Pune, India, May 08, 2019 (GLOBE NEWSWIRE) -- Cake Mix Market is poised to touch USD 1,527.4 Mn by 2023 at an impressive 3.83% CAGR during the forecast period (2018-2023), reveals the latest report by Market Research Future (MRFR).
Cake mixes are preformulations designed for conveniently creating cakes. The high demand for go-to and grab products has created a niche for cake mixes. Moreover, the penchant for cakes for celebrating special events and events is likely to create opportunities for the cake mix market.
Market Scope
The global cake mix market is likely to scale to a size of USD 1,527.4 million by 2023, as per the in-depth report by Market Research Future (MRFR). High demand for convenience products in Asian countries is expected to drive the market over the forecast period (2018-2023). High sales of cakes are likely to facilitate market growth till 2023.
The emphasis on clean labels can pose a challenge for the market. The inclusion of starches, flours, and gums in premixes which helps in the moistness of cakes can replace functional ingredients in labels. For instance, cake manufacturers are experimenting with enzyme technology for replacing emulsifiers without ruining the texture of cakes.
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Key Players and Industry Buzz
Well-known names in the cake mix market include Hain Celestial Group, Inc., Archer-Daniel Midlands Company, Chelsea Milling Co., General Mills, Inc., Kerry Group PLC, Miss Jones Baking Co., Associated British Foods PLC, Dawn Food Products, Inc., Dr August Oetker AG, and Pinnacle Foods Inc.
Vegan Cake Mixes on the Rise
Vegetarian and gluten-free cake mixes are being manufactured on a massive scale due to high consumer demand. Moreover, the mix consists of ingredients being rich in carotenoids, minerals, and vitamins owing to the inclusion of functional foods by consumers. Catching on to the trend, reputed makers such as Duncan Hines have launched their own variation in the market. In 2017, research students in Sweden decided to create a cake mix which required the addition of water and oil. In 2018, Puratos UK decided to introduce vegan cake mixes for its consumers in its Satin brand.
Segmentation Analysis
The global Cake Mix Market is segmented by type, flavor, and distribution channel.
By type, the Cake Mix Market is segmented into chiffon cake, layer cake, angel food cake, cupcake, mug cake, flourless or low-flour cake, and others. Among these, the layer cake mix is touted to accrue a valuation of USD 240.5 million by 2023. The evolution of the process coupled with the marketing of these cakes beyond weddings can augur well for the segment. On the other hand, the angel food cake segment can accumulate close to USD 194.5 million for the cake mix market by the end of the forecast period.
By flavor, the market is segmented into chocolate, vanilla, and others. Chocolate led the segment in 2017 and will continue its reign over the assessment period. On the other hand, the vanilla flavor is likely to appeal to consumer taste buds and generate close to USD 368.4 million by 2023.
By distribution channel, it is segmented into store based and non-store based. The store-based channel had a larger market share in 2017 owing to availability of cakes in retail stores, hypermarket chains, and other outlets. But the non-store based channel may gain a higher market share due to discounts given to cake mix products. Moreover, partnerships between ecommerce stores and cake mix manufacturers is bound to be fruitful for the market in the years to come.
Browse the market data and information spread across 115 pages with 88 data tables and 26 figures of the report “Cake Mix Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/cake-mix-market-2543
APAC to be the Largest Revenue Generator
The Cake Mix Market considers the following regions - Asia Pacific, North America, Europe, and Rest-of-the-World (RoW) for its expansion.
The APAC region can enjoy a CAGR of 4.21% over the forecast period to touch a valuation of USD 211.2 million by 2023. The demand by farmers in India and China for effective feeds is likely to augur well for the cake mix market. In addition, the preference for protein-dense meats is expected to lead to high investments by international feed producers. Other factors such as urbanization and high-income growth of consumers can facilitate market growth.
The North American region can accumulate close to USD 738.1 million by 2023 due to the presence of various convenience food manufacturers. Launch of new flavors which appeal to taste buds of consumers are likely to drive regional market growth. Promotional campaigns in the form of advertisements and distribution of samples in commercial establishments which creates awareness can augur well for the cake mix market.
The Europe region can reach a valuation of USD 379.6 million by 2023 due to increasing preference of calorie-light cakes by consumers.
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