Market Trends of Cakes, Pastries, and Sweet Pies Industry
Shifting Consumer Inclination Toward Ready-to-Eat Products
The definition of convenience is evolving with dynamic demands from consumers. Cake mixes were one of the bakery products that gave birth to the concept of convenience. For ease of consumption, convenience food is often a whole meal prepared professionally. Since many consumers lack cooking abilities and work long hours, the market for convenient food products like cakes, pastries, and sweet pies is growing.
Customers prefer natural, individualized products that do not compromise flavor, health, or ingredient goals. Manufacturers emphasize satisfying the needs and requirements of consumers looking for convenient food options with high quality, taste, and preference. The demand for high-quality bakery products is rising, especially among millennials and Generation Z, owing to the increasing prevalence of convenience or ready-to-eat food products.
The artisanal bakery sector is also playing a vital role in the market's growth. Artisanal bakery products are highly customized and rich in protein, carbohydrates, and dietary fiber, bolstering product sales. There is a significant rise in occasional cravings for hot and freshly baked bread, cakes, and pastries, which are in high demand worldwide. Such products are only available through artisanal players, thereby driving the artisanal bakery products market.
Asia-Pacific to Witness Fastest Market Growth
Asia-Pacific is becoming a key market as rising disposable income, urbanization, and the demand for Western-style diets support the growth in sales of baked goods and cakes. China is set to become the second-largest baked goods market by the end of the forecast period, with cakes being one of the most popular segments. These markets are attractive to major corporates, which see the potential for significant sales growth.
The demand for sugar-free baked goods is being driven by the rising incidence of diabetes across Asia-Pacific and worldwide. The increasing demand for simple dining has resulted in the utilization of various foods, with baked goods and confectionery having become staple food options in the convenience food category. According to the American Diabetes Association, more than half of the diabetic population lives in Asia, with China and India accounting for nearly half of all cases.
The introduction of healthy food options in the bakery sector is gaining popularity at a significant pace due to the fortification of bakery items to address the needs of health-conscious consumers and the growing demand for innovative and healthy food options. As a result, the region is experiencing a significant growth potential.
