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市場調查報告書
商品編碼
1967630

蛋糕市場-全球產業規模、佔有率、趨勢、機會、預測:按類型、銷售管道、地區和競爭格局分類,2021-2031年

Cake Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type, By Sales Channel, By Region & Competition, 2021-2031F

出版日期: | 出版商: TechSci Research | 英文 185 Pages | 商品交期: 2-3個工作天內

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簡介目錄

全球蛋糕市場預計將從 2025 年的 973.9 億美元成長到 2031 年的 1,258.1 億美元,複合年成長率為 4.36%。

烘焙點心主要由麵粉、糖、雞蛋和油脂等原料製成,這一品類仍佔據著重要的市場地位,既是個人偏好,也是慶祝活動中的必備佳品。全球可支配收入的成長和快速的都市化,鞏固了人們在社交場合購買烘焙點心的文化習俗,從而推動了市場成長。此外,產品種類的豐富性和消費者對高階產品的強勁需求也進一步強化了這些經濟因素。根據美國烘焙協會(ABA)預測,到2024年,71%的消費者將明確表示他們希望烘焙點心具有季節性口味,凸顯了創新對於維持銷售動能的重要性。

市場概覽
預測期 2027-2031
市場規模:2025年 973.9億美元
市場規模:2031年 1258.1億美元
複合年成長率:2026-2031年 4.36%
成長最快的細分市場 線上
最大的市場 歐洲

儘管前景樂觀,但市場在勞動力供應方面仍面臨許多挑戰,可能會嚴重限制生產擴充性。隨著製造業技術純熟勞工短缺問題日益嚴重,供應鏈瓶頸正在顯現,限制了企業滿足不斷成長的訂單量的能力。這種結構性短缺迫使製造商限制產能或推遲擴張計劃,嚴重阻礙了他們掌握全球蛋糕產品日益成長的需求。

市場促進因素

在口味、配料和融合產品形式方面持續進行產品創新,是競爭格局中的關鍵差異化因素,使製造商能夠抵禦來自自有品牌的競爭壓力,並把握不斷變化的消費者偏好。各大品牌正積極更新其產品組合,推出「甜美」口味、懷舊風味重塑和混合概念產品,以支撐其高價策略。這種對新穎性的策略關注,直接提升了那些優先考慮敏捷產品開發的關鍵產業參與者的財務表現。例如,Premier Foods 在其 2025 年 11 月的半年度財報中宣布,其甜點業務的收入成長了 9.4%,並將這一成長明確歸功於其強大的創新計劃和新產品推出。透過超越傳統主食,各公司正成功打造出符合現代零食市場需求的「可接受的零食」。

同時,店內烘焙坊、咖啡館和咖啡連鎖店的蓬勃發展正在改變分銷模式,它們強調食品的新鮮度和「呈現方式」。超級市場和咖啡連鎖店正在擴大即時產品的種類,以滿足消費者的衝動購買需求,從而有效地創造了與包裝食品區截然不同的高成長管道。這種轉變在大型零售商的業績中得到了清晰的體現,這些零售商已在周邊烘焙業務方面投入巨資,以吸引年輕客戶。根據英國《烘焙師》雜誌2025年11月發表的一篇報導《Z世代消費者對零食的需求推動了Waitrose店內烘焙業務的成長》,Waitrose報告稱,其店內烘焙和糕點部門的銷售額同比成長了15%。更廣泛的市場數據也支持了該行業的強勁發展勢頭。根據《食品製造》雜誌2025年2月的數據顯示,英國烘焙市場整體價值成長了1.8%,達到66.5億英鎊,證實了零售環境的持續需求。

市場挑戰

熟練勞動力短缺是全球蛋糕市場持續擴張的一大障礙。隨著製造商努力滿足不斷成長的訂單量,勞動力短缺造成了嚴重的營運瓶頸,並限制了產量。這種短缺使得工廠無法充分利用現有基礎設施或增加必要的班次,迫使企業人為地限制產能。因此,製造商常常被迫推遲策略擴張計畫或錯失新的商機,儘管消費者對烘焙食品的需求強勁,但這直接阻礙了市場的上升趨勢。

近期有關技術生產職位的產業數據顯示,這種結構性短缺造成的經濟影響尤其顯著。根據美國烘焙協會 (ABA) 預測,到 2025 年,86% 的商業麵包店將面臨嚴重的機器操作員技能短缺問題。這種技術能力差距尤其嚴重,因為它會降低自動化生產線的投資報酬率。缺乏合格的操作人員來管理高生產率設備,阻礙了蛋糕生產商實現擴充性,從而無法掌握全球市場機遇,最終導致潛在市場佔有率和收入的實際損失。

市場趨勢

隨著消費者對既能滿足口腹之欲又能兼顧整體健康目標的偏好日益成長,功能性和「更健康」配方的興起正在重塑全球蛋糕市場。製造商們正在重新思考傳統配方,並添加高纖維、植物蛋白和益生菌等增值成分,不再只是減少糖分,而是致力於提供切實的健康益處。這種轉變在促進腸道健康的成分的興起中尤其明顯,使得品牌能夠將蛋糕同時定位為「偏好」和「營養來源」。根據瑞典Bekels雜誌2025年3月發表的題為《2025年烘焙業的五大趨勢》的報導,聲稱能夠改善腸道健康的烘焙產品在2023年至2024年間實現了22%的年成長率,這證實了消化健康與糖果甜點相結合的商業性可行性。

同時,受家庭規模縮小和社群媒體美學廣泛影響的推動,人們對「便當」和單人份包裝的需求激增,從根本上改變了產品的尺寸和包裝策略。與傳統的圓形蛋糕不同,這些「便當式」迷你蛋糕可客製化且上鏡,非常適合個人喜慶或需要控制份量的零食,有效地彌合了切片甜點和完整尺寸甜點之間的差距。這一趨勢高度依賴視覺吸引力和“開箱體驗”,為烘焙店創造了天然的數位行銷機會。根據DeliFrance於2025年2月發布的《2025年十大值得關注的烘焙趨勢》報告,便當式蛋糕趨勢在2024年產生了約50萬次社交媒體互動,同比成長245%,凸顯了這種包裝形式的巨大互動潛力。

目錄

第1章概述

第2章:調查方法

第3章執行摘要

第4章:客戶心聲

第5章:全球蛋糕市場展望

  • 市場規模及預測
    • 按金額
  • 市佔率及預測
    • 按類型(紙杯蛋糕、甜點蛋糕、起司蛋糕、海綿蛋糕、其他)
    • 銷售管道(大型超級市場/超級市場、專賣店、便利商店、線上通路、其他)
    • 按地區
    • 按公司(2025 年)
  • 市場地圖

第6章:北美蛋糕市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 北美洲:國別分析
    • 美國
    • 加拿大
    • 墨西哥

第7章:歐洲蛋糕市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 歐洲:國別分析
    • 德國
    • 法國
    • 英國
    • 義大利
    • 西班牙

第8章:亞太蛋糕市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 亞太地區:國別分析
    • 中國
    • 印度
    • 日本
    • 韓國
    • 澳洲

第9章:中東與非洲蛋糕市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 中東與非洲:國別分析
    • 沙烏地阿拉伯
    • 阿拉伯聯合大公國
    • 南非

第10章:南美洲蛋糕市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 南美洲:國別分析
    • 巴西
    • 哥倫比亞
    • 阿根廷

第11章 市場動態

  • 促進因素
  • 任務

第12章 市場趨勢與發展

  • 併購
  • 產品發布
  • 近期趨勢

第13章:全球蛋糕市場:SWOT分析

第14章:波特五力分析

  • 產業競爭
  • 新進入者的潛力
  • 供應商的議價能力
  • 顧客權力
  • 替代品的威脅

第15章 競爭格局

  • Grupo Bimbo SAB de CV
  • Hostess Brands, Inc.
  • Dofreeze LLC.
  • McKee Foods Corporation
  • Flowers Foods, Inc.
  • Bonn Nutrients Pvt. Ltd.
  • Yamazaki Baking Co., Ltd.
  • Britannia Industries Limited
  • Monginis Foods Private Limited
  • Valeo Foods Group

第16章 策略建議

第17章:關於研究公司及免責聲明

簡介目錄
Product Code: 23032

The Global Cake Market is projected to expand from USD 97.39 Billion in 2025 to USD 125.81 Billion by 2031, reflecting a CAGR of 4.36%. This sector, defined by sweet baked goods primarily made from flour, sugar, eggs, and fats, remains a staple for both personal indulgence and celebratory events. Market growth is fundamentally underpinned by increasing global disposable incomes and rapid urbanization, which have solidified the cultural habit of purchasing baked treats for social gatherings. These economic drivers are further strengthened by a robust consumer appetite for product variety and premium options. According to the American Bakers Association, 71% of consumers in 2024 indicated a specific desire for seasonal flavors in baked goods, underscoring the necessity of innovation in maintaining sales momentum.

Market Overview
Forecast Period2027-2031
Market Size 2025USD 97.39 Billion
Market Size 2031USD 125.81 Billion
CAGR 2026-20314.36%
Fastest Growing SegmentOnline
Largest MarketEurope

Despite this positive outlook, the market faces a substantial hurdle regarding workforce availability, which threatens to severely limit production scalability. The widening shortage of skilled labor for manufacturing operations creates supply chain bottlenecks and restricts the ability of companies to fulfill rising order volumes. This structural deficiency compels manufacturers to cap production capacity or postpone expansion initiatives, presenting a significant barrier to capitalizing on the increasing global demand for cake products.

Market Driver

Continuous product innovation in flavors, ingredients, and fusion formats acts as a vital differentiator in the competitive landscape, allowing manufacturers to counter private-label pressure and capture shifting consumer preferences. Brands are actively refreshing their portfolios with "swicy" (sweet and spicy) profiles, nostalgic recreations, and hybrid concepts to justify premium pricing. This strategic focus on novelty directly boosts financial performance for major industry players who prioritize agile product development. For example, Premier Foods reported in their November 2025 'Half Year Results' that revenue for their Sweet Treats division rose by 9.4%, a growth explicitly attributed to a strong program of innovation and new product launches. By moving beyond traditional staples, companies are successfully creating permissible indulgences that fit modern snacking occasions.

Simultaneously, the proliferation of in-store bakeries, cafes, and coffee shop chains is reshaping distribution by prioritizing freshness and the "theatre" of food retail. Supermarkets and coffee chains are broadening their immediate consumption offerings to cater to impulse-driven behaviors, effectively creating a high-growth channel distinct from the packaged aisle. This shift is evident in the performance of major retailers who have heavily invested in their perimeter bakery operations to attract younger demographics. According to a British Baker article from November 2025 titled 'Treat-seeking Gen Z shoppers drive growth of Waitrose in-store bakery,' Waitrose reported a 15% year-on-year sales increase within its in-store bakery and patisserie categories. Broader market data confirms this sector's resilience; Food Manufacture noted in February 2025 that the total UK bakery market value rose by 1.8% to £6.65 billion, highlighting sustained demand across retail environments.

Market Challenge

The scarcity of a skilled workforce constitutes a critical impediment to the continued expansion of the Global Cake Market. As manufacturers attempt to meet increasing order volumes, the lack of available labor creates severe operational bottlenecks that restrict manufacturing output. This deficiency prevents facilities from fully utilizing their existing infrastructure or adding necessary shifts, forcing companies to artificially cap their production capacity. Consequently, manufacturers are frequently compelled to delay strategic expansion plans and decline new business opportunities, directly stalling the market's upward trajectory despite strong consumer demand for baked goods.

The financial implications of this structural deficiency are underscored by recent industry data regarding technical production roles. According to the American Bakers Association, 86% of commercial baking companies reported facing significant skill shortages when hiring for machine operator positions in 2025. This gap in technical proficiency is particularly damaging as it renders investments in automated production lines less effective. Without qualified operators to manage high-volume equipment, cake manufacturers cannot achieve the scalability required to capitalize on global market opportunities, resulting in a tangible loss of potential market share and revenue.

Market Trends

The rise of functional and "Better-For-You" formulations is reshaping the Global Cake Market as consumers increasingly seek permissible indulgence that aligns with holistic wellness goals. Manufacturers are reformulating traditional recipes to include value-added ingredients such as high fiber, plant-based proteins, and probiotics, moving beyond simple sugar reduction to offer tangible health benefits. This shift is particularly evident in the growing prominence of gut-friendly ingredients, which allow brands to market cakes as both a treat and a nutritional contributor. According to a Bakels Sweden article from March 2025 titled 'Five top bakery trends for 2025,' the sector witnessed a 22% year-over-year growth in bakery products featuring gut health claims between 2023 and 2024, underscoring the commercial viability of combining digestive wellness with confectionery.

Concurrently, the surge in demand for "bento" and single-serve formats is fundamentally altering product dimensions and packaging strategies, driven by smaller household sizes and the viral influence of social media aesthetics. Unlike standard whole cakes, these "lunchbox" style mini-cakes offer a highly customizable and photogenic option perfect for individual celebration or portion-controlled snacking, effectively bridging the gap between a slice and a full-sized dessert. This trend relies heavily on visual appeal and the "unboxing" experience, creating organic digital marketing opportunities for bakeries. According to the Delifrance 'Top 10 bakery trends to follow in 2025' report from February 2025, the bento cake trend generated nearly 500,000 social media interactions in 2024, representing a 245% increase compared to the previous year, confirming the format's massive engagement potential.

Key Market Players

  • Grupo Bimbo S.A.B. de C.V.
  • Hostess Brands, Inc.
  • Dofreeze LLC.
  • McKee Foods Corporation
  • Flowers Foods, Inc.
  • Bonn Nutrients Pvt. Ltd.
  • Yamazaki Baking Co., Ltd.
  • Britannia Industries Limited
  • Monginis Foods Private Limited
  • Valeo Foods Group

Report Scope

In this report, the Global Cake Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Cake Market, By Type

  • Cupcakes
  • Dessert Cakes
  • Cheesecakes
  • Sponge Cakes
  • Others

Cake Market, By Sales Channel

  • Hypermarkets/Supermarkets
  • Specialty Stores
  • Convenience Stores
  • Online
  • Others

Cake Market, By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • France
    • United Kingdom
    • Italy
    • Germany
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • South America
    • Brazil
    • Argentina
    • Colombia
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Cake Market.

Available Customizations:

Global Cake Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Product Overview

  • 1.1. Market Definition
  • 1.2. Scope of the Market
    • 1.2.1. Markets Covered
    • 1.2.2. Years Considered for Study
    • 1.2.3. Key Market Segmentations

2. Research Methodology

  • 2.1. Objective of the Study
  • 2.2. Baseline Methodology
  • 2.3. Key Industry Partners
  • 2.4. Major Association and Secondary Sources
  • 2.5. Forecasting Methodology
  • 2.6. Data Triangulation & Validation
  • 2.7. Assumptions and Limitations

3. Executive Summary

  • 3.1. Overview of the Market
  • 3.2. Overview of Key Market Segmentations
  • 3.3. Overview of Key Market Players
  • 3.4. Overview of Key Regions/Countries
  • 3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Cake Market Outlook

  • 5.1. Market Size & Forecast
    • 5.1.1. By Value
  • 5.2. Market Share & Forecast
    • 5.2.1. By Type (Cupcakes, Dessert Cakes, Cheesecakes, Sponge Cakes, Others)
    • 5.2.2. By Sales Channel (Hypermarkets/Supermarkets, Specialty Stores, Convenience Stores, Online, Others)
    • 5.2.3. By Region
    • 5.2.4. By Company (2025)
  • 5.3. Market Map

6. North America Cake Market Outlook

  • 6.1. Market Size & Forecast
    • 6.1.1. By Value
  • 6.2. Market Share & Forecast
    • 6.2.1. By Type
    • 6.2.2. By Sales Channel
    • 6.2.3. By Country
  • 6.3. North America: Country Analysis
    • 6.3.1. United States Cake Market Outlook
      • 6.3.1.1. Market Size & Forecast
        • 6.3.1.1.1. By Value
      • 6.3.1.2. Market Share & Forecast
        • 6.3.1.2.1. By Type
        • 6.3.1.2.2. By Sales Channel
    • 6.3.2. Canada Cake Market Outlook
      • 6.3.2.1. Market Size & Forecast
        • 6.3.2.1.1. By Value
      • 6.3.2.2. Market Share & Forecast
        • 6.3.2.2.1. By Type
        • 6.3.2.2.2. By Sales Channel
    • 6.3.3. Mexico Cake Market Outlook
      • 6.3.3.1. Market Size & Forecast
        • 6.3.3.1.1. By Value
      • 6.3.3.2. Market Share & Forecast
        • 6.3.3.2.1. By Type
        • 6.3.3.2.2. By Sales Channel

7. Europe Cake Market Outlook

  • 7.1. Market Size & Forecast
    • 7.1.1. By Value
  • 7.2. Market Share & Forecast
    • 7.2.1. By Type
    • 7.2.2. By Sales Channel
    • 7.2.3. By Country
  • 7.3. Europe: Country Analysis
    • 7.3.1. Germany Cake Market Outlook
      • 7.3.1.1. Market Size & Forecast
        • 7.3.1.1.1. By Value
      • 7.3.1.2. Market Share & Forecast
        • 7.3.1.2.1. By Type
        • 7.3.1.2.2. By Sales Channel
    • 7.3.2. France Cake Market Outlook
      • 7.3.2.1. Market Size & Forecast
        • 7.3.2.1.1. By Value
      • 7.3.2.2. Market Share & Forecast
        • 7.3.2.2.1. By Type
        • 7.3.2.2.2. By Sales Channel
    • 7.3.3. United Kingdom Cake Market Outlook
      • 7.3.3.1. Market Size & Forecast
        • 7.3.3.1.1. By Value
      • 7.3.3.2. Market Share & Forecast
        • 7.3.3.2.1. By Type
        • 7.3.3.2.2. By Sales Channel
    • 7.3.4. Italy Cake Market Outlook
      • 7.3.4.1. Market Size & Forecast
        • 7.3.4.1.1. By Value
      • 7.3.4.2. Market Share & Forecast
        • 7.3.4.2.1. By Type
        • 7.3.4.2.2. By Sales Channel
    • 7.3.5. Spain Cake Market Outlook
      • 7.3.5.1. Market Size & Forecast
        • 7.3.5.1.1. By Value
      • 7.3.5.2. Market Share & Forecast
        • 7.3.5.2.1. By Type
        • 7.3.5.2.2. By Sales Channel

8. Asia Pacific Cake Market Outlook

  • 8.1. Market Size & Forecast
    • 8.1.1. By Value
  • 8.2. Market Share & Forecast
    • 8.2.1. By Type
    • 8.2.2. By Sales Channel
    • 8.2.3. By Country
  • 8.3. Asia Pacific: Country Analysis
    • 8.3.1. China Cake Market Outlook
      • 8.3.1.1. Market Size & Forecast
        • 8.3.1.1.1. By Value
      • 8.3.1.2. Market Share & Forecast
        • 8.3.1.2.1. By Type
        • 8.3.1.2.2. By Sales Channel
    • 8.3.2. India Cake Market Outlook
      • 8.3.2.1. Market Size & Forecast
        • 8.3.2.1.1. By Value
      • 8.3.2.2. Market Share & Forecast
        • 8.3.2.2.1. By Type
        • 8.3.2.2.2. By Sales Channel
    • 8.3.3. Japan Cake Market Outlook
      • 8.3.3.1. Market Size & Forecast
        • 8.3.3.1.1. By Value
      • 8.3.3.2. Market Share & Forecast
        • 8.3.3.2.1. By Type
        • 8.3.3.2.2. By Sales Channel
    • 8.3.4. South Korea Cake Market Outlook
      • 8.3.4.1. Market Size & Forecast
        • 8.3.4.1.1. By Value
      • 8.3.4.2. Market Share & Forecast
        • 8.3.4.2.1. By Type
        • 8.3.4.2.2. By Sales Channel
    • 8.3.5. Australia Cake Market Outlook
      • 8.3.5.1. Market Size & Forecast
        • 8.3.5.1.1. By Value
      • 8.3.5.2. Market Share & Forecast
        • 8.3.5.2.1. By Type
        • 8.3.5.2.2. By Sales Channel

9. Middle East & Africa Cake Market Outlook

  • 9.1. Market Size & Forecast
    • 9.1.1. By Value
  • 9.2. Market Share & Forecast
    • 9.2.1. By Type
    • 9.2.2. By Sales Channel
    • 9.2.3. By Country
  • 9.3. Middle East & Africa: Country Analysis
    • 9.3.1. Saudi Arabia Cake Market Outlook
      • 9.3.1.1. Market Size & Forecast
        • 9.3.1.1.1. By Value
      • 9.3.1.2. Market Share & Forecast
        • 9.3.1.2.1. By Type
        • 9.3.1.2.2. By Sales Channel
    • 9.3.2. UAE Cake Market Outlook
      • 9.3.2.1. Market Size & Forecast
        • 9.3.2.1.1. By Value
      • 9.3.2.2. Market Share & Forecast
        • 9.3.2.2.1. By Type
        • 9.3.2.2.2. By Sales Channel
    • 9.3.3. South Africa Cake Market Outlook
      • 9.3.3.1. Market Size & Forecast
        • 9.3.3.1.1. By Value
      • 9.3.3.2. Market Share & Forecast
        • 9.3.3.2.1. By Type
        • 9.3.3.2.2. By Sales Channel

10. South America Cake Market Outlook

  • 10.1. Market Size & Forecast
    • 10.1.1. By Value
  • 10.2. Market Share & Forecast
    • 10.2.1. By Type
    • 10.2.2. By Sales Channel
    • 10.2.3. By Country
  • 10.3. South America: Country Analysis
    • 10.3.1. Brazil Cake Market Outlook
      • 10.3.1.1. Market Size & Forecast
        • 10.3.1.1.1. By Value
      • 10.3.1.2. Market Share & Forecast
        • 10.3.1.2.1. By Type
        • 10.3.1.2.2. By Sales Channel
    • 10.3.2. Colombia Cake Market Outlook
      • 10.3.2.1. Market Size & Forecast
        • 10.3.2.1.1. By Value
      • 10.3.2.2. Market Share & Forecast
        • 10.3.2.2.1. By Type
        • 10.3.2.2.2. By Sales Channel
    • 10.3.3. Argentina Cake Market Outlook
      • 10.3.3.1. Market Size & Forecast
        • 10.3.3.1.1. By Value
      • 10.3.3.2. Market Share & Forecast
        • 10.3.3.2.1. By Type
        • 10.3.3.2.2. By Sales Channel

11. Market Dynamics

  • 11.1. Drivers
  • 11.2. Challenges

12. Market Trends & Developments

  • 12.1. Merger & Acquisition (If Any)
  • 12.2. Product Launches (If Any)
  • 12.3. Recent Developments

13. Global Cake Market: SWOT Analysis

14. Porter's Five Forces Analysis

  • 14.1. Competition in the Industry
  • 14.2. Potential of New Entrants
  • 14.3. Power of Suppliers
  • 14.4. Power of Customers
  • 14.5. Threat of Substitute Products

15. Competitive Landscape

  • 15.1. Grupo Bimbo S.A.B. de C.V.
    • 15.1.1. Business Overview
    • 15.1.2. Products & Services
    • 15.1.3. Recent Developments
    • 15.1.4. Key Personnel
    • 15.1.5. SWOT Analysis
  • 15.2. Hostess Brands, Inc.
  • 15.3. Dofreeze LLC.
  • 15.4. McKee Foods Corporation
  • 15.5. Flowers Foods, Inc.
  • 15.6. Bonn Nutrients Pvt. Ltd.
  • 15.7. Yamazaki Baking Co., Ltd.
  • 15.8. Britannia Industries Limited
  • 15.9. Monginis Foods Private Limited
  • 15.10. Valeo Foods Group

16. Strategic Recommendations

17. About Us & Disclaimer