Cake Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 97.96 Billion |
| Market Size (2029) | USD 119.35 Billion |
| CAGR (2024 - 2029) | 4.03 % |
| Fastest Growing Market | South America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
Cake Market Analysis
The Cakes Market size is estimated at USD 97.96 billion in 2024, and is expected to reach USD 119.35 billion by 2029, growing at a CAGR of 4.03% during the forecast period (2024-2029).
The market has been experiencing significant growth, primarily due to the increasing trend of commemorating special events and achievements with cake cutting. Moreover, the popularity of serving cakes as desserts after meals at restaurants and weekend gatherings propels the market expansion. Also, the flavors chiefly influence consumer preferences in the cake market, driving their purchasing decisions. Therefore, manufacturers are introducing new and captivating flavors inspired by popular culture and unique combinations with the integration of contrasting textures to stimulate impulse purchases. For instance, in February 2024, Dough Ball launched its latest, Birthday Cake Whiskey, a blend of vanilla cake and 70-proof whiskey, offering indulgent cocktails and shots.
Additionally, bite-sized snacking has gained immense traction in recent years, players are coming up with bite-sized cakes to cater to evolving consumer preferences for on-the-go indulgence. For instance, in September 2022, Hostess Brands introduced a new product line called Hostess Bouncers, which offers bite-sized snack cakes filled with creamy fillings. The Hostess Bouncers come in three flavors: Hostess Twinkies, Hostess DingDongs, and Hostess Donettes.
In conclusion, the cake market is experiencing significant growth driven by various factors such as the increasing trend of commemorating special events with cake cutting, serving cakes as desserts at restaurants and gatherings, and the introduction of new and captivating flavors. Overall, these trends indicate a dynamic and evolving cake market that continues to capture consumer interest and drive market expansion.
Cake Market Trends
Increase in Number Of Social Event Celebration
A cake-cutting ceremony has become integral to social event celebrations, such as birthdays, weddings, anniversaries, graduation farewells, holidays, and cultural festivals. The rising frequency of occasions for indulgence and celebrations is a significant driver propelling the global cake market. With a growing emphasis on creating memorable experiences and marking special moments, consumers are willing to invest in high-quality, customized cakes that elevate the celebration. For instance, according to the Department for Environment, Food & Rural Affairs (DEFRA), the average expenditure per person per week on cakes, buns, and pastries in the United Kingdom accounted for 94 pence in 2021/2022, which increased from 83 pence in 2020/2021.
Additionally, social media platforms catalyze cake trends, inspiring consumers with creative designs, innovative decorating techniques, and viral cake challenges. Therefore, bakeries and cake manufacturers are promoting their businesses on social media by offering theme-based cakes for special occasions. Brands like Marks and Spencer offer caterpillar-themed wedding cakes, Colin the Groom, and Connie the Bride. Hence, the increasing occasions for indulgence and celebrations, along with the growing number of bakeries offering occasion-specific or differentiated products to cater to the demand of consumers, is expected to propel the market鈥檚 growth in the studied period.
The Consumption of Cake Products is Burgeoning in the Asia-Pacific Region
China is one of the most prominent markets for cakes in the Asia-Pacific region, and the market is expected to keep flourishing over the forecast period. Some of the traditional cake offerings in the country are mooncakes 鈥� flaky cakes with sweet paste fillings that are mostly seasonally consumed during the fall season. Aesthetic presentation is among the most critical factors in cake purchases among Chinese consumers. The current trend leans towards intricate decorations 鈥� 3D designs and vibrant colors.
Moreover, social media platforms like Xiaohongshu (RED) are filled with attractive bakery creations, including cakes, driving the demand for visually appealing treats. In Japan, fusion and seasonal limited-edition flavors have mainly garnered consumer tastes and preferences. For instance, in December 2023, Starbucks Coffee Japan made a new addition to the plant-based menu series with matcha cake. The matcha roll cake boasts a subtle bitterness from the matcha cream, perfectly complemented by a light and airy plant-based whipped cream, resulting in a delightfully fluffy confection. Also, the Indian consumer palate has always been demanding a fusion of traditions and innovations. Bakeries like Theobroma and Just Cakes have been catering to this by offering cakes that blend classic Indian flavors like kesar pista with modern evolutions like red velvet or hazelnut chocolate.
Cake Industry Overview
The market studied is fragmented, with regional and global players operating in the market. The prominent players in the market include Grupo Bimbo S.A.B. De C.V., McKee Foods Corp., the J.M. Smucker Company, Flower Foods, and Dofreeze LLC. The major players are indulging in strategies, including product launches, mergers and acquisitions, expansions, and partnerships, to establish a strong consumer base and an esteemed position in the market. Also, by tapping into each other's networks and partnering with established associations and organizations, players are focused on accessing new segments of potential customers. Additionally, associating with a reputable brand enhances credibility, and customers are more likely to trust products or services endorsed by multiple trusted brands. Hence, players are involved in partnerships to gain a strong foothold in the new market and gain market shares to compete with their rival firms.
Cake Market Leaders
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Grupo Bimbo, S.A.B. de C.V.
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DoFreeze LLC
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McKee Foods Corporation
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Flowers Foods, Inc.
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The J.M. Smucker Company
*Disclaimer: Major Players sorted in no particular order
Cake Market News
- March 2024: The Hostess brand expanded its product portfolio by launching Hostess Meltamors, a soft, fluffy mini-cake with a delightful chocolate-flavored drizzle and a chocolatey- or caramel-flavored melting center that flows like "lava" when warmed in the microwave.
- March 2024: McKee Foods expanded its product portfolio by launching two new Valentine鈥檚 Day-themed Little Debbie products: Vanilla Mini Donuts and vanilla-flavored Big Pack Valentine Cakes. Big Pack Valentine Cakes are individually wrapped snack cakes that come in cartons of six and are covered in light pink frosting and a white icing stripe pattern.
- March 2024: Monginis Foods Private Limited revamped its packaging to modernize it while preserving the tradition.
Cake Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables and Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increase in Number Of Social Event Celebration
4.1.2 Innovations In Designs And Flavors
4.2 Market Restraints
4.2.1 Health Concerns Related To Ingredients
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Form
5.1.1 Packaged
5.1.2 Unpackaged/Artisanal
5.2 By Product Type
5.2.1 Celebration Cakes
5.2.2 Cupcakes
5.2.2.1 Center-filled
5.2.2.2 Plain
5.2.3 Sponge Cakes
5.2.3.1 Plain Cakes
5.2.3.2 Center-Filled Cakes
5.2.3.3 Others
5.2.4 Other Cakes
5.3 By Distribution Channel
5.3.1 Supermarkets/Hypermarkets
5.3.2 Specialty Stores
5.3.3 Convenience Stores
5.3.4 Online Retail Stores
5.3.5 Other Distribution Channels
5.4 By Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Russia
5.4.2.5 Spain
5.4.2.6 Italy
5.4.2.7 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 Pakistan
5.4.3.6 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle East and Africa
5.4.5.1 South Africa
5.4.5.2 Saudi Arabia
5.4.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Strategies Adopted by Key Players
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Grupo Bimbo S.A.B. de C.V.
6.3.2 DoFreeze LLC
6.3.3 McKee Foods Corporation
6.3.4 Flowers Foods Inc.
6.3.5 Bonn Group of Industries
6.3.6 Britannia Industries Limited
6.3.7 Monginis Foods Private Limited
6.3.8 Valeo Foods Group
6.3.9 The J.M. Smucker Company
6.3.10 Y谋ld谋z Holding
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cake Industry Segmentation
Cakes are bakery products made with cream, sugar, eggs, and flour and can be accompanied by a wide variety of inclusions, such as fruits and flavors like vanilla extracts. The cake market is segmented by form, product type, distribution channel, and geography. By form, the market is segmented into packaged and unpackaged/artisanal. The market is segmented by product type into cupcakes, celebration cakes, sponge cakes, and other cakes. The cupcakes segment is further segmented into center-filled and plain. The sponge cakes segment is further classified into plain cakes, center-filled cakes, and others. By distribution channel, the market is categorized into supermarkets/hypermarkets, specialty stores, convenience stores, online retail stores, and other distribution channels. The market is segmented by geography into North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. The market sizing has been done in value terms in USD for all the abovementioned segments.
| By Form | |
| Packaged | |
| Unpackaged/Artisanal |
| By Product Type | |||||
| Celebration Cakes | |||||
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| Other Cakes |
| By Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Specialty Stores | |
| Convenience Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
| By Geography | |||||||||
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Cake Market Research FAQs
How big is the Cakes Market?
The Cakes Market size is expected to reach USD 97.96 billion in 2024 and grow at a CAGR of 4.03% to reach USD 119.35 billion by 2029.
What is the current Cakes Market size?
In 2024, the Cakes Market size is expected to reach USD 97.96 billion.
Who are the key players in Cakes Market?
Grupo Bimbo, S.A.B. de C.V., DoFreeze LLC, McKee Foods Corporation, Flowers Foods, Inc. and The J.M. Smucker Company are the major companies operating in the Cakes Market.
Which is the fastest growing region in Cakes Market?
South America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Cakes Market?
In 2024, the Asia Pacific accounts for the largest market share in Cakes Market.
What years does this Cakes Market cover, and what was the market size in 2023?
In 2023, the Cakes Market size was estimated at USD 94.01 billion. The report covers the Cakes Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Cakes Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Cakes Industry Report
Statistics for the 2024 Cakes market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Cakes analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
