According to the latest report by Fact.MR, the global market for baking mixes is likely to experience moderate CAGR. The market is estimated to reach US$ 5,893.3 million revenue towards 2022 end.
Providing convenience and saving time and cost, baking mixes are being used by consumers for preparing baked food items at home. Manufacturers of baking mixes are also focusing on formulating the baking mix using ingredients that are somewhat close to the finished bakery product.
Meanwhile, with customers becoming health-conscious, manufacturers have started using natural and gluten-free ingredients and sweeteners to cater to the needs of the customers. Hence, the trend of providing baking mixes that can be in a phase with consumer health interest is on a rise.
Along with the ingredients, flavors are also playing an important role in baking mixes. With the desire of the consumers to try new flavors, manufacturers are infusing exotic flavors into baking mixes.
Meanwhile, fruit, chocolate, vanilla, and cinnamon are some of the classic flavors that continue to hold their position in the baking.
However, proper ingredient selection with perfect quantity and high-quality, and producing the baking mix with minimum mixing stages or steps for consumers are some of the challenges being faced by the baking mix manufacturers.
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According to the report compiled by Fact.MR, the global baking mixes market is expected to witness moderate growth. The market is projected to increase to 4.0% CAGR during the forecast period 2017-2022.
Due to the convenience offered by baking mixes, increasing number of consumers are using baking mixes. It also eliminates the need to buy individual ingredients, thereby saving the cost.
Below are some of the insights on how the global baking mixes market will perform in the next five years.
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4 Key Highlights on Global Baking Mixes Market
North America is expected to dominate the global baking mixes market during the forecast period. By the end of 2022, North America is projected to exceed US$ 1,900 million value.
Owing to the stringent regulations for the food processing industry by the government is resulting in the growth of gluten-free baking mix products, thereby fueling the growth of North America baking mixes market.
Europe baking mixes market is also expected to account for more than one-fourth of the revenue share by the end of 2017. Various countries in Europe are also becoming technologically advanced in the field of food processing, thereby resulting in the demand for processed foods such as baking mixes.
Among various baking mix products, bread baking mix is expected to be one of the most preferred baking mix product. Bread baking mix is projected to reach nearly US$ 1,800 million revenue by the end of 2022.
Meanwhile, cakes and pastries baking mixes are also expected to witness above-average growth during the forecast period 2017-2022.
Distribution of baking mixes is expected to be the highest through the modern trade. By the end of 2022, modern trade is projected to reach close to US$ 1,700 million revenue.
Modern trade is also projected to account for nearly one-third of the revenue share by the end of 2017.
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The report also provides a detailed profile of all the leading players in the global market for baking mixes, which will remain active through 2022. These include companies such as General Mills, Inc., Cargill Inc., Pinnacle Foods Inc., Associated British Foods plc, Chelsea Milling Company, Archer-Daniels-Midland Company, Ingredion Incorporated, Hain Celestial Group, Inc., Dawn Food Products Inc., and Bob's Red Mill Natural Foods, Inc.
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