Global Cake Mix Market Scenario
The cake mix market can expand at a 3.83% CAGR through the forecast period from 2021-to 2028. By the end of the forecast period in 2028, the cake mix market value can surge to about USD 1.5 Billion as has been predicted by industry experts and business chiefs. Pre-mixes that are used for baking cakes are being demanded and called cake mix. Cake mixes are gaining a major degree of popularity as good replacements for eggs. Angel food cake, flourless or low-flour cake, layer cake, chiffon cake, mug cake, and cupcake are propelling and are emerging as some of the sought-after products of cake mixes.
COVID 19 Analysis
The outbreak of the coronavirus disease has been declared a worldwide epidemic by the World Health Organization (WHO). The global pandemic, COVID-19, is hitting headlines for creating a chaotic environment, thereby resulting in the advent of a global recession, loss of life, healthcare, and much more. The outbreak of the pandemic has been affecting the commodity market in many alarming ways. There has been a rise in the demand for essential commodities such as groceries has been witnessing a rapid rise. Due to the coronavirus outbreak, most of the target consumers and other people are forced to be at home with ample time, which is mainly invested in cooking, especially baking. It has been witnessed and discussed that there is a surge degree of demand for flour, cake mixes, and other baking ingredients. The cake mix market trends also suggest that the market is filled along with an increase in the number of Google searches for the term cooking or “baking.”
Market Dynamics
Over the recent years, the worldwide demand for cake mix has seen a huge growth in its scale and price. Consumers ' growing discretionary income has allowed them to spend unrestrained on pleasing their taste buds, mirrored in the increasing market for cakes and, accordingly, the worldwide cake mix. This demand is also significantly driven by the fact that cake mix is easy to prepare and drink.
The launch of a sugar-free and low-fat cake mix has a huge effect on this market, which is projected to propel it to develop at a faster pace over the coming years. Diverse factors influence the growth of the global cake-mix industry. A change in consumer preferences and growing demand for convenience foods are helping a global initiative to expand the cake mix industry.
Consumers' hectic and high-speed lifestyle drives the appetite for a cake mix. Moreover, the product's long shelf-life is observed to sustain market growth. Price advertisements have also added to the price's positive sales. One of the prospects for manufacturers of cake mixes to ensure good sales growth is a strong investment in RD activities followed by the production of new products. With the growing development of cake mix with a high nutritious value and with no allergens, this market's growth potential is expected to see a dramatic increase soon. Besides that, the substantial growth in the working population of women and their busy lifestyle is also projected to fuel the global cake mix demand over the coming year.
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Competitive Analysis
Conagra Brands, Inc (US), Continental Mills Inc (US), Hain Celestial Group, Inc (US), Simple Mills, Inc. (US), Chelsea Milling Co. (US), Miss Jones Baking Co (US), Bob's Red Mill, Natural Foods, Inc. (US), Associated British Foods plc (UK), Mondelez International (US), Dr. Oetker (Germany), Stonewall Kitchen (US), Keto and Company (US), General Mills, Inc (US), Pioneer Brand (US), and Foodstirs, Inc. (US) are some of the key players in the global market.
Regional Overview
The global Cake Mix Market Size industry was analyzed in four main regions — North America, Europe, Asia-Pacific, and the rest of the world.
North America accounts for 48.60 percent of the global market share in 2017 and is predicted to lead the Cake Mix Market over the projected timeframe. The wide presence of core cake mix players in the US is expected to fuel business growth. Continuous product releases and robust advertising campaigns to build customer recognition fuel the growth of the demand for the cake mixes market in North America. Europe will also have a substantial share of the global Cake Mix Market with Germany, the UK, and France being major contributing countries in this region. Increasing demand among the working population for convenient bakery items is driving the growth of the cake mix in this area mainly. However, in the forecast era, Asia-Pacific is expected to experience the highest CAGR. Increasing bakery food demand gives the cake mix manufacturers tremendous potential to launch new products in this market. Manufacturers launch cake mixes in different flavors to win the lucrative market share in the Asia-Pacific region.
Segmentation
The Global Cake Mix Market has been segmented based on Type, Distribution Channel, and Region.
In terms of type, the market has been classified as angel food cake, layer cake, flourless or low-flour cake, chiffon cake, cupcake, mug cake, and others.
In terms of flavor, the global market has been classified as vanilla, chocolate, and others.
Based on the distribution channel, the market has been classified as store-based and non-store-based. The store-based segment is also sub-segmented into convenience stores, supermarkets and hypermarkets, and others.
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