ID: MRFR/F-B & N/1599-CR | 110 Pages | Published By Harshita Gorade on February 2021
The Baking Mixes Market Size will achieve a growing CAGR of 4.23 % and a valuation of USD 2,890.7 million by 2027 in the forecast period.
The craving for cakes and baking food products has driven the Baking Mixes Market. Nowadays, baking mixes produce calorie-free, gluten-free, along with natural sweeteners. Due to this major reason, people are opting for these products with different flavours. The growth of baking mixes is due to vast availability and a rise in preference for bakery products like bread, muffins, cakes, and pastries chiefly drive the market. The change in preference towards the consumption pattern and consideration of the baking food items as a dessert is accelerating the Baking Mixes Market size.
The awareness of people around the world to not consume preservatives, artificial ingredients, and sweeteners is letting the industrial players focus on preparing organic and natural baking mixes, contributing to the market growth. Along with this development, the players add various flavours to their product portfolios and new product lines. Therefore, these factors let consumers buy the baking mixes without product health compromises. The availability of nutrition-focused baking mixes with quality products also boosts the market. Moreover, the growing per capita income is developing are letting the consumers buy more baking mixing products of various products.
Recently COVID-19 pandemic due to the outbreak of coronavirus struck various industries around the world. Almost all the countries suffered massively, and the world economy slowed down. There are many reasons behind the downfall. One of the main reasons behind it was the supply chain was disrupted. Due to the pandemic, the industries were closed, and the production works were on halt. Due to the interruption in production, supply couldn't meet the demand, and the demand for products declined. Apart from that, the shortage of laborers affected the industries as well. Many people lost their job due to the pandemic, so they suffered financially as well. All the factors in the market had a negative impact on the food & beverages industries, and it harmed the baking mixes market. So overall, the demand for the market declined due to the covid-19 pandemic. But the market is rising again as everything has started to come to normal. The major key players are planning to recover from the loss, and it will boost the demand of the market.
One of the major drivers in the baking mix market is people's growing awareness and health concerns. According to the World Health Organization, people with diabetes rose from 108 million in 1980 to 422 million in 2019. Due to rising health problems, people are now opting for healthier options. Baking mixes help to produce gluten-free, calorie-free, and natural sweetener added bakery products. As a result, people are opting for these products, which will favor the baking mix's growth.
Additionally, increasing consumer preference in terms of flavor, taste, and freshness is constantly increasing, driving the market. The food sector depends on the changing consumer preference, which will contribute to the sector's growth. The customer's lifestyle is growing, and with increasing per capita income, they are ready to invest their money in baked goods.
Due to the COVID-19 pandemic, people have become very health conscious, which has resulted in the increasing demand for healthy and natural products. Baking mixes are a mixed composition of healthy and organic ingredients, and they will generate opportunities for the baking mix market. Additionally, high market investments and development in the manufacturing process will bring significant growth for the market.
One of the major restraints in the baking mix market is the strict government rules towards the quality used in bakery products. Also, the baked goods are packaged foods that don't last for too long, and it will hamper the baking mixes market growth.
There are many challenges in the baking mixes market, just like other markets. But one of the major challenges is the very little demand for baked goods in the underdeveloped regions. The market key players are trying their best to overcome these challenges by taking various strategies.
Cumulative growth analysis
With the increasing demand for baked goods and the rising application of baking mixes in bakery products, the demand for the market is set to rise in the forecast period.
The baking mix market is divided based on product type, category, end-use, and distribution channel.
Based on product type, the baking mix market is segmented into cookies & biscuit mixes, bread mixes, cake, pastry, and & muffin mixes. In 2019 cake, pastry, and muffin mixes segment was accounted for the highest baking mixes market share owing to the increasing consumption of pastries, cakes, and muffins. These sweets can be consumed at any time of the year, and they have huge demand worldwide, and it is expected to grow at a significant rate in the future.
Based on category, the baking mixes market is divided into two categories one of gluten-free, and the other is conventional. In 2019 the conventional segment was responsible for the highest baking mixes market share. The gluten-free segment is expected to register the highest CAGR rate in the forecast period.
Based on end-use, the market is segmented into retail customers and food service. Retail customers were responsible for the highest market share in 2019. According to the baking mixes market analysis, the foodservice segment is expected to grow at a faster rate in the forecast period.
Based on the distribution channel, the market is segmented into stored-based and non-store-based. Supermarkets, stores, and hypermarkets are under the store-based component.
The major regions in the baking mixes market are North America, Europe, Asia Pacific, and the rest of the world. North America segment was accounted for the highest market share in 2019 with a market share of 45.63%. The rise of the demand for the market in this region was due to the growing popularity of baked goods among consumers. Additionally, the growing working population in North America is expected to boost baking mixes sales.
Europe is also a significant manufacturer of baking mixes, and people in Europe are opting for healthy bakery products that have high fiber, whole grain, and gluten-free. Due to this, the market in the European region will grow rapidly. Economic development and growth in disposable income and rising population in Asia-pacific will contribute to the market growth in this region.
The major key players in the baking mixes market are
Associated British Foods plc (UK) contributes highly to the baking mixes market among these major key players.
In March 2022
White Lily, a Flour and cornmeal producer, has launched its five baking mixes. The company’s new mixes include the flavours of dark chocolate brownie, chocolate fudge brownie, vanilla glazed pound cake, cinnamon crumb cake with cinnamon streusel topping, and lemon glazed lemon pound cake flavours.
In April 2022
Continental Mills has expanded its Kruteaz baking mixes. It has come up with three new products. The new product lines are Muffin Mix and Krusteaz Chocolate Swirl Crumb Cake with a moist cake base. It is topped with a ribbon of chocolate swirl and chocolate crumble.
The Krusteaz Chocolate Pie Bar Mix consists of filled chocolate cream with a chocolate crust, and the Krusteaz Sweet Corn Cornbread and Muffin Mixes have cake-like corn and moist muffin mix.
This baking mixes market report explains the market in detail. It gives both qualitative and quantitative analysis of the market. Furthermore, it highlights the effect of a covid-19 pandemic on the market. It also tells about the maror drivers in the market, new opportunities, and the factors hampering the market. It goes deeper by defining market segments, regional analysis, and recent developments in the market.
|Market Size||USD 2,890.7 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, Category, End Use, Distribution Channel, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Associated British Foods plc (UK), Hain Celestial (US), Mondelēz International, Inc. (US), Bob's Red Mill Natural Foods, Inc. (US), General Mills Inc. (US), Conagra Brands, Inc. (US), Chelsea Milling Company (US), Keto and Company (US), Continental Mills, Inc. (US), Dawn Food Products, Inc. (US)|
|Key Market Opportunities||Increasing demand for healthy and natural products, High market investments and development in the manufacturing process|
|Key Market Drivers||People's growing awareness and health concerns, Increasing consumer preference in terms of flavor, taste, and freshness|
Baking mixes market CAGR would be 4.23% during the forecast period.
Baking mixes market valuation would be USD 2,890.7 Million by 2027.
Leading players in the baking mixes market include Associated British Foods plc (UK), Hain Celestial (US), Mondelēz International, Inc. (US), Bob's Red Mill Natural Foods, Inc. (US), General Mills Inc. (US), Conagra Brands, Inc. (US), Chelsea Milling Company (US), Keto and Company (US), Continental Mills, Inc. (US), Dawn Food Products, Inc. (US).
The US would lead the regional baking mixes market.
North America would dominate baking mixes market.