New York, June 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cake And Pastries Global Market Report 2023" - https://www.reportlinker.com/p06463964/?utm_source=GNW
, Campbell Soup Company, and Pepperidge Farm.
The global cake and pastries market is expected to grow from $85.26 billion in 2022 to $92.44 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cake and pastries market is expected to reach $122.68 billion in 2027 at a CAGR of 7.3%.
The cake and pastries market consists of sales of different types of cakes like sponge cakes, fruit cakes, biscuit cakes, and various types of pastries like flaky, puff, filo, shortcrust, and choux.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cake is a baked sweet dessert similar to bread that is often made with flour, sugar, baking soda or powder, eggs, and liquid flavouring. Pastries is a solid dough made of flour, salt, a substantial amount of fat, and a small amount of liquid.
North America was the largest region in the cake and pastries market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in cake and pastries report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of cake and pastries are cakes, frozen cakes and pastries, pastries and sweet pies.A baked sweet dish that resembles bread, typically made with flour, sugar, baking soda or powder, eggs, and liquid flavoring, whether or not shortening is used.
The various distribution channels involved are supermarkets and hypermarkets, convenience stores, online retail, bakeries and others which are used for service, retail and other applications.
The rising demand for ready-to-eat (RTE) and packaged foods is expected to propel the growth of the cake and pastries market in the coming future.Ready-to-eat (RTE) refers to a class of food items that have been cleaned, cooked, and most often packed before being made available for consumption.
Packaged food includes preserved, canned, frozen, various varieties of meat and vegetables, snacks, and pre-packaged food items.Individuals choose quick or ready-to-eat foods for healthier eating habits due to better lifestyles and living standards.
Among the cake and pastry market, packaged and ready-to-eat items such as bread, cakes, pastries, cream rolls, cookies, and biscuits are in high demand due to their availability and ready-to-eat characteristic.For instance, in January 2022, according to India’s Ministry of Commerce and Industry, ready-to-eat food exports climbed by 24% to $ 394 million in 2021-22 compared to 2020-21 (April-October) (April-October).
Furthermore, according to Euromonitor estimat, retail sales in Japan’s packaged food sector is accounted at $216.3 billion in 2022. Therefore, rising demand for ready-to-eat (RTE) and packaged foods is driving the cake and pastries market.
Product innovation is the key trend gaining popularity in the cakes and pastries market.Major companies operating in the cakes and pastries market are focused on developing innovative products to strengthen their position in the market.
For instance, in October 2022, Entenmann’s, a US-based manufacturer of baked products launched Entenmann’s Cake Truffles.Entenmann’s Cookies & Crème Cake Truffles are filled with creamy white chocolate chunks and coated with a layer of silky, smooth chocolaty coating.
Entenmann’s Chocolate Delight Cake Truffles are covered with a layer of silky, smooth chocolatey coating. These incredibly indulgent tastes are guaranteed to tickle the mark for all chocolate lovers.
In August 2021, Bake’n Joy Foods, Inc., a US-based manufacturer of quality bakery products for professional bakers acquired L&M Bakery for an undisclosed amount. With this acquisition, Bake’n Joy and L&M Bakery will collaborate to create a smooth integration for employees and clients. L&M Bakery is a US-based company that offers a full line of premium baked and sliced loaf cakes, fruit squares, and other products.
The countries covered in the cake and pastries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cake and pastries market research report is one of a series of new reports that provides cake and pastries market statistics, including cake and pastries industry global market size, regional shares, competitors with cake and pastries market share, detailed cake and pastries market segments, market trends, and opportunities, and any further data you may need to thrive in the cake and pastries industry. This cake and pastries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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