According to new data released by Forbes, cupcake brands are going to be one of the most profitable businesses in 2024, with an estimated industry value of £33.7 billion. For Manchester based national bakery Candy’s Cupcakes, this is old news.
Candice Bannister, owner and founder of Candy’s Cupcakes, began making cupcakes and cakes as a hobby from her home kitchen in 2011 and grew a local loyal customer base via social media. Today, Candy’s Cupcakes offers nationwide delivery of its cupcakes, cakes in jars, cakes in boxes, brownies and cookies, and has recently announced a massive £900,000 turnover in 2023, up 31% from 2022, with plans to break the one million pound turnover imminently.
Demand is at a record high and – October alone, the cupcake businesses baked and dispatched a record breaking 31,000 cupcakes. Throughout 2023, Candy’s Cupcakes has celebrated huge growth, not just financially. The husband and wife duo, Oliver and Candice, who run the business together, hired eight new members of staff and are currently looking to hire one full-time admin and two part-time TikTok presenters, as the business continues to expand exponentially.
This comes as no surprise after the incredible growth seen across social media, and in particular TikTok. Proving that the popular app is an amazing place for small businesses, Candy’s Cupcakes has grown the TikTok shop into a highly-profitable sales channel. With over £33,000 in turnover since September on TikTok alone, the online bakery plans to expand further on the app in 2024 to help reach the 1.5 million pound target.
With the cake industry predicted to grow even more throughout the next year, this is just the tip of the icing for Candy’s Cupcakes. This year, the business has already expanded and recently launched the first subscription box service, which allows customers to subscribe and save to a monthly mixture of exclusive cupcakes and treats worth over £50. This is the first of many new product lines for the year ahead.
Commenting on the business’ incredible success, founder Candice Bannister said: “I’d put our success down to a perfect combination of passion and unfaltering ambition. This business was born out of my genuine love for baking, and it’s what makes our cakes, cupcakes, and more so delicious. We’ve invested a lot of time into our social channels and this is really paying off so we’re very excited to see where this can go over the next year. It’s a real pinch me moment to see those figures and has made the whole team even more ambitious for 2024!”
