Cake : Global Market Intelligence ( 2023-2030 )

REPORT OBJECTIVES

The report " Cake: Global Market Intelligence ( 2023-2030 )" provides market intelligence on the different market segments, based on Product Distribution Channel, Region, Company etc. Market size and forecast (2020-2030) has been provided in the report. The primary objectives of this report are to provide 1) comprehensive global market intelligence through detailed segmentation, 2) market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends, 3) detailed analysis of current dynamics and trends, key market players, and strategies in the market, 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants, 5) provide emerging opportunities in the market and the future impact of major drivers and restraints of the market and, 6) support decision makers in making cost-effective business decisions.

RESEARCH METHODOLOGY

In our market size and forecast determination efforts, an extensive secondary research was initially completed to gain a good perspective of the market in each region. Extensive primary research was also carried out by interviewing the key executives from the industry. These interviews helped us to fill-in the data gaps after secondary research. Several secondary sources such as encyclopedia, directories, and databases have been used to identify and collect information useful for this extensive techno-commercial study. The respondents - selected experts from manufacturers and selected suppliers - have been interviewed to obtain and verify critical information as well as to assess the future prospects. The usage of obtained information is based on the perceived reliability by the research team. In many cases, a combination of several sources was used. Sprout Intelligence provides an in-depth analysis of the market segmentation, which is a critical element of the market intelligence reports at Sprout Intelligence.

KEY AUDIENCE

Executives in marketing, strategic planning and new product development will find such discussions in our reports pertinent and useful. Management consultants, investment bankers, manufacturers, distributors, suppliers, and regulatory authorities are amongst our regular clientele served.

DATA SOURCES

The general data sources used in this report are company websites, trade association publications, regulatory authorities, journals, magazines, news websites, press releases, media publications, interaction with industry experts, company executives, research papers, articles, patents, scientific literature, among many others.

KEY FINDINGS FROM THE REPORT

The Cake market was valued at $44,530.0 Million in 2020, and is projected to reach $85,076.4 Million by 2030 growing at a CAGR of 7.51% from 2021 to 2030.

Dessert segment is expected to be the highest contributor to this market, with $23,284.5 Million in 2020, and is anticipated to reach $44,414.1 Million by 2030, registering a CAGR of 7.49%.

Cupcakes segment is anticipated to reach $12,703.4 Million by 2030 with the highest CAGR of 7.67%.

Dessert and Sponge segments collectively expected to account for about 81.0% share of the Cake market in 2020, with the former constituting around 52.3% share.

Cupcakes and Sponge segments are expected to witness significant growth rates at a CAGR of 7.67% and 7.57% respectively, during the forecast period.

Presently, share of these two segments is estimated to be around 43.4% in the overall Cake market in 2020, and is anticipated to reach 43.7% by 2030.

The global cake market is experiencing robust growth, primarily driven by shifting consumer preferences towards indulgent and convenient treats, with an emphasis on premium and artisanal offerings.

Additionally, the increasing trend of celebrating special occasions and events is boosting demand for customized and innovative cake designs.

Furthermore, the expanding global population and rising disposable incomes are creating opportunities for market expansion, especially in emerging economies, where the adoption of Western-style dessert habits is on the rise.

To capitalize on these opportunities, cake manufacturers should focus on product innovation, quality, and effective marketing strategies to cater to the evolving tastes and preferences of consumers, ultimately driving growth and profitability in the global cake market.