Global Cakes and Pastries Market is segmented on the basis of product as Artisanal and in-store bakeries and Packaged/industrial products. Pastries incorporate a wide range of baked products that are formed including ingredients like flour, sugar, milk, butter, shortening, baking powder, as well as eggs.It is dough of flour, water and shortening that may be savory or sweetened. And as far as cake is concerned, it is a kind of sweet dessert that is usually baked in the global cakes and pastries market.
The prominent factors that are playing a very important role in driving the growth of the market include rise in the urbanization, augmented demand from millennials, intensified indulgence in cakes and pastries, and rise in the new innovations in the bakery market.On the other hand, augmentation in the disposable income has eventually raised the level of the purchasing power across the globe and that is in turn having an optimistic influence on the cakes and pastries market. Global Cakes and Pastries Market is currently undergoing a significant trend of augmentation in the at-home consumption.
It has been observed that the manufacturers are putting more emphasis on mingling taste and health together in their products via mixing fibre, vegetables and a blend of protein and fibre in them. They have included healthy ingredients like whole grains into their products plus, they have tagged their products registering all the included ingredients in order to make the consumers more informed and clear about their preferences. Most of the leading companies have trimmed down the portion sizes of their products focusing on the consumers who are calorie conscious.
The demand for pastries and cakes is tremendously mounting because of the indulgence and flavor innovation. Moreover, more than half of the population dwells in urban areas and the working population mostly opts for on-the-go foods like pastries, cake snacks, and sweet pies, which are in turn providing a great stimulus to the market. The factors that are acting as major hurdles in the growth of the market includes reduction in the share of packaged cakes and growing concerns about obesity and related health issues.
Global Cakes and PastriesMarket is gaining huge recognition across the world due to its rising preference among children as well as youth and it is anticipated that the market will witness the highest CAGR in the near future. Global Cakes and Pastries Market is segmented on the basis of geographical region as North America, Europe, Asia Pacific, Middle East Africa, and Rest of the World.
As far as the geography is concerned, Asia Pacific is currently covering the largest share in the market and it is anticipated that the region will witness a huge growth in the next couple of years, the reason being rise in the population and per capita consumption. China is the major contributor in raising the market growth owing to huge volume of sales of pastries. On the other hand, Asia Pacific and North America are also emerging significantly and are contributing a larger share in the market, the reason being rise in the product introductions and augmented penetration of the products.
The key players operating in the Global Cakes and PastriesMarket include McKee Foods, Yamazaki Baking, Aryzta, BreadTalk, Britannia, American Baking Company, Finsbury, Flowers Foods, Grupo Bimbo, Hostess Brands, Edeka, Edwards, Edwards Cake & Candy Supplies, George Weston, Mulinobianco, Monginis, Pepperidge Farm, Hillshire Brands, and Hostess Brands.
Research Support Specialist, USA