Baking Mixes Market is Predicted to Gain US$ 11.09 Billion at 5.3% CAGR by 2033, States Fact.MR

Rockville, July 05, 2023 (GLOBE NEWSWIRE) — According to the latest published industry report by Fact.MR, a market research and competitive intelligence provider, Baking Mixes Market is projected to reach US$ 11.09 billion, from an expected US$ 6.61 billion in 2033. The global market for baking mixes is anticipated to grow at a moderate 3.9% CAGR from 2018 to 2022 to 5.3% CAGR over the following ten years.

The consumption of bakery products has been increasing on a global basis, and it is expected that this will predominantly increase sales of baking mixes in the future. Due to their reliance on bread as a main food source, Western nations today account for the majority of the demand for bakery goods.

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Key Driving Forces Accelerating the Market Growth

• Baking mixes offer convenience to consumers by providing pre-packaged ingredients with measured proportions, eliminating the need for measuring and mixing various ingredients. This saves time and effort in baking, making it an attractive option for busy individuals or those with limited baking skills.
• There has been a rise in the demand for homemade baked goods, as people are spending more time at home and seeking out activities like baking. Baking mixes cater to this demand by providing an easy way to create homemade baked goods without the need for extensive baking knowledge or skills.
• Factors such as an upsurge in the number of people suffering from gluten intolerance and celiac disease have resulted in the consumption of gluten-free products. A rise in consumption of plant-based and gluten-free baking mixes is expected during the forecast period.
  • Baking mix sales in the US are expected to witness a valuation of US $ 2.24 Bn by the end of 2033 and is predicted to witness a CAGR of 4% during the forecast period.
• Baking mix manufacturers are constantly introducing new and innovative products to meet evolving consumer preferences. They offer a wide range of flavors, textures, and dietary options to cater to various needs, including gluten-free, vegan, and organic baking mixes.
• Many consumers are becoming more health-conscious and are seeking healthier alternatives in their baked goods. Baking mix manufacturers are addressing this demand by offering products with reduced sugar, whole grains, and natural ingredients.

Vital Indicators Shaping the Future of the Industry

• The increasing focus on health and wellness is expected to shape the future of the baking mixes market. Consumers are seeking healthier alternatives in their baked goods, including options with reduced sugar, whole grains, and natural ingredients.
• Consumers are becoming more conscious of the ingredients used in their food products. They are looking for baking mixes that have clean labels, which means they are free from artificial flavors, colors, and preservatives. Transparency in ingredient sourcing and manufacturing practices will become increasingly important for baking mix brands.
• Growing environmental awareness is influencing consumer choices. Sustainable packaging, ethical sourcing of ingredients, and environmentally friendly manufacturing practices will become significant factors in the baking mix market.
• The rise in plant-based diets and alternative ingredients is impacting the baking mixes market. Consumers are seeking vegan and gluten-free options, as well as alternatives to traditional wheat flour, such as almond flour, coconut flour, or oat flour.

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Challenges Hindering the Market Growth

• The baking mixes market in North America is highly competitive, with numerous brands and products vying for consumer attention. The presence of both established players and new entrants intensifies competition, making it challenging for companies to differentiate themselves and capture market share.
• Some consumers perceive baking mixes as inferior to homemade or bakery-made goods. They may associate baking mixes with lower quality, lack of authenticity, or artificial ingredients. Overcoming this perception and building trust in the quality of baking mixes is a significant challenge for companies operating in the market.
• Price sensitivity among consumers poses a challenge for baking mix manufacturers. With increasing competition and the availability of cheaper alternatives, companies may face challenges in maintaining attractive pricing levels for consumers while ensuring profitability.

Strategies for Manufacturers/Suppliers to Scale in the Market

Constantly innovating and diversifying product offerings can help manufacturers/suppliers attract new customers and tap into emerging trends. This could involve developing new flavors, introducing specialty or seasonal baking mixes, and catering to dietary preferences such as gluten-free, vegan, or organic options.

• In March 2033, Snacktivisit, a regenerative baking mix company announced that it had completed its branding and packaging refresh and had also launched the same on all sales channels in 2023.

Collaborating with other companies or brands can provide opportunities for growth and expanded market reach. Manufacturers/suppliers can explore partnerships with retailers, e-commerce platforms, or complementary product manufacturers to leverage each other’s strengths and access new customer bases.

• Another example is Renewal Mill (a company focusing on climate-friendly baking) had partnered with Just Date, a specialty sweetener provider to offer gluten-free muffin mix using upcycled ingredients.

Key Companies Profiled

• Cargill Inc.
• Dawn Food Products Inc.
• General Mills Inc.
• Associated British Foods plc
• Archer-Daniels-Midland Company
• Pinnacle Foods Inc.
• Chelsea Milling Company
• Bob’s Red Mill Natural Foods Inc.
• Hain Celestial Group Inc.
• Ingredion Incorporated

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Key Segments of Baking Mixes Industry Research

• By Product Type:
  • Bread
  • Cakes & Pastries
  • Biscuits & Cookies
  • Pizza Dough
  • Waffles
  • Muffins &Brownies
  • Pancakes
  • Frosting
  • Other Bakery Products
• By Distribution Channel:
  • Modern Trade
  • Departmental & Traditional Grocery Stores
  • Convenience Stores
  • Online Channels
  • Other Retail Channels
• By Region:
  • North America
  • Latin America
  • Europe
  • APAC
  • MEA

Check Out More Related Studies Published by Fact.MR Research:

Baking Mix, Base and Concentrate Market: The global baking mix, base and concentrate market is expected to grow with the single-digit growth rate in the forecast period, 2018-2028.

Gluten-free Baking Mixes Market: Revenue from the global gluten-free baking mixes market is set to reach US$ 454 million in 2022, with the market predicted to expand at a high CAGR of 7.3% to reach US$ 923.2 million by 2032.

Vegan Baking Ingredients Market: The vegan baking ingredients market remains highly consolidated with leading players holding over 50% of the market share. These vegan baking ingredients producing giants are focusing on scaling their production facilities.

Baked Chips Market: The global baked chips market is valued at US$ 33.8 billion in 2023 and is expected to reach US$ 66.6 billion by 2033. Global demand for baked chips is predicted to increase at a noteworthy CAGR of 7% during the next 10 years.

Bakery Fillings Market: Bakery fillings are becoming versatile products, which are inspiring creative food applications. It is expected that the bakery fillings market will grow prominently during the forecast period – 2018 to 2028.

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