The global demand for cake mix has increased significantly over the recent years; this can be partly attributed to the implementation of fierce marketing strategies along with attractive product packaging. The packaging innovations that are taking place have augured well for brands, they not only prolong shelf-life but also help in luring customers towards the product. Factors such as increased discretionary spending and growing number of time-bound consumers are driving the global sales of cake mix.
The fast-paced life of a modern consumer has greatly influenced the time that is spend by him/her in cooking. There is a growing preference for ready-to-eat meals or meals that do not require lengthy preparation time. These trends are likely to guide the market’s growth in 2018 and beyond. Increased popularity of convenience food remains a key consumer trend, which is considered to have a positive influence on the global sales of cake mix. In fact, the easy preparation steps of cake mix is one of the factors driving its popularity worldwide.
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The rising number of working women and a busier lifestyle is prompting brands to invest on product categories that facilitate fast cooking in easy steps, including cake mix. At the same time, manufacturers are prioritizing health and therefore focusing on development of low calorie and sugar free variants. Brands are coming up with wider ranges of cake mix, which include low-calorie cake mix, gluten-free cake mix and airy-free cake mix, targeting the health conscious consumers. Manufacturers are concentrating on introducing allergen-free cake mix with higher food value in an effort to align themselves with the ongoing consumer trends that are mostly health centric.
Major Key Players:
Some of the leading companies mentioned in MRFR’s report include Betty Crocker (U.S.), ArrowheadMills (U.S.), The French Cake Company (France), RMIX Alimentos Saudáveis Ltda (Brazil), Ghirardelli Chocolate Company (U.S.), Sudem Cake Mix and Products A.S. (Turkey), Pillsbury (U.S.), Pinnacle Foods Inc (U.S.), Krusteaz (U.S.) and Italdecor (Italy).
Industry Trends and News:
- Cherryvale Farms a leading bakery company based in the US has recently launched a new 100% plant-based, dairy-free microwaveable mug-cake mixes product line. The new flavours include rich chocolate, salted caramel chocolate, Instant Indulgence range and including birthday cake.
- A leading food brand Green’s has recently unveiled a new chocolate egg cake kit. This new kit contains Mini Eggs to decorate, chocolate frosting mix and chocolate cake mix. The kit is a combination of indulgent and versatile product that is easy to bake.
Based on cake type, the market has been segmented into pound cake, flourless or low-flour cake, tortes, yeast cakes, shortened cake, layer cake, foam and sponge cakes, flourless chocolate cake, cup cakes, unbaked cake, and others. On the basis of flavour, the market has been segmented into chocolate, caramel, fruits, butter scotch, vanilla, strawberry, red velvet, lemon and others. By Specialty diet, the market has been segmented into low-sodium, cholesterol-free, fat-free, gluten-free, low-fat, sugar-free and others.
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On the basis of region, the market has been segmented into Europe, North America, Asia Pacific, and rest of the world (ROW). The market in North America is highly profitable and is will to attract investment from stakeholder throughout the projection period. Meanwhile, Europe is likely to retain the second spot over 2022. This primarily owing to the widespread popularity of bakery products in these two regions.