New York, US, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Cake Mix Market Overview
Market Research Future (MRFR) 's report highlights "Cake Mix Market Information By Distribution Channel, Type, Flavor, and Region - Forecast till 2028", the market will reach USD 1.5 Billion by 2028 at 3.83% CAGR.
Market Synopsis
A cake mix is an ingredient mixture that has been pre-mixed and is used to make cakes or other baked goods, including bread. It comes in various tastes, including chocolate, vanilla, and fruits. Consumers' rising disposable income has allowed them to indulge their palates without restraint, mirrored in the rising demand for cakes and, by extension, cake mix worldwide. The fact that cake mixes are simple to prepare and eat is also greatly helping this business. This market is being significantly impacted by the introduction of sugar-free and low-fat cake mix, which is expected to accelerate its growth in the future.
The availability of a broad variety of cake mix alternatives, including gluten-free cake mixes, airy-free cake mix, and low-calorie cake mix, is expected to contribute to the market for cake mixes expanding rapidly over the upcoming years. This market's growth prospects are predicted to increase shortly due to the rising manufacturing of cake mixes with high nutritional value and no allergies. In addition, the significant increase in working women and their hectic lifestyles are anticipated to positively impact the worldwide cake mix market over the coming years.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2028 | USD 1.5 Billion |
| CAGR | 3.83% (2021–2028) |
| Base Year | 2020 |
| Forecast Period | 2021-2028 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Distribution Channel, Type, Flavor, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increase in demand for cakes |
| awareness about new flavors of mixes |
Market Competitive Landscape:
The vital contenders in the cake mix market are:
- General Mills, Inc (US)
- Bob's Red Mill, Natural Foods, Inc. (US)
- Conagra Brands, Inc (US)
- Hain Celestial Group, Inc (US)
- Chelsea Milling Co. (US)
- Continental Mills Inc (US)
- Associated British Foods plc (UK)
- Simple Mills, Inc. (US)
- Miss Jones Baking Co (US)
Market U.S.P. Covered:
Market Drivers:
Due to the growing population and their increased disposable income, cake mix sales are on the rise. Customers' shifting lifestyles are the main factor driving demand for cake mixes. The world's growing working population is experiencing various issues relating to their way of life, as they have less time to prepare their meals and sweets, lean more toward ready-to-eat foods, and regularly choose hotels and restaurants to enjoy their favorite desserts. The need for cake mixes in the hotel and restaurant industries has surged. Consumers' lifestyles were impacted by rising disposable income and the prevalence of dual-income in many households. Consumers' increasing purchasing power drove them to spend more money, which gave them more convenience and new experiences. People are visiting hotels and restaurants more frequently for delectable meals and desserts, and they are eager to sample each novel and exotic flavor offered, which has fueled the need for cake mixes.
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Market Restraints:
The market for cake mixes will be constrained by the numerous preservatives employed to extend the product's life span, which will cause problems and limit the market throughout the anticipated period. However, possible market risks like those brought on by the rise in the population of fat people are beginning to appear, threatening the cake mix market share. This can be blamed for reducing the growth of the global market during the forecast period, which ends in 2028. The expected expansion of the cake mix market for the forecast period that will conclude in 2028 may suffer from the alarming number of obese and diabetic people due to the high consumption of cakes. Furthermore, according to worldwide market trends, there has been an increase in health anxieties, which could be a danger to the market.
COVID 19 Analysis
The coronavirus has spread throughout the entire world, and most nations are implementing lockdown procedures to stop the virus's spread and protect the public's health. Nearly all of the main countries had slower economic growth due to the COVID-19 epidemic, which impacted consumer purchasing patterns. The supply-demand gap has widened due to the lockdown enacted in a number of nations' transportation systems, which has adversely affected both domestic and international supply chains. Thus, it is anticipated that a lack of raw material supply will slow down the production of cake mixes, hurting the market's expansion.
Market Segmentation
By distribution channel, the market includes store-based and non-store-based. By type, the market includes angel food cake, chiffon cake, layer cake, cupcake, mug cake, and flourless or low-flour cake. By flavor, the market includes chocolate, vanilla, and others.
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Regional Insights
The market for cake mixes in North America is anticipated to grow in the coming years due to consumers' rising popularity of sugar-free products in this region. The US market may outperform the local market during the current review period. Numerous profitable bakery businesses renowned for providing cutting-edge cake mix solutions exist, which may favor the market expansion in Canada and Mexico and generate sizable profits. Companies have enthusiastically introduced new product lines and implemented aggressive advertising tactics to raise customer awareness and boost the market for cake mixes in North America.
Germany and the UK are two countries that have been identified as significantly influencing the growth and expansion of the regional cake mix market in Europe. Convenience has become incredibly important in bakery product manufacturing, demand, and supply, as well as in sales of dry mix cake and funnel cake mix, which can help the EU market expand at this time. The Asia Pacific is among the geographic markets expected to experience a steady rise shortly because of the growing population. The markets for cake mix in Latin America, the Middle East, and Africa are all expected to rise strongly.
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