The
global cake mixes market is envisaged to display steady growth in the
upcoming years while riding on the rising disposable incomes in
several parts of the world. With increasing spending by consumers on
food items that satisfy the taste buds, the demand for cakes, and
consequently cake mixes is receiving an uptick.
From
the first cake mixes that were introduced in the early 1930s to find
a use for the molasses surplus of a molasses canning company, cake
mixes have evolved leaps and bound in terms of flavors and type.
Apart from the regular type, today, cake mixes are available in
several variants such as sugar free and low fat to serve special
dietary needs. The introduction of organic cake mixes that are free
of chemical additives is gaining popularity among health-savvy
consumers for their food preferences.
Request
to view Sample Report:
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=32996
A
report by Transparency Market Research (TMR) predicts the global cake
mixes market to attract an opportunity of US$1,098.7 mn in 2017.
Rising at a moderate 3.6% CAGR for the forecast period between 2017
and 2022, the market will likely touch a valuation of US$1,310.7 mn
by the end of the forecast period in 2022.
Chocolate
Flavor Segment Stands Out with Colossal Expected Revenue Contribution
The
global cake mixes market could be classified into chocolate, vanilla,
butter, milk, fruit, red velvet, berries, butterscotch, and others,
according to flavor. Among these, the chocolate segment is
anticipated to garner the lion’s share by the end of the forecast
period. As per the TMR report, the chocolate segment could be valued
at US$426.5 mn by the end of 2022 to represent 32.5% of the overall
market. The absolute growth attained by the chocolate segment is
expected to surpass that of any other segments in the category.
Between 2017 and 2022, the chocolate segment could rise at a
year-on-year growth of US$15.4 mn.
With
respect to distribution channel, the key segments of the cake
mixes market are modern trade, departmental and traditional
grocery store, convenience stores, online channels, and other retail
formats. In terms of cake type, the key segments include angel food
cake, layer cake, flourless or low-flour cake, cup cake, cheese cake,
pound cake, tortes cake, unbaked cake, and other.
North
America Dominated with Leading Growth Rate
On
the basis of geography, the worldwide market for cake mixes is
studied across North America, Europe, Asia Pacific except Japan,
Middle East and Africa, Latin America, and Japan. North America cake
mixes market is envisioned to be dominant amongst all to attract a
revenue of US$431 mn by 2022 after progressing from US$353.7 mn in
2017. The region is poised to display a significant 4% CAGR over the
forecast period of 2017 to 2022.
Europe
is predicted to be another key market for cake mixes to attract a
revenue worth US$362.7 mn by 2022, expanding at a CAGR of 3.2% over
the forecast period. Asia Pacific except Japan is anticipated to
represent 20.5% of the overall market in 2017; going forward the
region is estimated to gain 11 basis points (BPS) between 2017 and
2022.
On
the other hand, the Middle East and Africa and Japan are anticipated
to display sluggish growth over the forecast period. While the former
is estimated to represent 4.8% revenue share by 2017 end and lose 27
BPS between 2017 and 2022, the latter is expected to hold 3.8%
revenue share in 2017 and lose 13 BPS by 2022 over 2017.
Leading
players in the global cake mixes market include General Mills Inc.,
Associated British Foods Plc., Archer-Daniels-Midland Company,
Pinnacle Foods Inc., Cargill Inc., Ingredion Incorporated, Hain
Celestial Gropu Inc., Kerry Gropu Plc., Continental Mills Inc., and
Chelsea Milling Company.
No comments:
Post a Comment