Baking Mixes Market Demand | Research Study, Size, Value Share, Global Overview and Forecast to 2024
Market Analysis
Global Baking Mixes Market is projected to reach approximately USD 4.27 billion by 2024 and grow at a significant CAGR of 6.79% during the forecast period, from 2019 to 2024. A baking mix is a pre-mixed formulation ingredient which is widely used for baking cakes, biscuits, pancakes, and cookies. Along with being convenient to use, baking mixes reduces preparation times catering to the need of working couples, thereby giving boost to market growth. Furthermore, health conscious consumers are showing inclination towards clean label and organic products, hence demand for organic baking mixes have grown significantly.
In addition, growth in organized retailing system and e-commerce has made the product easily accessible to consumers, thereby supporting the market growth. Furthermore, increasing health awareness regarding celiac disease has accelerated the demand for free-from products such as gluten free baking mixes, globally. Changing consumption patterns and rising globalization are likely to enhance the market growth at an incremental pace. Also, effective promotional strategy coupled with novel product launches in different flavors will continue to support the market in upcoming years. Attractive packaging design and customization of product as per consumers’ needs provide huge opportunities to the key players for market expansion. Increasing urbanization and growth in female workforce are other key factors supporting the market growth.
Major Key Players Update
A surge in new entrants in Global Baking Mixes Market has been observed as the market is growing significantly. Therefore, the competition in the market is expected to intensify in coming years. The food lifestyle of consumers is evolving swiftly; henceforth key manufacturers are launching novel products catering to the needs of the consumers. For instance, Unilever launched chilled liquid cake mix targeting consumers who have limited time for cooking and are looking for quick, easy, and convenient option. Aggressive promotional activities by key manufacturers have increased awareness about products’ availability among consumers and thereby supporting the company in increasing consumer base. Furthermore, with the advent of social media, manufacturers are able to target the right audience owing to age targeting features of social media which is likely to give an impetus to market growth.
The key players profiled in the report are Hungry Jack (Australia), Pillsbury (U.S.), Nestle (Switzerland), Pioneer brand (U.S.), Betty Crocker (U.S.), Duncan Hines (U.S.), King Arthur Flour (U.S.) and Jiffy (U.S.) among many others.
Regional Analysis
Global Baking Mixes Market is segmented into Europe, North America, Asia-Pacific, and Rest of the World. North America accounted for the largest share in baking mixes and it is expected to continue its dominance over the next few years owing to growing demand for convenience food and changing consumption pattern. Rapidly increasing population and rising disposable income in Asia Pacific region has given impetus to the demand for baking mixes.
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Market Segments
Global Baking Mixes Market is segmented into Type, Claim, Target Market, Distribution Channel, and Region
On the Basis of Type- Cookie & Biscuit Mixes, Cake & Muffin Mixes, Bread Mixes, Pancakes & Waffle Mixes, and Others
On the Basis of Vegan, Organic, Claim- Gluten-free, Sugar-free and others
On the Basis of Target Market- Residential and Institutional
On the Basis of Distribution Channel- Store Based and Non-Store Based
On the Basis of Region- North America, Europe, Asia-Pacific and ROW