Vegan Certified Cake Mixes Market Estimated to Expand at a Robust CAGR over 2018 – 2027
Vegan certified cake mixes are substitutes for regular cake mixes that are consumed by strict vegetarians that do not even consume dairy product or animal food. Due to several benefits and advantages of vegan certified cake mixes, vegan certified cake mixes are extensively used by several end users that is expected to create ample growth opportunities during the forecast period. Use of vegan certified cake mixes in rapidly growing bakery industry aims to deliver healthy growth for vegan certified cake mixes market. Owing to the increasing frequency of vegan cake mixes purchase, enriching spending towards vegan consumption, the production of vegan certified cake mixes is also increasing globally with Latin America registering high growth for vegan certified cake mixes market during the forecast period. Vegan certified cake mixes market is creating an opportunity for market participants to penetrate a high market share during the forecast period. The vegan certified cake mixes market comprises enormous local and global vendors.
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Global Vegan Certified Cake Mixes Market Scenario
The global vegan certified cake mixes market is projected to witness single digit growth in developing, as well as developed economies, during the forecast period, according to the company’s recent research study. Chocolate is a widely used vegan certified cake mixes across the globe. However, non-GMO and gluten-free vegan certified cake mixes are also gaining high attraction across different end users. Bakery industry reflects high adoption of vegan certified cake mixes. Vegan certified cake mixes are expected to witness high demand from the food and beverage industry in the years to follow. Higher demand for sugar free baking mixes across the globe, increasing demand for food, and bakery products coupled with rising concerns associated with the harmful effects, and increasing incidence of lifestyle diseases have triggered the use of vegan certified cake mixes on a regular basis, thus driving the growth of the global vegan certified cake mixes market.
Global Vegan Certified Cake Mixes Market Dynamics
Established market in regions like APEJ and North America are expected to dominate the vegan certified cake mixes market in terms of volume, whereas developing regions like MEA is likely to multiply vegan certified cake mixes market throughout the forecast period. Also, the global market for vegan certified cake mixes is expected to witness growth factors with the rapidly increasing use of vegan certified cake mixes in applications like bakery foods, health consciousness and rapidly increasing food industry. Stringent norms in certifications of vegan certified cake mixes is likely to hamper the growth of vegan certified cake mixes market.
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Global Vegan Certified Cake Mixes Market Segmentation
The vegan certified cake mixes market can be segmented on the basis of claims, flavour and sales channel. On the basis of claims, vegan certified cake mixes market can be categorized into wheat based, gluten free, organic, non-GMO and sugar-free. On the basis of flavour, the vegan certified cake mixes market can be segmented into chocolate, vanilla, golden yellow, unique lemon, coconut and other flavours. On the basis of sales channel, the global market for vegan certified cake mixes can be classified as direct sales (food service, food processors) and indirect sales (modern trade channels, departmental stores, convenience stores, online channels and other indirect channels). Geographically, the global market for vegan certified cake mixes can be segmented into seven regions, namely North America, Latin America, Europe, CIS & Russia, Asia Pacific excluding Japan, Japan, and Middle East & Africa.
Global Vegan Certified Cake Mixes Market Key Players
The vegan certified cake mixes manufacturers are primarily focusing on emerging countries to gain a huge operating revenue. Key vendors in the market are continuously introducing new vegan certified cake mixes products. Some of the key market participants in the vegan certified cake mixes market are Hain Celestial Group, Pamela’s Products, Pillsbury etc.
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