Cake Mixes Market - Forecast (2022 - 2027)
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 - 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.
Cake Mixes Market - Challenges
Increasing Predominance of Diabetes Around the World is Hampering the Growth of the Cake Mixes Market
Sugar content has been linked to obesity, which is a cause of concern for consumers. Consumers are looking for healthier options such as low-calorie, high-cocoa and ingredient-based sweets. The number of functional claims on sugary food labels is becoming a source of concern for consumers all around the world. Furthermore, rising awareness of the dangers of excessive sugar consumption and the rising prevalence of diabetes around the world, with current WHO data indicating that 442 million people worldwide have diabetes and 1.5 million deaths are directly attributed to diabetes each year, is restricting the growth of the Cake Mixes Market. In the projection period, sugar prices are anticipated to fluctuate, placing pressure on Cake Mixes producers all over the world. These issues are restraining the growth of the Cake Mixes Industry.
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Cake Mixes Industry Outlook:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Cake Mixes Market. The top 10- Cake Mixes Market companies are:
- General Mills, Inc.
- Chelsea Milling Co
- Continental Mills, Inc.
- Kerry Group
- Associated British Foods Plc.
- Archer-Daniels-Midland Company
- Cargill Incorporated
- Pinnacle Foods Inc.
- Ingredion Group
- Hain Celestial
- In November 2021, Food major Cargill has gained an edible oil refinery in Nellore in Andhra Pradesh, India to extend its footprint in Southern India and enhance its existing supply chain in the country. The firm pronounced that this will entail total investments of around $35 million (250 crore-270 crores) to gain, upgrade the facility as well as extend the edible oil production capacity considerably at the facility. The newly gained refinery will extend Cargill’s capacity to provide refined palm oil, palm olein, vanaspati (hydrogenated vegetable oil) and sunflower oil and other value-added products.
- In September 2021, Chelsea Milling Co., the family-owned maker of baking mixes shipped across the country, anticipated breaking ground on a novel, 120,000-square-foot warehouse in the spring. Chelsea Milling Co. will be capable of stocking more of those mixes in-house thanks to its projected expansion. At its September 21 meeting, The City of Chelsea's Planning Commission certified the final site plan for the project, depending on the firm continuing to meet some conditions.
- In April 2020, Continental Mills, a US-based maker of baking, breakfast and snack brands, gained a 175,000ft2 facility in Effingham, Illinois, from Hodgson Mill for an unrevealed amount. This novel facility, which is situated adjacent to its existing manufacturing facility in Effingham, will allow Continental Mills to acquire the capacity it requires to back continued growth. The facility's succeeding renovation will become operational sometime in 2021.
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