Market Size of Cakes Industry
| 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 |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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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 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.
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| 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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Cakes Market Size Summary
The cake market is experiencing robust growth, driven by the increasing popularity of cake-cutting ceremonies for various social events such as birthdays, weddings, and cultural festivals. This trend is further fueled by the rising demand for cakes as desserts in restaurants and during gatherings. Consumer preferences are heavily influenced by innovative flavors and unique combinations, prompting manufacturers to introduce new and exciting offerings. The market is also seeing a surge in bite-sized cakes, catering to the growing consumer desire for on-the-go indulgence. Social media plays a significant role in shaping cake trends, with platforms inspiring creative designs and promoting theme-based cakes, thereby enhancing consumer engagement and driving market expansion.
Regionally, the cake market is flourishing, with China and Japan leading in the Asia-Pacific region. In China, the demand for aesthetically pleasing cakes with intricate decorations is on the rise, while Japan sees a preference for fusion and seasonal flavors. The Indian market is witnessing a blend of traditional and modern flavors, appealing to diverse consumer palates. The market is fragmented, with key players like Grupo Bimbo, McKee Foods, and The J.M. Smucker Company employing strategies such as product launches and partnerships to strengthen their market presence. These companies are leveraging collaborations to access new customer segments and enhance their market share, ensuring a competitive edge in the evolving cake industry.
Cakes Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increase in Number Of Social Event Celebration
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1.1.2 Innovations In Designs And Flavors
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1.2 Market Restraints
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1.2.1 Health Concerns Related To Ingredients
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Form
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2.1.1 Packaged
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2.1.2 Unpackaged/Artisanal
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2.2 By Product Type
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2.2.1 Celebration Cakes
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2.2.2 Cupcakes
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2.2.2.1 Center-filled
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2.2.2.2 Plain
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2.2.3 Sponge Cakes
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2.2.3.1 Plain Cakes
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2.2.3.2 Center-Filled Cakes
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2.2.3.3 Others
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2.2.4 Other Cakes
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2.3 By Distribution Channel
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2.3.1 Supermarkets/Hypermarkets
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2.3.2 Specialty Stores
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2.3.3 Convenience Stores
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2.3.4 Online Retail Stores
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2.3.5 Other Distribution Channels
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.1.4 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Russia
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2.4.2.5 Spain
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2.4.2.6 Italy
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2.4.2.7 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 Pakistan
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle East and Africa
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2.4.5.1 South Africa
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2.4.5.2 Saudi Arabia
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2.4.5.3 Rest of Middle East and Africa
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Cakes Market Size 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.
