Cake Mix Market Size, Restraints, Portfolio, and Forecast 2032
Cake Mix Market Overview
The global cake mix market is expected to rise to a valuation
of USD 1.5 billion by 2032, exhibiting a robust 3.83% CAGR over the forecast
period from 2021 to 2032, according to a new report from Market Research
Future (MRFR). The global cake mix market is mainly driven by the growing
demand for innovative and novel cake mix products and the growing popularity of
cakes and other similar baked products. The report presents a complete
breakdown of the global cake mix market’s global growth prospects over the
forecast period on the basis of a detailed analysis. The historical performance
of the market over the review period is studied in order to present a complete
assessment of the market’s likely growth trajectory over the forecast period.
The global cake
mix market overview is mainly driven by the growing awareness regarding the
various product variations on offer in the market today. The global cake mix
market has grown readily over the last few decades due to the growing demand
for cakes and the increasing interest in home baking. The growing interest in
bakery products in emerging regions is likely to be a major driver for the
global cake mix market over the forecast period. Comfort foods such as cakes
are likely to rise in demand over the forecast period, particularly in urban
areas in emerging countries, where cakes are not a traditional part of the
cuisine and have thus become all the more popular due to their novelty.
The growing innovation in packaged foods to produce
long-lasting products is likely to benefit the global cake mix market over the
forecast period. As cake mixes are completely dry, they can be stored for a
long time, thus catering to the customers’ need for food that lasts for a long
time and can be prepared relatively quickly. This is likely to be a major
driver for the global cake mix market over the forecast period due to the
growing volume of the urban demographic looking for long-lasting convenience
food.
Competitive Analysis:
Leading players in the global cake mix market include
General Mills Inc., Associated British Foods plc, Kerry Group plc, Chelsea
Milling Co., Miss Jones Baking Co., Dr. August Oetker AG, Dawn Food Products
Inc., Hain Celestial Group Inc., Archer Daniels Midland Company, and Pinnacle
Foods Inc.
The threat of salmonella poisoning has reared its head in
the global cake mix industry in recent years. In November 2018, Conagra issued
a recall of four types of cake mix from Duncan Hines due to the risk of salmonella
poisoning. In March 2019, some Pillsbury flour packages were recalled for fear
of salmonella contamination.
Segmentation:
The global cake mix market is segmented on the basis of
type, flavor, distribution channel, and region.
By type, the cake mix market is segmented into angel food
cake, layer cake, flourless or low-flour cake, chiffon cake, cupcake, mug cake,
and others. The cupcake segment held the largest market share in 2017; however,
the angel food cake segment is likely to exhibit a robust growth rate during
the forecast period.
By flavor, the cake mix market is segmented into chocolate,
vanilla, and others. Chocolate was the leading flavour in 2017 and is likely to
retain its dominance through the forecast period due to its widespread popularity.
Distribution channels in the cake
mix market size include store-based and non-store based. Store-based
distribution dominated the cake mix market in 2017, but could fall by the
wayside by 2023 due to the emergence of online shopping channels as reliable
distribution channels for cake mix manufacturers.
Regional Analysis:
North America holds the dominant share in the global cake
mix market overview due to the widespread demand for cake products in the
region, the longstanding popularity of cake in the region, and the presence of
several leading market players in the region. On the other hand, Asia Pacific
is likely to exhibit the fastest growth over the forecast period due to the
growing demand for cakes, which are still considered a novelty item in much of
Asia Pacific.
NOTE: Our Team of Researchers are Studying Covid19 and
its Impact on Various Industry Verticals and wherever required we will be
considering Covid19 Footprints for Better Analysis of Market and Industries.
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Market Research Future (part of Wantstats Research and
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United States of America
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