Dublin, Sept. 01, 2021 (GLOBE NEWSWIRE) -- The "Cakes Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The cakes market is projected to register a CAGR of 3.5% during the forecast period, 2021-2026.
The COVID-19 scenario put an initial hold on the supply chain both from the raw material side and end products; however, being a part of associated snacking, the market for cakes has eventually witnessed an upward demand trend, mostly in the developing economies. The ease of lockdown has further prompted artisanal cake manufacturers to populate the market with new products, thus disrupting the branded category over a shorter time frame. Furthermore, this factor has even led to product shortages across counters, thus allowing manufacturers to embark on capacity expansion.
Over the medium term, unpackaged/artisanal cakes led in terms of sales while packaged/industrial cakes continued to decline in volume and value terms. Rising consumption, shifting preferences, and the emergence of small producers are among the changes transforming the organized cake industry.
Key Market Trends
Rise in In-store Bakeries is Increasing the Cake Demand
The rise in supermarket in-store bakeries is projected to attract a significant number of consumers, further contributing to accelerated market growth. Consumers are looking for value-based products and are attracted to artisanal bakeries with high-margin products. The in-store bakeries found in supermarkets or hypermarkets have a comparatively small floor area. However, they offer an extensive range of fresh-baked products with clean labels and healthier ingredients, owing to the demand from health-conscious consumers.
An increasing volume of cakes in in-store bakeries has been significantly observed, as cakes are dominating the dessert category in in-store bakeries. Likewise, cakes are indulgent products that entice consumers shopping in supermarkets. The value-conscious consumers are spending on lower priced cakes offered by in-store bakeries, and the convenience of one-stop shopping further adds to the sales of the market.
Increasing Consumption Rate of Cakes in Asia-Pacific
Asia-Pacific is becoming a key market, as rising disposable income, urbanization, and the demand for western-style diets are supporting the growth in sales of baked goods and cakes. China is set to become the second-largest baked goods market globally by 2022, with cakes being one of the most popular segments. These markets are attractive to major corporates, which see the potential for significant sales growth.
In countries such as India, as consumers' preference for nutritious and eye-appealing products grow, brands operating in the cakes market have further improved products' shelf-life without any compromise on taste and organoleptic properties, which has eventually led cake manufacturers to switch from fresh to frozen categories in almost all the bakery segments. At present, the market growth is, however, hampered by insufficient supply chains and logistics systems, including infrastructure constraints such as temperature requirements of certain cakes and effective pH required for additives, which have limited the penetration rate of products further.
The cakes market is competitive and is still growing owing to the product variants across packaging formats, flavors, and sizes. The market vendors are developing new products with an emphasis on organic and gluten-free variants to increase their market shares and gain traction in the global marketplace.
The bakery manufacturers and brand owners who dominate the domestic markets are making strategic acquisitions of domestic cake manufacturers. Acquiring these brands enables diversification and gives these players access to stable cash flows and further growth opportunities. Major players operating in the market include General Mills, Britannia Industries, George Weston Limited, and Grupo Bimbo, among others.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Form
5.2 By Product Type
5.2.2 Dessert Cakes
5.2.4 Sponge Cakes
5.2.5 Other Cakes
5.3 By Distribuiton Channel
5.3.2 Specialist Retailers
5.3.3 Convenience Stores
5.3.4 Other Distribution Channels
5.4.1 North America
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
5.4.4 South America
220.127.116.11 Rest of South America
5.4.5 Middle-East and Africa
18.104.22.168 South Africa
22.214.171.124 Saudi Arabia
126.96.36.199 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Market Share Analysis
6.2 Most Active Companies
6.3 Key Strategies Adopted
6.4 Company Profiles
6.4.1 American Baking Company
6.4.2 Britannia Industries
6.4.3 Euro Cakes
6.4.4 General Mills Inc.
6.4.5 Flower Foods
6.4.6 George Weston Limited
6.4.7 Grupo Bimbo
6.4.8 CSM Bakery Solutions
6.4.9 Rich Products Corporation
6.4.10 McKee Foods
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
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