These products are consumed fresh as well as they can be consumed after a week. These sponge cakes have a high shelf life as compared to their dessert counterparts. Sponge cakes are anticipated to be the fastest-growing product segment with a CAGR of 3.7% from 2020 to 2027 on account of their rising popularity among young consumers across the globe. Moreover, it is consumed after meals in various countries as a part of the dessert. Product Insightsĭessert cakes were the largest product segment with a share of 50.5% in 2019 and are expected to maintain their lead over the forecast period as these products are widely consumed fresh on various occasions. It was estimated that the Asia Pacific accounted for almost half of the global revenue in 2019, which offers huge growth opportunities for the local as well as international bakers to launch new variants, including cakes and pastries. For instance, the increasing adoption of western-style bakeries in Asian countries, including China, Japan, and South Korea, is expected to remain a favorable factor. The bakery industry has been witnessing new gains owing to changing preferences among consumers toward advanced baked variants. Furthermore, with the rising adoption of western lifestyle and nutrition, demand for cakes is increasing in developing economies of Asia and the Middle East. The market share for innovative as well as healthy products has been rising in the above-mentioned regions as a result of a growing number of health-conscious people at the domestic level. Europe and North America have enjoyed a strong consumer base of bakery products, including cake, pastry, biscuit, and pita bread. Consumers have been increasing spending on purchasing occasion-specific cakes, which is expanding the market scope.ĭemand for bakery products is also increasing significantly across the globe as they are instant, accessible, and delicious food in this rapidly urbanizing and changing lifestyle. Moreover, the rising demand for cakes as desserts post meals during dine-out and weekend parties among millennials and Generation Z consumers across the globe is projected to expand the industry size in the near future. Over the past few years, the trend of celebrating various types of special occasions, success or any festivals, such as birthdays, weddings, marriage anniversaries, valentine's day, Christmas, pet’s birthday, work anniversary, mother’s day, and children’s day, has been increasing significantly across the globe. The high popularity of celebrating various types of special occasions and success through cake cutting is expected to remain a key driving force over the next few years.
The global cake market size was valued at USD 42.94 billion in 2019 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.3% from 2020 to 2027.
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