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
— Market Overview
A baking mix is a known to be a pre-mixed formulation ingredients, one which is widely used for baking cakes, pancakes, biscuits, and cookies. Alongside being convenient to use, baking mixes also helps reduce the preparation times, thereby catering to the needs of working couples. This is in a way driving the market growth. Moreover, health-conscious consumers are showing increasing inclination towards clean label and organic products, thus the demand for organic baking mixes in recent years have grown at an impressive rate.
Additionally, booming growth of the organized retailing system and e-commerce industry has made the product easily accessible for the consumers. Rising health awareness regarding celiac disease has boosted the demand for free-from products across the globe such as gluten free baking mixes. Evolving consumption patterns and rapid-paced globalization are most likely to enhance the market growth at a striking pace. Also, sound promotional strategy and product launches in various different flavors are expected to continue supporting the market in coming years.
Attractive designs of packaging and customization of product as per the needs of the consumers offer huge opportunities to the players to ensure market expansion. Increasing rate of urbanization and growth in the overall female workforce are some of the other key factors aiding the market growth. The product is usually priced at a reasonable slab, however, consumers are not shying away from purchasing even premium priced products. Consumers are showing increasing interest in understanding what goes into their product and are more interested in buying quality products. Thus, an increase in the demand for premium range baking mix items has been reported in recent years.
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The global baking mixes market was analyzed by Market Research Future (MRFR) and it was projected that a decent CAGR of 6.79% will be attained by the market over the forecast period of 2019 to 2024. The valuation of the baking mixes market was further stated to surpass its previous valuation and reach an estimated figure of USD 4.27 billion by 2024.
The global baking mixes market comprises a host of key players. This includes names like Hain Celestial Group, Inc. (US), Conagra Brands, Inc. (US), General Mills, Inc. (US), Chelsea Milling Company (US), Associated British Foods Plc (UK), Continental Mills, Inc. (US), Simple Mills. (US), Bob's Red Mill Natural Foods, Inc. (US), Dr. Oetker (Germany), Stonewall Kitchen (US), Mondelez International (US), Keto and Company (US), Pioneer Brand (US), Miss Jones Baking Co. (US), and Foodstirs, Inc. (US).
The global baking mixes market has been segmented in terms of type, distribution channel, and category.
By Type, the market includes pastry & muffin mixes, cookie & biscuit mixes, cake, bread mixes, others.
By Category, the market segments into gluten-free and conventional.
By Distribution Channel, the market branches into store-based and non-store-based channels. The store-based segment is narrowed down into convenience stores, supermarkets and hypermarkets, and others.
The Global Baking Mixes Market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
Europe is anticipated to dominate the baking mixes market over the forecast period. Countries like the UK, Germany, and France are expected to be the major contributors to the growth of the regional market. Increasing demand for convenience bakery food items among the working population base is primarily driving the growth of the regional market.
North America is also slated to enjoy a major share of the global baking mixes market. The US is touted to be the leading contributor to the growth of the North American regional market. However, Asia-Pacific stands out with the potential to exhibit the highest CAGR over the forecast period. Herein, developing nations such as India and China are some of the largest contributors to the growth of Asia-Pacific regional market. Rising per capita disposable income, evolving consumer lifestyle, and changing inclination of consumers towards convenience bakery products are some of the leading factors driving the Asia Pacific baking mixes market.
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