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Cake Mixes Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global cake mixes products market was valued at USD 10.3 billion in 2022 and is projected to expand at a CAGR of 5.2% from 2023 to 2030. The growing demand for convenient and ready-to-eat food items has fueled the demand for cake mixes worldwide. Moreover, with the increase in the female labor force participation, the demand for these products has increased significantly. Apart from that, the introduction of innovative products in the market such as low-calorie and gluten-free cake mixes has increased the demand among health-conscious consumers.
Furthermore, the rising trend of baking has been a major factor driving the growth of the market. This is due to the fact that baking has emerged as one of the most popular hobbies, especially among millennials. Apart from that, a growing number of online baking classes and tutorials, as well as the availability of ingredients and recipes online, are offering a high degree of convenience and are propelling the growth of the market.
In addition, the increasing number of product launches is driving the growth of the market. For instance, in March 2021, Betty Crocker launched a new range of cake mix products with a variety of flavors such as chocolate, vanilla, lemon, and strawberry. The company is targeting home bakers who are looking for convenience and ease of use. Furthermore, the increasing number of collaborations between market players and retailers is expected to boost the market growth in the coming years. For example, in December 2021, Pillsbury collaborated with Amazon to launch a range of cake mixes.
Moreover, the increasing trend of premiumization has led to the introduction of organic cake mixes. Organic cake mixes are gaining momentum due to their high nutritional content and health benefits. Furthermore, the growing number of product innovations are expected to propel the demand for these products in the near future. For instance, in December 2021, Duncan Hines launched a new line of cake mixes that are made with real ingredients and are free from artificial flavors and preservatives.
The growing demand for cake mixes from developing countries such as India and China is expected to create lucrative opportunities for market players in the coming years. The rising disposable income and changing lifestyles of consumers in these countries are expected to drive the demand for cake mixes. Furthermore, the increasing number of bakery shops and cafes in these countries is contributing to the demand for cake mixes.
Product Insights
The vanilla flavor segment dominated the cake mixes products market and accounted for around 33.1 % of the overall market share in 2020. Vanilla flavored cake mixes are extremely popular among consumers due to its availability in a variety of flavors and the ease of preparation. In addition, vanilla is the most preferred flavor among consumers in the cake mixes products market. According to an article published by Baking Business, in May 2021, vanilla continues to remain one of the top five most popular flavors in baking products.
The chocolate flavor segment is expected to expand at the fastest CAGR of 7.2% over the forecast period. The growing demand for chocolate flavored cake mixes is attributed to its widespread availability, easy preparation, and a vast variety of flavors. According to an article published by The New York Times, in April 2021, chocolate flavored cake mixes have become increasingly popular due to its rich and creamy texture. In addition, increasing consumer preference for convenience and cost-efficiency is another factor driving the growth of the market.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 41.3% in 2022. The growth of the segment is mainly driven by the rising consumer inclination towards supermarkets & hypermarkets as a primary source to purchase cake mixes. These establishments provide a wide selection of cake mixes and assist customers in making rapid purchasing decisions.
The online segment is anticipated to expand at the highest CAGR of 12.6% over the forecast period. E-commerce development in the cake mixes industry has been rapid, with companies launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in December 2022, Amazon launched a dedicated category for cake mixes. The website will offer products from various brands across different types of cake mixes. Additionally, customers can also avail discounts and offers on their purchases.
The convenience stores segment is anticipated to expand at a CAGR of 9.4% over the forecast period. The growth of the segment is driven by the rising demand for cake mixes among consumers. Convenience stores provide a wide range of cake mixes and offer discounts and offers on their purchases. In addition, they provide easy accessibility and convenience in terms of product delivery and payment options.
Type Insights
The dry cake mix segment accounted for the largest revenue share of 58.3% in the year 2022. The dry cake mix is preferred by a large number of consumers due to its ease of use, convenience, and availability. It requires minimal efforts for preparation and requires very few ingredients for baking. Also, the increasing demand for customized cakes in the residential and commercial segment is also a key driver of the dry cake mix segment.
The wet cake mix segment is anticipated to expand at the highest CAGR of 5.9% over the forecast period. The increasing popularity of ready-to-eat cake mixes and the rising demand for moist cakes are the key drivers of the wet cake mix segment. Companies such as Duncan Hines, Betty Crocker, and Pillsbury are offering a variety of wet cake mixes that are suitable for all occasions. Furthermore, the availability of wet cake mixes in a variety of flavors such as red velvet, vanilla, chocolate, and lemon is also boosting the market.
Regional Insights
North America is expected to hold the largest share of the market and is projected to expand at a CAGR of 5.2% from 2022 to 2030. The presence of major players such as General Mills and Pinnacle Foods Group is expected to be a major factor driving the growth of the market in the region. Furthermore, the increasing demand for convenience food products is also expected to significantly contribute to the growth of the market. For instance, in April 2021, General Mills launched a new cake mix-flavored cereal range in the U.S.
The Asia Pacific cake mixes market is projected to expand at the highest CAGR of 6.7% from 2022 to 2030. This can be attributed to an increase in the demand for convenience food products in the region. Moreover, the availability of a wide range of cake mixes products in the region is also expected to fuel the growth of the market. For instance, in January 2021, Nestle India launched a range of cake mixes under the brand name “Maggi Cake Mix”.
Financial Projections
In this part of the cake mixes products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your cake mixes products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a cake mixes products business comes from the sale of cake mixes, as well as from other related products such as baking equipment and accessories. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, food & beverage, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the cake mixes products business running will be described. The list of operating expenses includes ingredients, packaging, wages, maintenance and repairs, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the cake mixes market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Betty Crocker launched the Triple Chocolate Fudge Cake Mix, a mix with three types of chocolate chips and cocoa powder.
– In August 2022, Pillsbury launched the Funfetti Mix range of cake mixes with sprinkles and colorful bits.
– In October 2022, Duncan Hines launched the Moist Deluxe range of cake mixes with premium ingredients.
Some of the prominent players in the cake mixes market include:
– General Mills, Inc.
– Pinnacle Foods Inc.
– Kraft Heinz Company
– Unilever
– Mondelez International, Inc.
– Betty Crocker
– Pillsbury
– Duncan Hines
– Dr. Oetker
– Wilton Industries, Inc.
Global Cake Mixes Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global cake mixes products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Vanilla Cake Mixes
– Chocolate Cake Mixes
– Fruit Cake Mixes
– Other Cake Mixes
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: The cake mixes products market has witnessed a significant growth due to the introduction of innovative products and flavors. Companies are developing products with different flavors, textures, and ingredients to meet the increasing demands of consumers. Furthermore, the rising demand for convenience and ready-to-eat products is encouraging manufacturers to introduce products that are easy to prepare and require less time to prepare.
[Q]: Who are the Key Players in the Cake Mixes Products Market?
[A]: Some of the key players in the cake mixes products market include General Mills, Inc., ConAgra Foods, Inc., The J.M. Smucker Company, Dawn Food Products, Inc., Dr. Oetker GmbH, Pinnacle Foods Inc., and The Kraft Heinz Company.
[Q]: Which Region Offers the Largest Opportunity for Sales of Cake Mixes Products?
[A]: North America is expected to remain the largest market for cake mixes products. The region is expected to generate significant revenue due to the presence of large number of bakery chains and the increasing demand for convenience products. Additionally, the presence of well-established food manufacturers in the region is likely to further drive the growth of the market.
[Q]: What are the factors driving the cake mixes products market?
[A]: The increasing demand for convenience products and ready-to-eat products is expected to drive the growth of the cake mixes products market. Furthermore, the rising demand for healthy and nutritious products is also anticipated to propel the growth of the market. Additionally, the growing demand for new flavors and the introduction of innovative products are also expected to drive the growth of the market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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