The global market for cake mixes is demonstrating a competitive business landscape, finds a new research study by Transparency Market Research (TMR). General Mills Inc., Archer-Daniels-Midland Co., Associated British Foods Plc, Pinnacle Foods Inc., Ingredion Inc., Cargill Inc., Hain Celestial Gropu Inc., Continental Mills Inc., Kerry Gropu Plc, and Chelsea Milling Co. are some of the prominent players in this market. The key companies are concentrating on expanding their regional reach to strengthen their position in the global market. Over the coming years, these vendors are projected to engage into mergers, acquisitions, and strategic partnerships to gain a competitive advantage over their peers, states the research report.
According to the research study, the global cake mixes market was worth US$1.09 bn in 2017. Expanding at a CAGR of 3.60% during the period from 2017 to 2024, the market is projected to reach US$1.31 bn by the end of the forecast period. Based on the flavor, the market has been classified into chocolate, butter, vanilla, fruit, milk, berries, red velvet, and butterscotch. The demand for chocolate flavor is comparatively higher than other flavors and this trend is projected to remain same over the forthcoming years, states the research report.
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North America to Remain on Top
Based on the geography, the research report segments the global market for cake mixes into North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe. Among these, the North America market has acquired the lead, owing to the presence of cake mixes vendors in a large number in this region. Expanding at a CAGR of 4.0% between 2017 and 2024, this regional market is predicted to remain on the top over the next few years. The markets in Europe and Asia Pacific are also expected to experience a significant rise in the years to come, states the research report.
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Rising Uptake of IT in Medical and Healthcare Sector to Boost Market’s Growth
“The global market for cake mixes is gaining substantially from the increasing demand for ready-to-make bakery products.” says a TMR analyst. Going forward, the rise in disposable income of consumers and the increasing influence of western food culture are likely to support the growth of this market in the years to come, states the research study.
The review is based on a report by Transparency Market Research, titled “Cake Mixes Market (Flavor – Chocolate, Vanilla, Butter, Milk, Fruit, Red Velvet, Berries, Butter Scotch, and Others; Distribution Channel – Modern Trade, Departmental and Traditional Grocery Store, Convenience Stores, Online Channels, and Other Retail Formats; Cake Type – Angel Food Cake, Layer Cake, Flourless or Low-Flour Cakes, Chiffon Cake, Cup Cake, Cheese Cake, Pound Cake, Tortes, Unbaked Cake, and Other) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2024.”
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