Recent years have seen a surge in boutique bakeries offering high-end cupcakes, but some of the market leaders have fallen on hard times. After binging on cupcakes, consumers are looking elsewhere for their sugar fixes, analysts say. "It's a short-term trend and we're starting to see a real saturation," says food-industry researcher Darren Tristano. "Demand is flat. And quite frankly, people can bake cupcakes."

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