Global Cake Mixes Market Overview
The key driver impacting the cake mixes market is the rapidly growing Ready-To-Eat (RTE) foods product demand across the globe due to the growing working population and hectic life of people globally. The ready to eat cake mix is tasty, easy to bake and consume, creating massive demand from consumers of all age groups. Also, the rise in disposable income levels globally is estimated to augment cake mix demand in the forecast period as it leads to increased spending on the premium category of branded products due to their high quality, taste, and reliability. For instance, According to the World Bank report net, national income per capita was 8967.271 USD in 2014; it is to 8865.384 USD,9290.346 USD respectively in 2017 and 2018. The growing liking for cakes and other bakery products among children is also adding growth to the cake mixes market in the coming years.
According to Value Market Research, the global cake mixes market was valued at around USD 12,500 million in 2020 and is estimated to grow at a CAGR of about 3.77% during the forecast period of 2021 to 2027.
The rising health consciousness among consumers leads to steady product innovation in cake mixes owing to high demand for specialty products, such as gluten-free and low-calorie foods is estimated to be a significant factor that positively impacts market growth. for instance, in March 2019, dawn foods expanded its gluten-free ingredients in bakery mixes products. in Nov 2020, a leading bakery company based in the US, Cherryvale Farms, has recently launched a new 100% plant-based and dairy-free microwaveable mug-cake mixes product line. the new flavors include salted caramel chocolate and an immediate indulgence range, which also includes birthday cake. Also, a known food brand green’s has revealed a new chocolate flavored egg cake kit. this new kit has a chocolate cake mix, mini eggs to decorate, and a chocolate frosting mix. The kit is a mixture of indulgent and versatile product that is easy to bake. however, the rise in obese and diabetic people may hamper the global cake mixes market in the long run. also, the use of various preservatives and chemicals for longer product shelf life negatively impacts market growth. the current industry trends, such as the growing women working population and their busy lifestyle, and growing production of cake mix with high nutritional value and with no allergens, are expected to provide market players with several market opportunities.
The cake mixes market is vast, with many local and global players. the key leaders follow different strategies to improve their market position, such as contracts, mergers, contracts, extending product portfolio, acquisitions, expansions, and product innovations to enhance their market share globally. the known players included in the report are Chelsea Milling Co., Archer-Daniels-Midland Co., Associated British Foods Plc; General Mills, Inc., Cargill, Inc., Ingredion. Inc, Hain Celestial Group, Inc., Pinnacle Foods, Continental Mills, Inc, Kerry Group Plc, and Chelsea Milling Co.
In this research report, the cake mixes market is segmented by flavor, distribution channel, and region.
Analysis by Flavor:
By Flavor, the report is categorized into general chocolate, vanilla, fruit, and others. Chocolate dominates the flavor segment with over 40% share in 2020. It is due to the high consumption of chocolate-flavored food products across the globe. Moreover, the increased awareness levels about chocolate's health benefits drive the demand for chocolate flavor in the forecast period.
Analysis by Distribution Channel:
By distribution channel, the report is categorized into online and offline. The offline distribution dominates the distribution channel segment with over 60% share in 2020. The rising number of specialty stores, convenience stores, hypermarkets, and supermarkets across the globe is positively impacting the segment growth. Moreover, the growing consumer preference of buying from such stores due to the availability of festive discounts and offers drives the market demand from the offline stores in the forecast period.
Analysis by Region:
In the regional outlook of the global cake mixes market, the North America region dominates with a 30% market share during the forecast period. The rising demand for bakery products in countries such as Brazil and Argentina is the critical factor driving regional growth. Moreover, the growing popularity of Brazilian cake recipes, such as Brazilian cornmeal cake, Brazilian carrot cake, passion fruit mousse cake, peach pound cake, and spiced pumpkin, contributes to the development of the cake mixes market across North America.
Market Segmentation covered in the Report:
By Distribution Channel
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.