The
worldwide cake mixes market is rising steadily over the years thanks
to the rising disposable incomes in several parts of the world.
Consumers are spending liberally on food items to satisfy their taste
buds, of which cake is a prominent one. This, in turn, reflects the
demand for cake mixes that are easy to use and are at par with bakery
produced cakes.
Though generally accepted that the cake mix was born after World War
II, the fact remains that it was developed as early as the 1930s to
find a use for the molasses surplus of a molasses canning company.
The introduction of cake mixes in different flavors along with sugar
free and low fat cake mix for to serve dietary needs is having a
significant impact on the global
cake mixes market. Manufacturers of cake mixes are also
striving to enhance the nutritional value of cakes produced using
cake mixes that will further boost the uptake. In particular, this is
to cater to the changing food habits of the rising middle-class
population in developing economies due to the recently acquired
economic prosperity.
Further, the introduction of organic cake mixes that are free of
chemical additives is bolstering the market’s growth. Health-savvy
consumers are increasingly opting for food products that are free of
harmful chemical additives, which, in turn, is anticipated to propel
this market over the forecast period.
As per estimates of a report by Transparency Market Research, the
global cake mixes market is likely to present an opportunity worth
US$1,098.7 mn in 2017. The growth of this market is anticipated to be
moderate in the near future with a CAGR of 3.6% during the forecast
period of 2017 to 2022. At this pace, the market will likely touch a
value of US$1,310.7 mn by the end of the forecast period in 2022.
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Here
are the key insights into the growth trajectory of the global cake
mixes market:
Among the various flavors of cake mixes, chocolate segment is likely
to lead to attract a revenue worth US$349.7 mn in 2017. This will
account the chocolate segment to represent 31.8% of the market in
2017. The chocolate flavor segment is likely to attract a revenue
worth US$426.5 mn by 2022, exhibiting a healthy 4.1% CAGR between
2017 and 2025.
As per distribution channel segmentation, modern trade, departmental
and traditional grocery store, convenience stores, online channels,
and other retail formats are the segments that divide the cake mixes
market in this report.
From a geographical perspective, North America is one of the key
markets for cake mixes. The region is anticipated to dominate the
global cake mixes market in 2017 vis-à-vis revenue, and the trend is
likely to continue over the forecast period. Expected to post a CAGR
of 4% for the forecast period of 2017 to 2022, the North America cake
mixes market will attain a value of US$431 mn by 2022.
Global
Cake Mixes Market: Competitive Analysis
The global cake mixes market features a fairly high degree of
competition with the presence of a few large companies that hold key
market shares. Low entry barriers are likely to witness the entry of
new participants that will intensify the competition in the future.
Key players in the global cake mixes market include General Mills
Inc., Archer-Daniels-Midland Company, Associated British Foods Plc.,
Pinnacle Foods Inc., Cargill Inc., Ingredion Incorporated, Hain
Celestial Group Inc., Kerry Group Plc., Continental Mills Inc., and
Chelsea Milling Company.
The
global cake mixes market is segmented as follows:
Global
Cake Mixes Market, by Flavor
- Chocolate
- Vanilla
- Butter
- Milk
- Fruit
- Red Velvet
- Berries
- Butter Scotch
- Others
Global
Cake Mixes Market, by Distribution Channel
- Modern Trade
- Departmental and Traditional Grocery Store
- Convenience Stores
- Online Channels
- Other Retail Formats
Global
Cake Mixes Market, by Cake Type
- Angel Food Cake
- Layer Cake
- Flourless or Low-Flour Cake
- Chiffon Cake
- Cup Cake
- Cheese Cake
- Pound Cake
- Tortes Cake
- Unbaked Cake
- Other
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