Cheesecakes Market size is estimated at $18 billion in 2020, growing at a CAGR of 3.7% during the forecast period 2021-2026. Over the next several years, the high popularity of enjoying all types of special occasions and success through celebration by cheesecake dessert is projected to be a major driving force. Furthermore, increased demand for cheesecakes as desserts after meals during dine-out and weekend events among millennials and Generation Z customers around the world is estimated to boost industry growth in the near future. New York Original Cheesecake, New York Strawberry Cheesecake are amongst the most popular type of cheesecakes available in the market. Apart from the traditional The Original New York Cheesecake which uses cream cheese as its base, cheesecakes made with cottage cheese and ricotta cheese are also widely gaining popularity in the US markets. People also prefer to eat denature cheesecakes which help them in better amino-acid digestion by destroying the protein characteristic in their dessert. The trend of celebrating various types of special occasions, accomplishments, or festivals, such as birthdays, weddings, marriage anniversaries, Valentine's Day, Christmas and New Year’s Eve, companion's birthdays, work anniversaries, Mother’s Day, Father’s Day and children's day, has grown significantly in the last several years around the world. Consumers are spending more money on occasion-specific cakes, and cheesecakes has gained significant popularity on being celebrated at occasions which is driving the overall Cheesecake Market.
Cheesecakes Market Segment Analysis - By Flavours
The New York Original Cheesecake held the largest market share of the Cheesecakes Market in 2020. The New York Original Cheesecake is a special type of cheesecake which can made with cream cheese, cottage cheese and ricotta cheese. The amount of cream cheese used in the cheesecake accounts for its richness. The cheese in New York cheesecake is hefty, which is why it's so dense and creamy with extra eggs included to provide a smooth consistency. The egg also helps to bind the cheesecake together, giving it a firm structure. New York style cheesecake is always baked and made with only a few simple ingredients. Owing to its traditional flavour and texture, it is the most popular delicacy in North America and European Countries which is driving The Cheesecake Market.
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However the New York Strawberry Cheesecake segment is estimated to grow at a faster CAGR of 4.2% over the forecast period 2021-2026. It is similar to The New York Original Cheesecake with strawberry jelly and fresh cut strawberry pieces to its top. New York Strawberry Cheesecake is a special type of cheesecake which can be made with cream cheese, cottage cheese and ricotta cheese. It has gained its popularity in parties, anniversaries, birthdays, and Christmas Eve. New York Strawberry Cheesecake has also been popularised in European and Asian countries which has resulted in an increasing market growth rate in this segment.
Cheesecakes Market Segment Analysis – By Distribution Chanel
Traditional Offline segment held the largest market share in distribution of Cheesecake Market in 2020. They are predicted to maintain their dominance in the coming years with several domestic players having their own specialised shops selling artesian cheesecakes, dessert cakes, and sponge cakes. Retail outlets are preferred by Gen-Z and millennials who prefer to have their dessert in the retail shop itself. Cheesecake retailers often offer a wide variety of desserts and have a decent sitting arrangement at their stores. The ambience and hospitality offered by Offline Stores cheesecake outlets is driving the Cheesecake Market by exponential growth. They are also preferred by millennials who store groceries for a longer duration of time.
Online Stores selling cheesecakes are predicted to grow at a CAGR of 5.5% over the period of 2021-2026. The sales are expanding significantly in many parts of the world as clients can make online orders for their favourite cakes. Furthermore, the expanding use of the internet, combined with the increasing usage of smartphones, is increasing the product's online sales. Owing to the high level of customer engagement, almost all retail businesses are entering the industry through e-commerce platforms. This is driving the growth of Cheesecake industry globally.
Cheesecakes Market Segment Analysis - By Geography
In 2020, the North America held 34.8%, the largest regional market share for cheesecakes, with US contributing the largest market share in North America. The New York Original Cheesecake became one of the most preferred delicacy in US and continued to expand in the western states of US. Every big and small baker started selling cheesecake which led to an exponential growth in the US Cheesecake Market. It also became a delicacy for celebration on special occasions and festivals. It is estimated to continue its growth in upward trajectory considering its impact on the people of US.
Asia Pacific is estimated to grow at a fastest over the forecast period 2021-2026. The growing population of developing countries such as China and India present the Cheesecake Market with significant long-term opportunity. Small and medium bakers, on the other hand, are estimated to encounter challenges in capitalising on such prospects, while large businesses are set to enjoy a competitive edge in nations like Japan, South Korea, and India.
Cheesecakes Market Drivers
Increase in Globalization of Cheesecakes
Cheesecakes was considered as an American dessert and the delicacy was limited only to people of North America and Europe. With increase in globalization and cheesecakes factories being set up across the world, people across the world are now acquiring taste and preference for this dessert. It is gaining popularity in Asian countries especially in China and India owing to its rich taste and texture. This is the driving the growth of Cheesecake Market in new countries across the world.
Increase in Celebrity and MasterChef endorsement
There has been an increased celebrity endorsement for this dessert. Cheesecake has been popularised through many American-Based sitcoms and advertisements. The dessert is also famous in various cooking challenge shows across North America and Asia. Owing to increased celebrity endorsements through sitcoms, advertisements and MasterChef challenge shows, Cheesecake market is gaining exponential popularity and is predicted to grow across the globe.
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Cheesecakes Market Challenges
Availability of Substitutes
Closest substitute of a cheesecake is custard which is available at low price across the world. The Japanese cheesecake is different from American Cheesecake but is also gaining significant popularity owing to its taste and texture. People find it difficult to differentiate between custard and cheesecake in Asian countries, thus it hampers the expansion and growth of Cheesecake Market.
Lack of culinary expertise
There are many local dessert confectioners that sell cheesecakes over the counter. Many of them lack in the true art of making a cheesecake. This results in cheesecakes with lack of taste and texture, thus creating a negative feedback in minds of customers purchasing cheesecakes. This is leading to negative customer perception about cheesecake which is in turn negatively affecting the Cheesecake Market.
Cheesecakes Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Cheesecakes Market. The Cheesecakes top 10 companies are Bakeway, Tyson Foods, Shopnideas, The Cheesecake Factory, IndiaCakes, Cake Lounge, FranGlobal, Ferns N Petals, Grand Lux and RockSugar
Cheesecakes Market Developments
In October 2019 The Cheesecake Factory completes acquisitions of North Italia and Fox Restaurant Concepts.
Key Takeaways
This report provides an analytical depiction of the global Cheesecakes Market, as well as current trends and future projections, in order to identify the most potential growth opportunities.
The study includes data on major drivers, challenges, and trends, as well as a complete analysis of the market share for Cheesecakes Market.
To highlight the worldwide Cheesecakes Market growth scenario, the existing market is statistically examined from 2021 to 2026.
A detailed Value Chain Analysis and Regulatory Analysis based on past data and current market trends included in the research.
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