THE amount of money being turned over from Cornish pasty making has almost doubled since 2005 to about £300 million annually, according to figures.
More than 120 million pasties are produced per year, Cornwall Food and Drink said.
The news comes as organisers of a Cornish event which takes place at in London later hope it could spark millions of pounds worth of investment into the county.
The event "Cornwall Calling" at the Tate Britain is being hosted by Cornwall Community Foundation.
Ruth Huxley, from Cornwall Food and Drink, said: "I have been around in Cornwall now for 14 years and I think it has transformed enormously. The pasty industry and food manufacturing has really blossomed."
The organisation has launched a new yearlong campaign called Choose Cornish Every Day, which it hopes will see local produce more of a regular feature on shopping lists.
The Cornish pasty was given protected status by European lawmakers, called a Protected Geographical Indication (PGI) in 2011.
It means that pasties made anywhere other than Cornwall can no longer be called ‘Cornish’.
Ms Huxley said the pasty growth is the culmination many different factors, including European funding over the last decade.
"It has meant businesses have been able to go out and tackle new markets backed by European investment,” she said.
"You will now find a pasty shop on virtually every railway station and concourse in the UK. That was not the case a few years ago.
"There are 170 million pasties of all types made each year, and of that 120 million are the Cornish pasty variety."
St Austell Brewery said it was now brewing about 25 million pints every year, an increase of nearly six-fold since 2000.
James Staughton, from the brewery, said there had been "a real renaissance in Cornish cask ale".
Organisers hope the event in London will further boost the county and its Cornish produce.
Chris Pomfret, from the Local Enterprise Partnership, said: "When you look at the growth rate of some of our businesses, maybe this is a place the finance sector should be pointing potential investors to."
The event coincides with St Piran's Day, which celebrates the 6th Century Irish monk who was apparently cast into the sea tied to a millstone but floated safely across to Perranporth.