Market Highlights
Global Baking Mixes Market is estimated to be valued at USD 2,890.7 Million by 2026, registering a CAGR of 4.23% during the forecast period. The rising demand for baking mixes can be attributed to primarily driven by the rapidly evolving consumer preference for product varieties in terms of taste, flavors, and freshness. A shift in consumer lifestyle and rising demand for convenience foods support the growth of the baking mix market on a global platform. Increasing affluence combined with faster-paced lifestyles is driving willingness to skip meals at home and spend on food and snacks ‘on-the-go’ is driving the growth of baking mixes market.
North America was the largest market for baking mixes in 2019. The region is likely to continue to dominate the global market during the review period. The US was the largest market with a share of 84.50% in 2019. However, Canada is projected to witness a substantial growth rate during the study period. The expanding product portfolio of baking mixes by the key manufacturers is one of the significant factors driving the growth of the baking mixes market in the region
The global baking mixes market is projected to register a notable growth rate during the forecast period. The rising demand for ready-to-eat food and convenience food is supporting the growth of the global baking mixes market on a global platform. Furthermore, the growth of the organized retail sector in Asia-Pacific supports the growth of the global baking mixes market. Increased consumption of bakery products and the growth of the bakery industry are fueling the growth of the global baking mixes market. Growing preference for organic and clean label baked products is expected to create lucrative growth opportunities for baking mixes manufacturers during the review period. High investments in R&D activities and the development of new products are potential opportunities for the producers of baking mixes to ensure high revenue generation. Furthermore, stringent regulatory environment restrictions are hindering the growth of the global baking mixes market.
Segmental Analysis
Global Baking Mixes Market has been segmented on the basis of Product Type, Category, End-Use, Distribution Channel and Region.
By product type, the market has been divided into cookie & biscuit mixes, cake, pastry & muffin mixes, bread mixes, and others. The cake, pastry & muffin mixes segment accounted for the largest market share in 2019. The cake, pastry & muffin mixes segment is a very lucrative product segment for the market players owing to the high consumption of cakes, pastries, and muffins. They are sweet baked products consumed throughout the year on any occasion. However, the bread mixes segment is projected to be the fastest-growing segment during the forecasted period.
Based on category, the market has been segmented into conventional and gluten-free. The conventional segment accounted for a larger market share in 2019 and the gluten-free segment is expected to register a higher CAGR during the forecast period.
Based on end use, the market has been segmented into retail consumers and foodservice. The retail consumers segment accounted for a larger market share in 2019, and the foodservice segment is expected to register the highest CAGR during the forecast period.
Based on distribution channel, the market has been segmented into store-based and non-store based. The store-based segment has further been divided into supermarkets & hypermarkets, convenience stores, and others. The supermarkets & hypermarkets segment is projected to be the fastest-growing sub-segment during the review period. Convenience stores also play a key role in the distribution of baking mixes. However, the non-store-based segment is projected to exhibit a higher growth rate during the review period.
Regional Analysis
Geographically, the Global Baking Mixes Market has been segregated into North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, North America accounted for a dominant share of the global market in 2019, with the US being the major consumer of baking mixes. The market in Europe also accounted for a significant share in 2019. The Rest of Europe is a key contributor to the growth of the baking mixes market. Consumers are opting for healthy bakery products that contain whole grain, have high fiber content, and are gluten-free. Also, the increasing consumer inclination toward convenience foods due to busy lifestyles is anticipated to drive the growth of the Europe baking mixes market. The Rest of the World is projected to register a CAGR of 3.71% during the forecast period.
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Key Players
Market Research Future recognizes General Mills Inc. (US), Conagra Brands, Inc. (US), Chelsea Milling Company (US), Associated British Foods plc (UK), Mondelēz International, Inc. (US), Bob’s Red Mill Natural Foods, Inc. (US), Hain Celestial (US), Keto and Company (US), Continental Mills, Inc. (US), and Dawn Food Products, Inc. (US) as the Key Players in the Global Baking Mixes Market.
Key Findings of the Study
- Global Baking Mixes Market is expected to register a growth rate of 4.23% from 2020 to 2026.
- The bread mixes segment is estimated to register the highest growth rate during the forecast period.
- On the basis of category, the conventional segment is expected to account for a larger market share during the forecast period.
- On the basis of end-use, the retail consumers segment is expected to hold a larger market share during the forecast period
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