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Cakes are a form of baked dessert that are made using flour, sugar, butter, and other ingredients. The global rise in cake consumption is mainly owing to its extensive consumption as a celebration of food on various special occasions. Along with this, the increase in consumption of cakes as a post-meal dessert has also driven its market growth. Additionally, the rising health awareness among the consumers has shifted their preferences towards high-value based and fortified cakes that offer nutritional benefits. According to an article published in the International Journal of Home Science in 2017, iron-fortification of cake can be a way to prevent iron deficiency in adolescent girls. This has nudged the manufacturers to develop innovative cakes by incorporating healthier ingredients like whole wheat flour to improve its properties.
The rising number of working professionals coupled with their increasing demand for on-the-go foods such as cupcakes, sweet pies, and muffins has propelled the market growth. Further, the new product launches by the manufacturers to meet the growing demand of the consumers has supported the market growth. For instance, in August 2020, Mars, Inc. launched a gluten-free chocolate cake in the U.K under its brand-Galaxy to offer consumers with better quality cakes.
The demand for bakery products such as cakes and pastries is increasing primarily due to their wide consumption as an instant, tasty, and accessible food, which drives its market growth. Along with this, it also acts as an affordable and convenient snack that can be consumed in between the meals or with tea and other hot beverages. Further, the rising number of in-store bakeries in the supermarkets have also positively impacted the market growth.
Key Market Driver -
Increasing Consumption of Desserts among Consumers
Key Market Restraint -
Health Issues Associated with Consuming Cakes
Cakes contain a high amount of calories and fats due to the utilization of butter and shortenings, which is associated with various health issues such as obesity and diabetes. According to the International Diabetes Federation (IDF) the global diabetes prevalence in 2019 was estimated to be 9.3% (463 million people) and which is expected to rise to 10.2% by 2030. This has led to the consumers avoiding the consumption of fatty foods, thus posing a restraint in the market growth.
The key companies operating in the global cakes market are, Finsbury Food Group Plc, Mondelez International, Inc., Bonn Group, Grupo Bimbo., General Mills, Inc., Britannia Industries Limited, Hostess Brands, LLC., George Weston Limited, Flowers Foods, Inc., and BreadTalk Group Pte Ltd.
The dessert cake segment is likely to hold the major share in the market owing to its wide consumption on various celebratory occasions such as birthdays, anniversaries, and weddings. The dessert cakes are decorated with frostings, fondants, fruit syrups, fruits, and chocolate to enhance its aesthetic appeal, flavor, and taste, which is also driving its demand.
The specialty stores are expected to hold the larger share in the market as they offer a wide range of artisanal, dessert, and sponge cakes. Along with this, many players have their specialty bakery stores such as Bimbo, that offer customizable cakes as per the customers’ requirements has also driven its sales. The supermarkets and hypermarkets such as Walmart and Sainsbury are also gaining traction due to their rising number of in-store bakeries offering fresh and high-quality cakes are expected to further boost the market growth.
Europe is likely to account for the major share in the market due to the presence of established bakery industry in the region. The shifting consumer preferences towards healthy living has influenced various developments and innovations in cakes to make it healthy without compromising with the taste and texture is driving its regional market. Further, the countries such as the U.K. and Italy are popular for their artisanal bakery products, especially cakes have also aided in the market growth.
Asia Pacific is witnessing robust growth in the market owing to its growing population and rise in the adoption of westernized culture. Countries like India and China are the most potential markets in the region due to the rise in consumer’s disposable income and their shift towards convenience foods. Further, the rapid urbanization and the expansion of contemporary bakery outlets has also boosted the regional market growth.
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