Cake and Pastries Global Market Report 2024

The cake and pastries market size has grown strongly in recent years. It will grow from $87.78 billion in 2023 to $94.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed in the historical period within the cake and pastry industry can be attributed to various factors, including evolving consumer lifestyles, the prevalence of celebration and occasion-based culture, the globalization of food culture leading to diverse culinary preferences, effective marketing and branding strategies, ongoing innovations in flavors and designs, as well as the rise of e-commerce and online bakery shops influencing consumer purchasing behaviors.

The cake and pastries market size is expected to see strong growth in the next few years. It will grow to $125.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the upcoming period within the cake and pastry industry can be attributed to several key factors, notably the emphasis on customization and personalization of products, the adoption of sustainable and ethical practices in production, a focus on premium and artisanal offerings, an increase in specialized dietary products to cater to diverse preferences, and the influence of global economic trends. Major trends expected in the forecast period encompass the digitalization of bakery services, a surge in demand for artisanal and handcrafted products, a shift towards health-conscious baking practices and ingredient choices, the exploration of innovative flavor combinations and fusion treats, as well as a heightened emphasis on visual appeal and aesthetics in product presentation.

The cake and pastries market is poised for growth due to the rising demand for ready-to-eat (RTE) and packaged foods. Ready-to-eat (RTE) foods, encompassing a range of cleaned, cooked, and packaged items, have become increasingly popular as consumers seek convenient and healthy options in their busy lifestyles. Packaged foods, including preserved, canned, and frozen items, are also gaining traction. The cake and pastries market is benefiting from the preference for quick and ready-to-eat options such as bread, cakes, pastries, cream rolls, cookies, and biscuits. In January 2022, India's Ministry of Commerce and Industry reported a 24% increase in ready-to-eat food exports to $394 million in 2021-22 (April-October). Additionally, the packaged food sector in Japan achieved retail sales of $216.3 billion in 2022, according to Euromonitor estimates. This trend highlights the growing demand for RTE and packaged foods, contributing to the growth of the cake and pastries market.

The expansion of e-commerce is playing a significant role in driving the growth of the cake and pastries market. E-commerce, involving the online buying and selling of goods and services, has facilitated the gifting of cakes and pastries for special occasions. Consumers find it convenient to use e-commerce platforms to surprise friends and family with delicious treats, boosting the demand for cake and pastries. In August 2023, the United States Census Bureau reported a 7.5% increase in e-commerce estimates for the second quarter of 2023 compared to the same period in 2022. Online stores accounted for 15.4% of all sales in the second quarter of 2023. This expansion in e-commerce is a significant driver for the growth of the cake and pastries market.

Product innovation is a key trend gaining popularity in the cake and pastries market, with major companies focusing on developing innovative products to strengthen their market position. For example, in October 2022, Entenmann's, a US-based baked products manufacturer, introduced Entenmann's Cake Truffles. These truffles come in two variants including Cookies & Crème Cake Truffles filled with creamy white chocolate chunks and coated with a layer of silky, smooth chocolaty coating, and Chocolate Delight Cake Truffles covered with a layer of silky, smooth chocolatey coating. The introduction of such innovative products caters to the preferences of chocolate lovers and showcases the ongoing trend of product innovation in the cake and pastries market.

Major companies in the cake and pastries industry are actively innovating by introducing new products, particularly focusing on the growing demand for vegan options. Vegan cakes and pastries, which are plant-based desserts devoid of any animal products such as eggs, dairy, and honey, are gaining popularity among consumers seeking plant-based and cruelty-free options. For example, in March 2022, Higgidy, a UK-based food manufacturing company, expanded its product line by launching the Little Vegan Quiche and Roasted Chickpea Masala Vegan Pie. These vegan pastries are plant-based, meat-free, and dairy-free. The Little Vegan Quiche is available in Petit Pois and Courgette flavors, featuring a seeded shortcrust pastry with mint and chili. On the other hand, the Roasted Chickpea Masala Vegan Pie boasts a shortcrust pastry filled with a creamy coconut, lentil, and spinach daal, layered with a chickpea and tomato masala, and hand-topped with a sweet mango chutney. This innovation caters to the growing demand for vegan options in the cake and pastries market.

In August 2021, Bake'n Joy Foods, Inc., a US-based manufacturer specializing in quality bakery products for professional bakers, strategically acquired L&M Bakery for an undisclosed amount. The acquisition aimed to foster collaboration between Bake'n Joy and L&M Bakery, ensuring a seamless integration for employees and clients. L&M Bakery, the acquired company, is a US-based entity offering a comprehensive range of premium baked and sliced loaf cakes, fruit squares, and other bakery products. This strategic move reinforces Bake'n Joy's commitment to expanding its product offerings and market presence within the bakery industry. The acquisition positions Bake'n Joy to leverage the expertise and product portfolio of L&M Bakery to meet the evolving preferences of consumers and industry trends.

Major companies operating in the cake and pastries market report are Finsbury Food Group Plc, Flowers Foods, Grupo Bimbo S.A.B. de C.V, Hostess Brands lnc., McKee Foods Corporation, Yamazaki Baking Company Ltd., Aryzta AG, BreadTalk Group Private Limited, Britannia Industries Limited, Edeka Group, Edwards Cake & Candy Supplies, Mulino bianco, Monginis Foods Private Limited, Americana Group, Tyson Foods Inc., Campbell Soup Company, Pepperidge Farm, Lone Star Drills, Layne Christensen Company, Bright Blue Foods Limited, National Drilling Company, GORDON AND SONS BUILDING SERVICES LIMITED, Sunmoy Technology Co. Ltd., Caster Drilling Enterprises, Dando Drilling International, Craig waterwell and drilling Ltd., Jim Jeffers Well Drilling, Johnson Water Well Drilling, Koken Boring Machine Co. Ltd., Simco Drilling Equipment Inc..

North America was the largest region in the cake and pastries market in 2023. Asia-Pacific is expected to be the fastest-growing region in the cake and pastries market report during the forecast period. The regions covered in the cake and pastries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cake and pastries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types within this category include cakes, frozen cakes and pastries, as well as pastries and sweet pies. These baked sweet dishes, characterized by their specific ingredients, are distributed through various channels such as supermarkets, hypermarkets, convenience stores, online retail platforms, bakeries, and other outlets, catering to service, retail, and various other applications.

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.

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.


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