Cake Mix Market Analysis | COVID-19 Pandemic Impact, Emerging Analysis and Forecast to 2024
Global Cake Mix Market is expected to rise to a valuation of USD 1,527.4 million by 2023, exhibiting a robust 3.83% CAGR over the forecast period from 2018 to 2023, according to a new report from Market Research Future (MRFR). The global cake mix market is mainly driven by the growing demand for innovative and novel cake mix products and the growing popularity of cakes and other similar baked products. The report presents a complete breakdown of the global cake mix market’s global growth prospects over the forecast period on the basis of a detailed analysis of the market’s major drivers and restraints, key players, and leading segments. The historical performance of the market over the review period is studied in order to present a complete assessment of the market’s likely growth trajectory over the forecast period.
Global Cake Mix Market is mainly driven by the growing awareness regarding the various product variations on offer in the market today. The global cake mix market has grown readily over the last few decades due to the growing demand for cakes and the increasing interest in home baking. The growing interest in bakery products in emerging regions is likely to be a major driver for the global cake mix market over the forecast period. Comfort foods such as cakes are likely to rise in demand over the forecast period, particularly in urban areas in emerging countries, where cakes are not a traditional part of the cuisine and have thus become all the more popular due to their novelty.
Leading players in the Global Cake Mix Market Analysis include General Mills Inc., Associated British Foods plc, Kerry Group plc, Chelsea Milling Co., Miss Jones Baking Co., Dr. August Oetker AG, Dawn Food Products Inc., Hain Celestial Group Inc., Archer Daniels Midland Company, and Pinnacle Foods Inc.
The threat of salmonella poisoning has reared its head in the global cake mix industry in recent years. In November 2018, Conagra issued a recall of four types of cake mix from Duncan Hines due to the risk of salmonella poisoning. In March 2019, some Pillsbury flour packages were recalled for fear of salmonella contamination.
Global Cake Mix Market is segmented on the basis of type, flavor, distribution channel, and region.
By type, the cake mix market is segmented into angel food cake, layer cake, flourless or low-flour cake, chiffon cake, cupcake, mug cake, and others. The cupcake segment held the largest market share in 2017; however, the angel food cake segment is likely to exhibit a robust growth rate during the forecast period.
By flavor, the cake mix market is segmented into chocolate, vanilla, and others. Chocolate was the leading flavor in 2017 and is likely to retain its dominance through the forecast period due to its widespread popularity.
Distribution channels in the cake mix market include store-based and non-store based. Store-based distribution dominated the cake mix market in 2017, but could fall to the wayside by 2023 due to the emergence of online shopping channels as reliable distribution channels for cake mix manufacturers.
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North America holds the dominant share in the global cake mix market due to the widespread demand for cake products in the region, the longstanding popularity of cake in the region, and the presence of several leading market players in the region. On the other hand, Asia Pacific is likely to exhibit the fastest growth over the forecast period due to the growing demand for cakes, which are still considered a novelty item in much of Asia Pacific.
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