Food - - Nov 03,2017
The global cake mixes market is witnessing rapid prominence across the world, driven by increasing spending by consumers on food items that satisfy their taste buds.
It has been observed that the growth of this market is anticipated to be modest 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 2022.
Cakes mixes are one of the most-preferred products among consumers, which are available in various flavors and type. Some of the flavored cake mixes are chocolate-based, vanilla, butter, milk, fruit, red velvet, berries, butterscotch. Chocolate cake mixes segment is anticipated to garner the lion’s share in the coming years. At present, the regional spread for the cake mixes market is active across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. As per analysts, the North America market for these cake mixes is on a strong growth route. On the other hand, Europe is predicted to be another key market for cake mixes to attract a revenue worth US$362.7 mn by 2022. Rising economic prosperity in emerging economies is also a prime factor contributing towards market growth.
Nowadays, cake mixes are also available in several variants such as sugar-free and low fat to serve special dietary needs. This is because health-savvy consumers are increasingly opting for food products that are free of harmful chemical additives. Manufacturers of cake mixes are also motivated to improve the nutritional value of cakes produced using cake mixes that will further boost the uptake. With the introduction of organic cake mixes in different flavors, the global market is heading towards rapid growth.
The competition in this market is very much high due to the presence of a few large companies that hold key market shares. Prime players functioning in the global cake mixes market include Associated British Foods Plc., General Mills Inc., Archer-Daniels-Midland Company, Pinnacle Foods Inc., Cargill Inc., Ingredion Incorporated.
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