Latest News- Cakes Market: Offline is expected to lead the Distribution Channel segment during 2024-2028

The Cakes Market is being driven by Rising inclination toward convenience foods among millennials

The Cakes Market is expected to grow at a CAGR of 3.59% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 10.00 billion. The vegan lifestyle, driven by concerns for animal welfare and health benefits, is experiencing significant growth. The vegan population has increased by approximately 300% over the past decade, with nearly half a million individuals adhering to this diet in the UK alone. This trend is positively influencing the global cakes market, as consumers seek plant-based alternatives. The rising awareness of the health advantages of a vegan diet is further fueling the demand for vegan cakes, contributing to the market's expansion during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Distribution Channel
  • Offline
  • Online
• Product
  • Dessert cakes
  • Sponge cakes
  • Cupcakes
  • Others
• Geography
  • Europe
    • Germany
    • Italy
  • North America
    • US
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising inclination toward convenience foods among millennials
• Growing demand for artisan-baked products
• Increased demand for gluten-free cakes

However, the market also witnesses some limitations, which are as follows:

• Increasing concerns of obesity
• Use of preservatives and low shelf life of cakes
• Fluctuations in raw material prices of cakes

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Market Scope in Cakes Market Research Report

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Research Analysis Overview

The Cakes Market encompasses various types, including layer cakes with Flavor options like Vanilla, Chocolate (Cocoa powder), Red Velvet (Food coloring), and Matcha. Frosting choices range from Buttercream Icing to Whipped Cream, while toppings include Fresh Berries. Homemade cakes like Angel Food, Shortened, and Foam are contrasted with Grocery Store options. Birthdays bring demand for Butter Cake, Yellow Cake, Pound Cake, and Dense cakes. Baking essentials include Flour, Sugar, Baking Soda, Baking Powder, Buttermilk, and various extracts like Vanilla and Cocoa. Decadent creations like Carrot Cake and Cream Cheese Frosting complete the Market landscape. Artificial leaveners and Cookie Cake are also part of the diverse offerings. Fat content varies from Low to High depending on the cake type.

Market Research Overview

The global cakes market, as per Technavio, falls under the food products segment of the expansive global food, beverage, and tobacco market. This market segment encompasses food processing vendors engaged in extending shelf life and eliminating microorganisms from their offerings. Technavio's market size calculation includes the consolidated revenue generated by these vendors, excluding those specializing in food processing equipment manufacturing. The market scope excludes packaged alcoholic and non-alcoholic beverages, including mineral waters. Key product offerings within the cakes market include layer cakes, angel food cakes, frostings, whipped cream, and fresh berries, typically associated with celebratory occasions such as birthdays and other milestones.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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