Cake Mixes Market size is estimated to reach $1.5 billion by 2027, growing at a CAGR of 3.9% during the forecast period 2022-2027. A cake mix is a pre-mixed blend of ingredients that are used to make cakes or other baked goods like bread, pancakes, waffles, muffins, cookies, brownies, pizza dough, biscuits and a variety of other sweets. A cake mix is made up of basic components like flour, bread flour, baking powder, baking soda, yeast, sugar and salts. Chocolate, butter scotch, red velvet, caramel, vanilla and fruits are just a few of the tastes offered. The advent of sugar-free and low-fat cake mixes has had a substantial impact on this industry, which is anticipated to increase at a faster rate in the coming years. Owing to the vast range of cake mix alternatives available, like dairy-free cake mix, gluten-free cake mix and low-calorie cake mix, the global market for cake mix is estimated to grow rapidly in the subsequent years. With the increased manufacture of cake mixes with high nutritional value and no allergies, the growth of the market is anticipated to skyrocket in the near future.
The considerable growth in the number of women working and their hectic lifestyle are set to drive the Cake Mixes Industry. The surging application of cake mixes in the food industry, as well as brand awareness advertising by manufacturers, is set to propel the Cake Mixes Market size during the forecast period 2022-2027. This represents the Cake Mixes Industry Outlook.
Cake Mixes Market Report Coverage
The report: “Cake Mixes Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Cake Mixes Market.
Key Takeaways
Cake Mixes Market Segment Analysis- By Flavour:
The Cake Mixes Market based on flavour can be further segmented into Chocolate, Vanilla, Butter scotch, Red Velvet, Caramel, Fruit and Others. The Chocolate Segment held the largest Cake Mixes market share in 2021. This growth is owing to the presence of cocoa which includes beneficial flavonoids, in chocolate flavours. The antioxidants in Chocolate Flavours have a number of health benefits, including "heart-protecting," "anti-inflammatory," "brain-stimulating," and "mood-lifting" properties. They are also used in a range of beverages and dishes as a flavoring agent. The rising health benefits of chocolate flavors, like boosting blood flow to the heart and breaking up clumps of white blood cells that clog arteries, are generating increased market demand. Dark chocolate flavones have also been linked to improved blood vessel function. Furthermore, doctors at Harvard Medical School believe it could cut (LDL) cholesterol and minimize the risk of heart disease, stroke and heart failure. Bonn Group launched cholesterol-free and trans-fat-free cake rusk in chocolate and plain flavors in October 2021. Chocolate Flavours are essentially food ingredients or flavoring compounds that are widely used in the production of various foods and beverages, thereby propelling the growth of the Chocolate segment.
Furthermore, the Fruit segment is estimated to grow with the fastest CAGR of 4.8% during the forecast period 2022-2027 owing to its distinct taste with the easy availability of thousands of different fruit kinds around the world and fruit ingredients being the most fundamental and necessary constituents in the food and beverage business together with an abundance of vitamins, minerals and other healthful components in fruit flavors.
Cake Mixes Market Segment Analysis- By Application:
The Cake Mixes Market based on the application can be further segmented into Household, Commercial and Others. The Commercial Segment held the largest Cake Mixes market share in 2021. This growth is owing to the commercial use of cake mixes in the food business, attributed to the rising demand from an aging population and increased consumption of ready-to-eat meals ascribed to a hectic lifestyle. Key causes for increasing commercial use of cake mixes throughout the projection period include the introduction of innovative goods like rapid baking mixes and low-sugar, no gluten mixes in a range of flavors. The surging application of cake mixes in the food and bakery industry is further propelling the growth of this segment.
Furthermore, the Household segment is estimated to grow with the fastest CAGR of 4.0% during the forecast period 2022-2027 owing to the expanding demand from an elderly population for specially designed cakes for the elderly people & couples and the heightening application of boxed cake mixes frequently stored as a kitchen cupboard standby for birthdays, special occasions.
Cake Mixes Market Segment Analysis- By Geography:
The Cake Mixes Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America and Rest of the World. North America held the largest Cake Mixes market share with 35% of the overall market in 2021. The growth of this region is owing to factors such as the presence of major market players as well as their product advancements. Key manufacturers are using creative marketing techniques to promote their products. Bakery products account for 2.1% of the U.S. gross domestic product in 2019, according to the American Bakers Association. Flavorchem Corporation, for example, a global pioneer in the development of flavor and color solutions, demonstrated its dedication to innovation in April 2019 by launching a new state-of-the-art pilot facility with the most sophisticated thermal processing capabilities. In addition, the substantially higher bakery item consumption and the soaring demand during festive occasions and seasons are further propelling the growth of the Cake Mixes Industry in the North American region.
Furthermore, the Europe region is estimated to be the region with the fastest CAGR over the forecast period 2022-2027. This growth is owing to factors like the noteworthy recognition of delicious bakery products, specifically cakes and cookies, in the European region. Cakes are popular with both regional citizens and tourists in Belgium, France, Italy and Switzerland. The blossoming count of tourists and the progressive industrialization are further fuelling the growth of the Cake Mixes Market size in the European region.
Cake Mixes Market - Drivers
Shifting Inclination of Consumers Towards New and Exotic Flavours is Propelling the Growth of the Cake Mixes Market:
The lifestyles of consumers have been altered by dual-income in many households. The increasing purchasing power of consumers has prompted them to raise their living standards and spend more, providing them with convenience and new experiences. As per the World Bank, the GDP per capita (current U.S. $) for the world increased from 10,266 in 2016 to 10,916.1 in 2020. People are going to hotels and restaurants more frequently to eat varied cuisines and desserts and they are eager to experience every new and exotic flavor available. Two boxed cake mixes can be utilized to prepare the towering four-layer Funfetti cake. Cake mix cookies include creamy cookies prepared from boxed cake mix simply by altering the added constituents. Novel and premium cake mix like Luxury Cappuccino Cake Mix By Sattina and LUXURY LIGHT FRUIT CAKE MIX BY SATTINA are also available. The shifting inclination of consumers towards new and exotic flavors is therefore propelling the growth of the Cake Mixes Market during the forecast period 2022-2027.
