The value of the biscuits and cake market is expected to rise by 17.7% in five years, a research group has predicted.
An executive summary of Bharat Book Bureau’s Biscuits & Cakes 2013 Market Report stipulates that the “biscuits and cakes market is expected to continue growing over the next five years”.
According to the summary, the market grew by 4.4% last year as consumers continued to purchase sweet treats despite economic difficulties.
It said that the biscuits sector accounts for the majority of the market, which is itself divided by various types of biscuit. Healthier biscuits account for the largest subcategory, experiencing strong growth in 2012, thanks to the increase in popularity for breakfast biscuits.
Cake sales, it said, are driven by demand for individual cakes, cake slices and cake bars, with many eaten as an on-the-go snack.
The summary also stated that the large and whole cakes subsector has suffered “due to the rise in home baking”.
Furthermore, it discussed the importance of Halloween for the market in addition to Easter and Christmas, as well as “the rising importance of mini-seasons” such as Mother’s Day and Valentine’s Day.