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The Cake Mix Market is influenced by a range of market factors that contribute to its dynamics and growth. One of the primary drivers is the increasing demand for convenient baking solutions. As consumers lead busier lives, there is a growing preference for time-saving options that allow them to indulge in home baking without the need for extensive preparation. Cake mixes provide a convenient and hassle-free way for individuals to enjoy homemade treats, contributing to the market's sustained popularity.
Changing consumer preferences and dietary trends play a significant role in shaping the Cake Mix Market. With an increasing focus on health and wellness, consumers are seeking cake mixes that align with their dietary preferences, such as those offering gluten-free, organic, or reduced-sugar options. Manufacturers responding to these trends by introducing healthier formulations are likely to capture the attention of health-conscious consumers and gain a competitive edge in the market.
Brand loyalty and trust are crucial factors influencing the Cake Mix Market. Established brands with a history of delivering quality and consistent taste often enjoy a loyal customer base. However, the market also welcomes innovation, and newer brands that can effectively communicate their unique value propositions, such as unique flavors, premium ingredients, or sustainability initiatives, can carve out their niche and attract a diverse consumer base.
Economic factors, including income levels and consumer spending, significantly impact the Cake Mix Market. Economic prosperity tends to lead to increased consumer spending on discretionary items, including baking mixes. Conversely, economic downturns may prompt consumers to be more price-conscious, favoring budget-friendly options. Adapting marketing strategies and pricing structures to accommodate different economic conditions is crucial for businesses in the cake mix sector.
Innovation in flavors and product formulations is a key driver of the Cake Mix Market. Companies continually introduce new and exciting cake mix varieties, catering to diverse taste preferences and staying ahead of consumer expectations. The introduction of seasonal and limited-edition flavors, as well as collaborations with popular brands or influencers, contributes to the market's vibrancy and keeps consumers engaged with the product category.
Cultural and regional preferences play a significant role in shaping the Cake Mix Market. Different regions may have distinct preferences for cake flavors, textures, and even preferred methods of preparation. Companies that tailor their products to align with regional tastes and cultural traditions are more likely to resonate with local consumers and establish a strong presence in specific markets.
Retail distribution channels and the growth of e-commerce impact the Cake Mix Market. Traditional retail outlets, including supermarkets and grocery stores, remain important for product accessibility. However, the rise of online shopping provides new opportunities for cake mix manufacturers to reach consumers directly. Brands that effectively navigate both traditional and online distribution channels can enhance their market reach and accessibility.
Global events, such as the COVID-19 pandemic, have influenced the Cake Mix Market. Lockdowns, increased time spent at home, and a surge in home baking activities led to a spike in demand for baking products, including cake mixes. Companies that adapted their marketing strategies to emphasize the joy of home baking and introduced user-friendly recipes were better positioned to meet the evolving demands of consumers during periods of uncertainty.
Sustainability considerations are gaining importance in the Cake Mix Market. Consumers are increasingly conscious of the environmental impact of their purchases, leading cake mix manufacturers to explore sustainable sourcing practices and eco-friendly packaging options. Brands that demonstrate a commitment to sustainability may appeal to environmentally conscious consumers, contributing to their market competitiveness.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 1.2 Billion |
| Growth Rate | 3.83% (2024-2032) |
Cake Mix Market Highlights:
Global Cake Mix Market Overview
Cake Mix Market Size was valued at USD 1.2 Billion in 2022. The cake mix industry is projected to grow from USD 1.24 Billion in 2024 to USD 1.683 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.83% during the forecast period (2024 - 2032). The primary market driver projected to propel the market is the rising product demand due to consumers' desire for Ready-To-Eat (RTE) foods as a result of their busy work schedules.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Cake Mix Market Trends
- 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.
Cake Mix Market Segment Insights
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Cake Mix Distribution Channel Insights
The cake mix market segmentation, based on distribution channel includes store-based and non-store-based. The non-store-based segment dominated the market. The segment is being driven by the increasing popularity and availability of e-commerce sites that sell +various organic goods in a range of flavors, including Natures Basket Ltd., Bakery Cart, and Big Basket. Additionally, online marketplaces provide doorstep delivery services and steep discounts on name-brand goods, which is anticipated to increase sales through methods of distribution that are not store-based.
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Cake Mix Flavor Insights
The cake mix market segmentation, based on flavor, includes chocolate, vanilla and others. The chocolate category generated the most income. This increase is attributable to cocoa, which is present in chocolate flavors and contains advantageous flavonoids. Antioxidants found in chocolate flavors have been shown to offer a variety of positive health effects, including "heart-protecting," "anti-inflammatory," "brain-stimulating," and "mood-lifting" effects. Additionally, they serve as flavoring ingredients in various cuisines and drinks.
Figure 1: Cake Mix Market, by Flavor, 2022 & 2032 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
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Cake Mix Type Insights
The cake mix market segmentation, based on type, includes angel food cake, layer cake, flourless or low-flour cake, chiffon cake, cupcake and mug cake. The cupcake category generated the most income because of easy consumption due to its small size and a high working population the country.
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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, MRFR 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.
Cake Mix Key Market Players & Competitive Insights
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.
Key Companies in the cake mix market 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)
- MONIQUE LHUILLIER (PHILIPPINES)
Cake Mix Industry Developments
February 2024- A prominent cookie cutter and baking supplies manufacturer, Ann Clark, has disclosed an expansion of its products with its novel gourmet cake mix and frosting supplies. With four varieties, consumers can have fun with the ease of no-hassle recipes and gourmet bakery quality. The new mixes are comprised of quality ingredients, such as malted barley flour, buttermilk powder, unbleached artisan flour, pure cane sugar, natural vanilla and vanillin, and top-quality Dutch-process cocoa, to gain a tender baking consistency coupled with smooth frosting. Each kit only needs vegetable oil, eggs, and milk. Ann Clark's chief executive officer, Ben Clark, said that as a baking supply company, they eat a lot of cake here at Ann Clark. She further added that when assessing distinct cake mixes on the market, they are unhappy and saw the opportunity to make something better: really gourmet cakes that taste yummy without compromising quality or convenience. The brand spared no cost or effort when manufacturing their cake recipes, and they're proud of the results.
November 2023- A division of Minneapolis-based General Mills, Inc., General Mills India, at the start of November 2023, broke ground on a new USD12 million baking plant in Nashik, Maharashtra. As per General Mill's statement, the facility will cater as the epicenter for manufacturing the company's Pillsbury baking mixes for the Indian market. The facility, which is anticipated to be functional by August 2024, will be General Mills' second Pillsbury baking mix facility in India. The adding of the plant will double General Mills' manufacturing footprint in India, the company said. The country director for General Mills India, Anand Khurana, said that the bakery industry in India is experiencing substantial development. He further added that Beyond birthdays, cake cutting has become crucial to several occasions like anniversaries, festive gatherings, and success parties.
For Instance, November 2021 Food industry giant Cargill has acquired an edible oil refinery in Nellore, Andhra Pradesh, India, to expand its regional presence and strengthen its current supply chain there. The company stated that this would require a total investment of about $35 million (250–270 crores) to gain, modernize the facility, and significantly increase the facility's capacity to produce edible oil. Cargill's ability to supply refined palm oil, palm olein, vanaspati (hydrogenated vegetable oil), sunflower oil, and other value-added products would increase due to the recently acquired refinery.
For Instance, September 2021 Chelsea Milling Co., a family-run business that ships baking ingredients nationwide, planned to start construction on a cutting-edge, 120,000-square-foot warehouse in the spring. With its anticipated expansion, Chelsea Milling Co. will be able to keep more of such blends on hand. The City of Chelsea's Planning Commission certified the project's final site plan during its meeting on September 21 as long as the company continued to adhere to specific requirements.
Cake Mix Market Segmentation
Cake Mix Distribution Channel Outlook (USD Billion, 2018-2032)
- Store-based
- Non-store-based
Cake Mix Flavor Outlook (USD Billion, 2018-2032)
- Chocolate
- Vanilla
- Others
Cake Mix Type Outlook (USD Billion, 2018-2032)
- Angel Food Cake
- Layer Cake
- Flourless or Low-Flour Cake
- Chiffon Cake
- Cup Cake
- Mug Cake
Cake Mix Regional Outlook (USD Billion, 2018-2032)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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