Cake Market Size, Share & Trends Analysis Report By Product (Cupcakes, Sponge Cakes), By Distribution Channel (Foodservice, Retail), By Region, And Segment Forecasts, 2024 - 2030

Cake Market Size, Share & Trends Analysis Report By Product (Cupcakes, Sponge Cakes), By Distribution Channel (Foodservice, Retail), By Region, And Segment Forecasts, 2024 - 2030

Cake Market Growth & Trends

The global cake market size was anticipated to reach USD 80.42 billion by 2030 and it is projected to grow at a CAGR of 3.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increase in e-commerce platforms has made it easier for consumers to access a wide variety of cakes, from cupcakes, muffins, and sheet cakes to cheesecakes. In addition, manufacturers are launching innovative cake options like gluten-free, sugar-free, and organic to cater to evolving consumer tastes and preferences. These factors are expected to drive the demand for cakes during the forecast period.

The online platform serves as a powerful showcase for the creativity of cake artisans. E-commerce websites and social media platforms provide a visual feast, allowing cake businesses to display their intricate designs and assorted flavors. This virtual storefront attracts local customers and captures the attention of a broader online audience searching for unique and visually appealing cakes. The ability to showcase products through high-quality images and detailed descriptions enhances the overall customer experience, enticing them to explore and indulge in the offerings.

The rise of personalized and customizable cake options is another opportunity e-commerce has facilitated within the global market. Online platforms often provide user-friendly interfaces that allow customers to tailor their cake orders according to specific preferences, from flavors and fillings to designs and decorations. This level of personalization enhances customer satisfaction and encourages repeat business as individuals seek to create unique experiences for various occasions.

The dessert cakes segment held the largest market size in 2023. Consumers are increasingly seeking unique and visually appealing dessert options, and cake manufacturers are responding by introducing creative and gourmet flavors, textures, and designs. This emphasis on innovation contributes to the dynamism of the market, keeping it vibrant and adaptable to changing consumer trends.

Asia Pacific held the largest revenue share of the market. The Asia Pacific region's population exhibits diverse tastes and preferences, and consumers in this region are known for their willingness to experiment with various flavors, ingredients, and food formats. In response to this, manufacturers operating in the food industry consistently innovate and constantly expand and diversify their product portfolios. The rising acceptance of convenience foods is a significant factor contributing to the growth of Asia's market. The fast-paced and hectic lifestyles of consumers in this region have led to an increased demand for convenient food products that are quick to prepare and easy to consume.

Cake Market Report Highlights

• Based on product, the cupcakes segment is expected to grow at the fastest CAGR of 4.3% from 2024 to 2030. Cupcakes offer convenient single serving sizes, versatility in flavors and decorations, and appeal for special occasions, which is expected to drive the segment growth during the forecast period
• Based on distribution, cake sales through the foodservice segment is expected to grow at the fastest CAGR of 3.7% from 2024 to 2030. The expansion of the foodservice industry, including restaurants, cafes, and catering services, coupled with the rising trend of including cakes on their menus, is expected to drive the market growth during the forecast period
• Central & South America is expected to grow at the fastest CAGR of 3.2% from 2024 to 2030. The rise of modern supermarkets and bakery chains across the region has made cakes more readily available and accessible to consumers. Furthermore, cakes are now enjoyed more casually as part of everyday life and are not limited to being primarily consumed during festive occasions, which drives the market growth in the region

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