SAN FRANCISCO, July 20, 2020 /PRNewswire/ -- The global cake market size is expected to reach USD 55.78 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.3% from 2020 to 2027. Rising consumers' preference for celebrating all special occasions and festivals by cutting cakes is the key factor for the market growth. Moreover, increasing the adoption of cakes as a snack among the working-class population and the young generation is anticipated to offer new scope for the market over the forecast period.
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Read 80 page research report with ToC on "Cake Market Size, Share & Trends Analysis Report By Product (Cupcakes, Dessert Cakes, Sponge Cakes), By Distribution Channel, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/cakes-market
Over the past few years, people around the globe have started celebrating every single moment of success, happiness, and occasion. This has introduced a trend of cake cutting and a small get-together party. These occasions may include birthdays, weddings, marriage anniversary, Christmas, Valentine's Day, work anniversary, and various other special calendar days. The young generation, millennials, and working-class population have started celebrating their promotions, college scholarships, and even their pet's birthday. In short, cake has become a way to celebrate very special moments of life. These consumer trends are propelling the demand for the cake at the global level.
Various confectionary companies are launching their products in cake flavor in order to cater to the rising customer demand for the cakes. For instance, in December 2019, Dunkin' Brands in Japan launched delicious and icy cake featuring some of the most familiar characters from the iconic series, the 'Galaxy Palette' under the brand name 'Baskin Robbins'. These new product launches are propelling the demand in the market.
Europe emerged as the largest regional market with a share of more than 30.0% in 2019. European countries such as Switzerland, Belgium, France, Italy, and Austria are famous for their delicious bakery products, especially cakes. Furthermore, new product launches in terms of gluten-free cakes and pastries targeted for health-conscious consumers are expected to have a positive impact on industry growth.
Grand View Research has segmented the global cake market based on product, distribution channel, and region:
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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