionary experiences. Cakes are an essential commodity to celebratory events such as birthdays, anniversaries, graduation, promotion, Valentine’s Day, weddings, holidays and festivals. Seasonal customers include photographers, caterers, wedding planners, etc. Key areas include bakeries (retail, wholesale, in-store), convenience stores, colleges and universities, hotels, restaurants, cafes, and business houses (corporate dining/feeding events). Cupcakes are expected to be more in demand. Further, custom cakes and designer cakes are growing in popularity. North America and Europe are expected to be key markets. Asia Pacific is also emerging as a significant market.

A significant feature of consumer behaviour in recent years has been increased preference of consumers for healthy food alternatives. With rising concerns towards obesity and other associated health conditions, and regulations relating to product labelling have forced cake manufacturers to look for healthier alternatives. Consequently, cakes that are high-fibre, low-calorie, low-fat, sugar-free, gluten-free or contain more nuts and fruit have become increasingly conspicuous. Such innovations are expected to drive the market.

Fruit flavours appeal to many consumers. Further, consumers perceive addition of fruit in cakes healthy. Fruit ingredients also help in extending the shelf life of baked items. Strawberry, apple, banana, coconut and lemon are some common fruit flavours. Citrus fruits and berries, such as limes, oranges, blueberries, and raspberries are also becoming increasingly popular in baked food items, including cakes.

Customers seek memorable experiences, and companies such as Dawn Foods seek to provide such experiences by offering “pull-me-up” glitter cakes – an emerging trend in the decorated cake sector. Such cakes have customizable flavours, and bakeries could sell customers take-home kits. According to Dawn Foods, a bakery could offer customers pre-iced cakes from the company, with glitter in a separate perishable container. Customers could decorate the cake any way they liked by wrapping a transparent cake strip around the edges and spreading whipped cream on the cake, after which chocolate ganache could be added, followed by glitter, sprinkles and other decorations.

In 2018, Corbion introduced Pristine clean-label cake solutions to assist bakery manufacturers in meeting rising demand for simplified ingredients. Corbion extended its clean-label portfolio to entail cake mixes, bases and icing stabilizers; Pristine solutions helped bakers decrease key strokes in ingredient labels by up to 42% without diluting taste or texture. Corbion's Pristine cake mixes and bases come in vanilla and chocolate flavours.

Global Cake Market Segmentation

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By product type, the market is segmented into:

• Sponge Cakes
• Cup Cakes
• Dessert Cakes
• Cheesecakes
• Others

By flavour, the market is classified into:

• Chocolate
• Vanilla
• Cheese
• Others

By distribution channel, the market is segmented into:

• Hypermarkets and Supermarkets
• Bakeries
• Online Sales
• Others

By region, the market is divided into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Key Industry Players in the Global Cake Market

The report presents a detailed analysis of the following key players in the market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• American Baking Company (ABC)
• Aryzta AG
• Flowers Foods, Inc.
• McKee Foods
• Finsbury Food Group Plc 
• Pepperidge Farm Incorporated
• Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report