This market research study presents a detailed segmentation of the global cakes and pastries market by product (artisanal and in-store bakeries) and by geography (the Americas, APAC, Europe, and MEA). The key vendors identified in the market are Finsbury, Flowers Foods, Grupo Bimbo, Hostess Brands, McKee Foods, and Yamazaki Baking.
Technavio has released a new market research report on the global cakes and pastries market, which is expected to grow at a CAGR of more than 3% between 2016 and 2020. Of late, the market is witnessing the introduction of new varieties like snack cakes. High consumption of cakes and pastries during festive seasons is a primary growth driver of the cakes and pastries market. Also, the manufacturers are using healthier and quality ingredients in their products. Europe accounts for 68% of the total market revenue, owing to the presence of many established artisanal baked goods makers in the region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The market is going through various product innovations and new product launches in recent times. For example, in 2015, Bimbo Bakeries launched a Minions-themed cake range in Iberia produced under license from Universal Pictures and Illumination Entertainment. Also, a new type of cake-based snack called cake pops is gaining in popularity and is available in grocery stores and coffee shops. These are bite-sized cakes styled as lollipops and come in a range of designs. With more people interested in experimenting with food, the cakes and pastries market has seen many innovations, particularly in flavors and toppings. Thus, the growing popularity of customizable cakes and pastries to drive this market’s growth during the forecast period,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research
The artisanal segment is the fastest growing segment and is expected to reach more than USD 21 billion until the end of 2020. Artisanal bakery product sales have increased significantly due to the increasing demand for freshly baked cakes. Moreover, artisanal products are handmade so are priced higher than cakes from in-store bakeries. The growing demand for customizable, fresh cakes is likely to drive this segment’s growth in the coming years.
The key vendors in the global cakes and pastries market include Finsbury, Flowers Foods, Grupo Bimbo, Hostess Brands, McKee Foods, and Yamazaki Baking. The market is highly fragmented due to the presence of a large number of small, regional, and international suppliers. These vendors are fiercely competing on the basis of product differentiation, portfolio, brand recognition, technology, and economical pricing. The report predicts that the vendor competition in this market will intensify during the forecast period due to increase in the number of vendors offering gourmet and new flavors, the rising demand for healthy food, and price wars among the vendors.
A more detailed analysis is available in the Technavio report, Global Cakes and Pastries Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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