Technavio analysts forecast the global cake pops market to grow at a CAGR of close to 3% during the forecast period, according to their latest market research report.
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Technavio has released a new market research report on the global cake pops market for the period 2018-2022. (Graphic: Business Wire)
The expanding retail space is one of the major trends being witnessed in the global cake pops market 2018-2022. The most common distribution formats of cake pops are supermarkets and hypermarkets, convenience stores, discount stores, and online portals. E-commerce as a sales medium for cake pops is also gaining popularity among consumers and is expected to contribute to the growth of the market during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global cake pops market is the rise in the number of in-store bakeries:
Global cake pops market: Rise in the number of in-store bakeries
In-store bakery chains of grocery stores are relatively small but offer a substantial range of bakery products like cake pops. Artisanal and industrial bakeries are facing the rising competition from the growing number of in-store supermarket bakeries, which have their own offerings at competitive pricing. The prominence and popularity of in-store bakeries are increasing due to their lower prices and the convenience of one-stop shopping. Value-conscious customers are increasingly opting for private label offerings of supermarkets. The number of supermarkets and hypermarkets is increasing around the globe and the concept of in-store bakeries in these stores is gaining popularity in regions such as APAC and EMEA. The convenience factor is one of the primary reasons driving the growth of in-store bakeries in supermarkets, Which, in turn, will help in the growth of the global cake pops market during the forecast period.
According to a senior analyst at Technavio for research on life science research tools, “The expanding global urban population, increasing demand for on-the-go snacks, and surge in the purchasing power parity in emerging countries drive the global cake pops market. A considerable shift in the lifestyles and diet patterns of consumers over the past two decades has also been identified. Emerging economies in Central and South America and APAC will prove to be attractive markets for cake pops during the forecast period.”
Global cake pops market: Segmentation analysis
The global cake pops market research report provides market segmentation by product (Cake pops with sugar and sugar-free cake pops), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for over 41% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period.
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Five Forces Analysis
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