Albany, NY -- (SBWIRE) -- 10/17/2017 -- While the cake culture has been mostly evident in the North America and European culture, the emerging economies in Asia Pacific has taken over the liking and a number of cake vendors have mushroomed in urban parts of countries such as China, India, Japan, and Malaysia. As the demand for different flavors of cake expands, the global cake mixes market is primed for a robust future. A recent business and commerce study by Transparency Market Research (TMR) reiterates this, projecting the demand in the global cake mixes market to expand at a CAGR of 3.6% during the forecast period of 2017 to 2022. The TMR report has evaluated that the global cake mixes market oozed from opportunities worth of US$1,098.7 mn in 2017, and estimates it to swell up to US$1,310.7 mn by the end 2022.

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Which factors will augment the demand for cake mixes?

As per the findings of the TMR report, a number of factors will ensure a healthy future of the global cake mixes market. Across the world, disposable incomes of urban population is escalating, and with growing masses of potential customers, many of them spending liberally on food items in order to satisfy their taste buds. This is expected to reflect positively on the demand for cake mixes that are easy to use and are at par with bakery produced cakes. While it is believed that cake mixes were born after the World War II, the concept originates from way back in 1930s to find a use for the molasses surplus of a molasses canning company. The introduction of alternatives that are sugar free and contain low far to meet the dietary requirements of a large population will also positively impact the global cake mixes market. The manufacturers of cake mixes have also increases their focus on enhancing the nutritional value of cakes they are producing to cater of a larger consumer-base.

Which market segments are poised for stronger growth?

Based on flavor, the TMR report segments the global cake mixes market into chocolate, butter, vanilla, fruit, milk, berries, red velvet, butter scotch, and others. By the end of 2022, the chocolate flavor segment is projected to serve 32.5% of the overall demand, and produce a revenue of US$426.5 mn. This particular segment is expected to fetch a demand worth of US$15.4 mn annually throughout the forecast period of 2017 to 2022. On the basis of cake type, the market for cake mixes has been bifurcated into layer cake, angel food cake, chiffon cake, flourless or low-flour cake, cheese cake, cupcake, tortes cake, cheese cake, and unbaked cake.

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Which geographical region is currently most lucrative?

North America is by far the most profitable region for the vendors operating in the cake mixes market, projected to serve a demand worth of US$431.0 mn by 2022, significantly up from its evaluated valuation of US$353.7 mn in 2017. The North America cake mixes market is primed to grow at an above-average CAGR of 4.0% during the forecast period of 2017 to 2022. While Europe is currently the second most lucrative region, the region of Asia Pacific except Japan (APEJ) is the one with the best growth rate, anticipated to gain 11 basis points (BPS) between 2017 and 2022.

What is the nature of competition among the market leaders?

The presence of a large number of players is making global cake mixes market highly fragmented, which is a reflection of low entry barriers. Some of the key players of this market are Archer-Daniels-Midland Company, General Mills Inc., Associated British Foods Plc., Cargill Inc., Pinnacle Foods Inc., Ingredion Incorporated, Kerry Group Plc, Hain Celestial Group Inc., Chelsea Milling Company, and Continental Mills Inc.