Cake Mixes Market to Witness Steady Expansion During 2017-2022
Though generally accepted that the cake mix was born after World War II, the fact remains that it was developed as early as the 1930s to find a use for the molasses surplus of a molasses canning company.
The introduction of cake mixes in different flavors along with sugar free and low fat cake mix for to serve dietary needs is having a significant impact on the global cake mixes market. Manufacturers of cake mixes are also striving to enhance the nutritional value of cakes produced using cake mixes that will further boost the uptake. In particular, this is to cater to the changing food habits of the rising middle-class population in developing economies due to the recently acquired economic prosperity.
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Further, the introduction of organic cake mixes that are free of chemical additives is bolstering the market’s growth. Health-savvy consumers are increasingly opting for food products that are free of harmful chemical additives, which, in turn, is anticipated to propel this market over the forecast period.
As per estimates of a report by Transparency Market Research, the global cake mixes market is likely to present an opportunity worth US$1,098.7 mn in 2017. The growth of this market is anticipated to be moderate in the near future with a CAGR of 3.6% during the forecast period of 2017 to 2022. At this pace, the market will likely touch a value of US$1,310.7 mn by the end of the forecast period in 2022.
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Here are the key insights into the growth trajectory of the global cake mixes market:
Among the various flavors of cake mixes, chocolate segment is likely to lead to attract a revenue worth US$349.7 mn in 2017. This will account the chocolate segment to represent 31.8% of the market in 2017. The chocolate flavor segment is likely to attract a revenue worth US$426.5 mn by 2022, exhibiting a healthy 4.1% CAGR between 2017 and 2025.
As per distribution channel segmentation, modern trade, departmental and traditional grocery store, convenience stores, online channels, and other retail formats are the segments that divide the cake mixes market in this report.
From a geographical perspective, North America is one of the key markets for cake mixes. The region is anticipated to dominate the global cake mixes market in 2017 vis-à-vis revenue, and the trend is likely to continue over the forecast period. Expected to post a CAGR of 4% for the forecast period of 2017 to 2022, the North America cake mixes market will attain a value of US$431 mn by 2022.
Global Cake Mixes Market: Competitive Analysis
The global cake mixes market features a fairly high degree of competition with the presence of a few large companies that hold key market shares. Low entry barriers are likely to witness the entry of new participants that will intensify the competition in the future. Key players in the global cake mixes market include General Mills Inc., Archer-Daniels-Midland Company, Associated British Foods Plc., Pinnacle Foods Inc., Cargill Inc., Ingredion Incorporated, Hain Celestial Group Inc., Kerry Group Plc., Continental Mills Inc., and Chelsea Milling Company.
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