Bread Baking Mixes to Contribute over US$ 2.7 Bn in Revenue through 2031, reports Fact.MR
Published : 26 Nov 2021 Industry: Food & Beverage
The worldwide baking mixes market is predicted to increase at a CAGR of 5.3%, reaching US$ 9.5 Bn by the end of the 2021-2031 forecast period. Demand is being primarily spurred, given the high incidence of bread and other bakery products consumption in recent years. Furthermore, sales of health boosting baking mixes will be especially prominent.
During the historical period (2016-2020), sales of baking mixes experienced a steady incline, clocking a CAGR of 4% to reach US$ 5.4 Bn. The market experienced a Y-o-Y increase of 3.9% in 2021 over 2020. Sales further spiked throughout the COVID-19 pandemic, as the popularity of home baking surged manifold. Numerous retail outlets selling baking mixes experienced a 60% rise in product sales, especially in South Asia.
Future market demand is reliant on the ever widening popularity of gluten-free bakery products. Studies suggest that worldwide incidence of celiac disease, or gluten intolerance affects between 0.5% and 1% of the general population. This rate is the highest across Asia, at 1.8%. Hence, manufacturers are introducing mixes which either have low or no gluten in them.
Key Takeaways from the Market Study
- By 2031, the bread baking mixes are expected to generate over US$ 2.7 Bn in sales
- Modern trade is expected to contribute for approximately 33% of total baking mix sales
- Surging health consciousness boosting gluten-free baking mixes sales in the U.S, registering a 5% CAGR
- U.K to emerge as the fastest growing baking mixes market, clocking a CAGR of 6.5% through 2031
- Global baking mixes industry to be valued at US$ 5.66 Bn in 2021
“Growing desire for organic and clean label baked goods is likely to generate profitable development possibilities for baking mix makers. Substantial investments in R&D activities, followed by the creation of new products, are significant opportunities for baking mix manufacturers,” says a Fact.MR analyst.
Companies in the baking mixes industry are focused on product innovation and development. Large food corporations with R&D facilities are working hard to create a new range of baking mixes. This comprises baking mixes that fulfill dietary needs, new-age consumer eating habits, decreased sugar content, non-dairy, and zero rising agents.
- In October 2021, Cargill Inc. introduced its SimPure 92260 soluble rice flour, exhibiting similar taste, texture and functionality as maltodextrin, an ingredient commonly used as a bulking agent and flavor carrier, rendering it suitable for applications in reduced-sugar bakery products, snacks, cereals & bars, powdered beverages and convenience foods
- Likewise, in January 2021, General Mills Inc. debuted 5 new bakery products in its Betty Crocker brand. These include the New Dunkaroos Frosting, Reese’s Pieces Surprise Cupcake Kit, the Hershey’s Kisses Blossom Cookie Kit, Giant Cookie Kit and Lemon Cookie Mix respectively
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global baking mixes market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study indulges essential insights on the market on the basis of product type (bread, cakes and pastries, biscuits and cookies, pizza dough, waffles, muffins and brownies, pancakes, frosting and other bakery products) and distribution channel (modern trade, departmental and traditional grocery stores, convenience stores, online channels and other retail formats) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
Fact.MR’s Domain Knowledge in Food & Beverages
Our food and beverages consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the food and beverages sector. Our expertise in recognizing the challenges and trends impacting the global food and beverages industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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Nandini Roy Choudhury
Sr. Consultant – Food and Beverages