Cake Mix Market

• Shifting consumer preference for new and exotic flavors is propelling market growth

In many households, having two incomes has changed people's lifestyles. Customers' rising living levels and increased spending have enabled them to enjoy convenience and new experiences. This is due to customers' growing purchasing power. The World Bank estimates that by 2020, the GDP per capita (in current U.S. dollars) will have risen from 10,266 in 2016. People often go to hotels and restaurants to consume various foods and sweets because they are anxious to try every novel and unique flavor. The massive four-layer Funfetti cake can be made with two boxed cake mixes.

Cake mix cookies are creamy cookies made by changing the ingredients in a boxed cake mix. There are also a variety of unique and high-quality cake mixes available, like Sattina's Luxury Cappuccino Cake Mix and Sattina's Luxury Light Fruit Cake Mix. The growth of the cake mix market CAGR throughout the forecast period is driven by customers' evolving preferences for novel and exotic flavors.

Furthermore, the cake mix industry is expanding due to the expanding population and their increasing disposable income. The demand for cake mixes has grown significantly as a result of changes in consumer lifestyles. Since they don't have much time to create their meals and desserts, they have learned more about ready-to-eat foods, and they commonly choose hotels and restaurants to have their favorite sweets. The world's expanding working population faces various issues related to their lifestyle. The hotel and restaurant industries have seen an increase in demand for cake mixes.

Additionally, baking involves the use of a range of ingredients, including baking soda, baking powder, flour, butter, eggs, yeast, honey, fruits, nuts, and nuts. Common bakery goods include bread, cakes, pastries, pies, tarts, doughnuts, biscuits, cookies, and chalets. There are many domestic markets for baking ingredients around the world in addition to being industry specific. The expansion of the Bakery Ingredients Market is closely related to the evolving nature of the baking industry. In 2019, 65% of the market in the United States was made up of bread, rolls, and begal.

Bread and cakes are the staple meals of Western culture. The market for cake mixes is expected to expand during the forecast period due to the increased demand for baking ingredients. The market for cake mixes is expanding due to customers' growing demand for packaged bakery goods like croissants, bagels, or muffins. Thus, driving the cake mix industry revenue.

The Global Cake Mix Market Industry experiences a notable surge in demand for convenience foods, driven by the fast-paced lifestyle of consumers. As individuals increasingly seek quick and easy meal solutions, cake mixes provide a practical alternative to traditional baking. This trend is particularly evident in urban areas, where busy schedules limit time for home cooking. The market is projected to reach 1.34 USD Billion in 2024, reflecting the growing preference for ready-to-use products. This shift towards convenience is likely to propel the industry forward, as consumers prioritize efficiency without compromising on taste.

• Cake Mix Regional Insights

Cake Mix Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American cake mix market area will dominate this market. This region has grown as a result of things like the presence of significant market players and the developments in their products. To sell their products, major manufacturers use innovative marketing strategies. According to the American Bakers Association, bakery products represented 2.1% of the US GDP in 2019.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2:  CAKE MIX MARKET SHARE BY REGION 2022 (USD Billion)

Source Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe cake mix market accounts for the second-largest market share. The notable popularity of delectable bakery goods throughout Europe, particularly cakes and cookies, contributes to this increase. In Belgium, France, Italy, and Switzerland, locals and visitors like cakes. The size of the market of cake mix in Europe is expanding as a result of the region's expanding tourist industry and ongoing industrialization. Further, the German cake mix market held the largest market share, and the UK cake mix industry was the fastest growing market in the European region.

The Asia-Pacific Cake mix Market is expected to grow at the fastest CAGR from 2023 to 2032. In the coming years, it is anticipated that cake mix will dominate this local market due to its high manufacturing rate, ready-to-bake feature, and long shelf life. The market for cake mix is anticipated to grow in the next years due to the rising popularity of sugar-free products among customers in this area. Moreover, China’s cake mix market held the largest market share, and the Indian market of cake mix was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the cake mix market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the cake mix industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the cake mix industry to benefit clients and increase the market sector. In recent years, the cake mix industry has offered some of the most significant advantages to the market.

Major players in the cake mix market attempting to increase market demand by investing in research and development operations include General Mills Inc (US), Bob's Red Mill Natural Foods Inc. (US), Continental Mills Inc (US), Associated British Foods plc (UK), Simple Mills Inc. (US), Conagra Brands Inc (US), Hain Celestial Group Inc (US), Chelsea Milling Co. (US), Miss Jones Baking Co (US), and MONIQUE LHUILLIER (PHILIPPINES).

The Hain Celestial Group Inc. produces and sells natural and organic goods. Infant, toddler and child food items, rice and grain goods, plant-based beverages, frozen desserts, flour and bakery items, cereal bars, canned, chilled fresh, aseptic and instant soups, as well as yogurt, are all part of the company's product line. In addition to supermarkets, natural food stores, convenience stores, chain drug stores, mass-market and online retailers, food service outlets and club stores, the company also offers its goods through specialty and natural food wholesalers.

Betty Crocker, Pillsbury, and Duncan Hines are some of the most popular cake mix brands in the world.

The company Continental Mills, Inc. manufactures and sells baked goods. The business sells biscuit and doughnut mixes, cornbread, quick bread, cookies, pancake and waffle mixes. In April 2020, a 175,000ft2 factory in Effingham, Illinois, was acquired by Continental Mills, a US-based producer of baking, breakfast, and snack brands, from Hodgson Mill for an undisclosed sum. This innovative building, located next to Continental Mills' current manufacturing facility in Effingham, will give the company the capacity it needs to support future expansion. The following refurbishment of the building will start sometime in 2021.