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.
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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.
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