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 outlook 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.
Distribution channels in the cake mix market outlook 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.
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.
Regional Analysis:
North America holds the dominant share in the global cake mix market insights 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.
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