The
global market for cake mixes is demonstrating a competitive business
landscape, finds a new research study by Transparency Market Research
(TMR). General Mills Inc., Archer-Daniels-Midland Co., Associated
British Foods Plc, Pinnacle Foods Inc., Ingredion Inc., Cargill Inc.,
Hain Celestial Gropu Inc., Continental Mills Inc., Kerry Gropu Plc,
and Chelsea Milling Co. are some of the prominent players in this
market. The key companies are concentrating on expanding their
regional reach to strengthen their position in the global market.
Over the coming years, these vendors are projected to engage into
mergers, acquisitions, and strategic partnerships to gain a
competitive advantage over their peers, states the research report.
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According
to the research study, the global cake mixes market was worth US$1.09
bn in 2017. Expanding at a CAGR of 3.60% during the period from 2017
to 2022, the market is projected to reach US$1.31 bn by the end of
the forecast period. Based on the flavor, the market has been
classified into chocolate, butter, vanilla, fruit, milk, berries, red
velvet, and butterscotch. The demand for chocolate flavor is
comparatively higher than other flavors and this trend is projected
to remain same over the forthcoming years, states the research
report.
North
America to Remain on Top
Based
on the geography, the research report segments the global market for
cake mixes into North America, Asia Pacific, Latin America, the
Middle East and Africa, and Europe. Among these, the North America
market has acquired the lead, owing to the presence of cake mixes
vendors in a large number in this region. Expanding at a CAGR of 4.0%
between 2017 and 2022, this regional market is predicted to remain on
the top over the next few years. The markets in Europe and Asia
Pacific are also expected to experience a significant rise in the
years to come, states the research report.
Rising
Uptake of IT in Medical and Healthcare Sector to Boost Market’s
Growth
“The
global market for cake
mixes is gaining substantially from the increasing demand for
ready-to-make bakery products.” says a TMR analyst. Going forward,
the rise in disposable income of consumers and the increasing
influence of western food culture are likely to support the growth of
this market in the years to come, states the research study.
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