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.
[USPRwire, Fri Jul 19 2019] 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. Offering convenience, due to the reduced preparation time and all-in-one ingredient formulation are some of the factors resulting in the popularity of baking mixes among consumers. However, rising concern towards the health and preference for natural and organic food products is one of the major factor hampering the growth of the global baking mixes market.
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.
Baking Mixes includes the pre-mixed formulation of all the ingredients used to prepare various baked products. Some of the common ingredients used in the baking mixes are flour, baking soda, baking powder, salt, sugar, yeast, flavoring ingredients, and other ingredients depending on the type of baked product, for instance, leaving aside the common ingredients, additional baking mix ingredients for bread differ from the baking mix ingredients for cakes, muffins, etc. Most of the baking mixes are available in a powder form and require the addition of milk, water, cooking oil, eggs, etc.
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Rising number of consumers moving away from the artificial ingredients, sweeteners, and preservatives is resulting in the manufacturers focusing on developing or producing baking mixes using organic or natural sweeteners and ingredients. Hence, baking mixes including organic and gluten-free ingredients are more gaining traction. Meanwhile, major market players are also investing in the research to offer new flavors and enhance the taste. With nutrition-focused and ingredient-focused ready to pay more for the quality product, baking mixes manufacturers are conducting quality-assurance testing of the product.
Compared to the various baking mix products available in the market such as pizza dough baking mix, biscuits, and cookies baking mix, etc., bread baking mix is likely to emerge as one of the top-selling baking mix product. Bread baking mix is estimated to exceed US$ 1,700 million revenue by 2022 end. Although cakes and pastries are also likely to gain nearly one-fourth of the share in terms of the revenue by 2017 end.
Highest Distribution of Baking Mix through Modern Trade
Modern trade is likely to emerge as the biggest distribution channel for baking mix. By 2022 end, modern trade is estimated to exceed US$ 1,600 million value. Meanwhile, online distribution channels are also likely to experience moderate growth between 2017 and 2022.
North America to Dominate the Global Baking Mixes Market
North America is likely to remain dominant in the global baking mixes market throughout the forecast period 2017-2022. Meanwhile, Europe and Asia Pacific Excluding Japan (APEJ) are also anticipated to witness growth in the baking mixes market. Growth in disposable income and rising population are a few factors contributing to the growth of the market in APEJ region.
The report also profiles companies that are expected to remain active in the expansion of global baking mixes market through 2022, which include Cargill Inc., General Mills, Inc., Pinnacle Foods Inc., Chelsea Milling Company, Ingredion Incorporated, Associated British Foods plc, Archer-Daniels-Midland Company, Bob's Red Mill Natural Foods, Inc., Hain Celestial Group, Inc., and Dawn Food Products Inc.
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