Baking Mixes Market Size Overview Of The Key Driving Forces To Create Positive Impact On The Industry Growth By 2030
Market Overview
Baking mixes market could attain a valuation of USD 2,890.7 Million by 2026, reveals Market Research Future (MRFR). MRFR also deems it likely that the market size can expand at a rate of 4.23% from 2020 to 2026 (appraisal period).
Growth Enhancers and Impediments
Changes in eating preferences of the consumers have raised the demand for baking mixes will prove to be quite remunerative for the top manufacturers in the coming years. Baking mixes have created a strong niche, especially among Asian consumers, given their savory taste as well as the high content of proteins and fiber. Increasing purchasing capacity of the consumers have raised the preference for high-priced premium baked goods, in line with the surge in disposable income as well as economic growth.
The biggest growth in demand has been noticed among Asians, especially due to the evolving lifestyle and eating habits in India and China. These countries accommodate over 37% of the global population and are increasingly witnessing a significant demand for high-quality savory food items as well as comfortable living. The escalating number of hypermarkets, bakery outlets and supermarkets worldwide has also been favorable for the Baking Mixes Market Size. Other encouraging factors can be the exploding world population, accelerated urbanization rate, and launch of healthier alternatives to baked goods at reasonable prices.
Segmental Analysis
Baking mixes market has been considered for product type, category, end-use as well as distribution channel.
Depending on product type, the key segments highlighted are cookie & biscuit mixes, bread mixes, cake, pastry & muffin mixes, and more. The cake, pastry & muffin mixes emerged as the highest revenue generating segment in the year 2019, given the strong demand for pastries, muffins and cakes of almost every occasion throughout the year. But it is also likely that the bread mixes segment will attain the fastest growth rate in the eventual years.
With respect to category, the major segments are conventional as well as gluten-free. Conventional category of baking mixes procured the biggest share in 2019 while the gluten-free segment can possibly achieve a better CAGR during the given period.
Major end-users in the global industry are foodservice and retail consumers. In the lead is the retail consumers segment, which secured a bigger share in 2019 compared to the foodservice segment. However, the foodservice segment is touted to soar at the highest pace during the analysis period.
The distribution channels in the worldwide market are store-based as well as non-store based. Store-based distribution channels can be segmented with respect to convenience stores, supermarkets & hypermarkets and others. The leading spot has been taken by the supermarkets & hypermarkets segment whereas, the non-store-based channels can witness growth at a higher rate in the next couple of years.
Asia Pacific/APAC, North America, Europe, and RoW/rest of the world are the major markets for baking statistics products worldwide.
After capturing the biggest share of 45.63% in 2019, North America has maintained its superlative growth ever since, backed by the strong inclination of consumers towards a variety of baked goods. The considerable employment rate in North America coupled with the surging consumption of convenient food will foster the demand for baking mixes in the next few years. Manufacturers in the region constantly launch new product ranges, while trying to elevate brand awareness with introduction of promotional campaigns, which should benefit the North America market in the following years.
European consumers are increasingly going for healthy bakery items that have high fiber content, whole grain, while being gluten-free, which is why manufacturers are focusing on introducing products that cater to the evolving tastes and preferences. The growing inclination of consumers towards convenience food products in view of their hectic schedules and resultant time crunch issues should favor the baking mixes market as well. Surmounting demand for organic and natural bakery items will also enhance the bakery mixes market size in the region.
Key Players
The key manufacturers of baking mixes are Dawn Food Products, Inc. (US), Chelsea Milling Company (US), Mondelēz International, Inc. (US), General Mills Inc. (US), Bob’s Red Mill Natural Foods, Inc. (US), Hain Celestial (US), Keto and Company (US), Associated British Foods plc (UK), Conagra Brands, Inc. (US), Continental Mills, Inc. (US), to mention a few.
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