The prepared flour mixes market is witnessing substantial growth, propelled by factors such as convenience, health consciousness, and the rising popularity of home baking. Valued at US$ 31.7 billion in 2023, the market is predicted to reach a remarkable US$ 58.40 billion by 2033, with a steady CAGR of 6.3% during the forecast period.
The demand for prepared flour mixes is driven by consumer preferences for convenience, health, and variety. These mixes offer consumers the ease of baking without the hassle of measuring and mixing ingredients, making them ideal for individuals with busy lifestyles. Moreover, the growing emphasis on health and wellness has led to an increased demand for mixes containing whole grains, high fiber, and low sugar. Additionally, the availability of gluten-free and allergen-free options caters to the needs of consumers with dietary restrictions.
The bakery industry is successfully expanding the global market in developed and developing countries such as China, Japan, and the United States. The bakery professionals provide unique taste and flavor to the flour mixes, such as chocolate and vanilla. Other prepared flour mixes include gluten-free, vegan and adding of exotic fresh flavors such as matcha and lavender.
Consumers are attracted by the unique, healthy variety of products in bakeries. These crucial factors are fueling the global market growth within the industry.
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Several factors contribute to the growth of the prepared flour mixes market. Firstly, the convenience factor appeals to consumers seeking quick and easy baking solutions amidst their hectic schedules. Secondly, the focus on health and wellness drives demand for mixes containing nutritious ingredients. Furthermore, the availability of a wide range of flavors and varieties enables consumers to experiment with different baked goods, enhancing market growth. Additionally, the surge in home baking trends, fueled by social media, contributes to the market’s expansion.
Key Takeaways:
- The prepared flour mixes market is estimated to register a CAGR of 6.3% with a valuation of US$ 58.40 billion by 2033.
- Historically, the global market captured a valuation of US$ 23.36 billion in 2018.
- The United States is leading the global market by registering a maximum share during the forecast period.
Which Strategies Are Key Players Adopting in the Global Market?
The prepared flour mixes market is rapidly growing, with key players adopting various strategies to gain a competitive advantage. These strategies are:
- Product Innovation:Key players are innovating with their products to meet changing consumer demand. They introduced new products with unique flavors and packaging styles.
- Expansion:Many key players are expanding their operations by entering new markets, establishing new distribution channels and acquiring other companies.
- Mergers and Acquisitions:Key players are merging and acquiring other companies to consolidate their position in the market. It helps them to gain new technologies and products and strengthen the market.
- Partnerships and Collaborations:Key players are forming partnerships and collaborations with other companies in the food industry to share resources and expertise. It helps them to reduce costs, improve product quality and expand market reach.
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Recent Developments in the Global Market are:
- In 2020, General Mills launched new “Good Deeds Mixes” baking mixes. It includes four varieties: chocolate chip cookie, brownie, cornbread, and pizza crust. The company also announced a US$ 5 million commitment to support social justice initiatives.
- In 2020, Archer Daniels Midland completed the acquisition of Rodelle Inc, a premium vanilla extracts and flavors company. This acquisition strengthens the company’s position in the specialty ingredients market.
- In 2020, Associated British Foods’ baking ingredients division, AB Mauri, launched a new range of clean-label bread improvers called CredibleCrumb”. It is designed to help bakers create bread with improved texture and taste with a clean label.
- In 2020, Kerry Group acquired Biosearch Life, a Spanish biotechnology company specializing in natural extracts and probiotics. This acquisition is expected to strengthen Kerry’s health and wellness market position.
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Prepared Flour Mixes Market by Category
By Product:
- Batter Mixes
- Bread Mixes
- Pastry Mixes
By Application
- Food Processing Industry
- Household
- Bakery Shop
- Others
Region:
- North America
- Europe
- Latin America
- Asia Pacific
- The Middle East and Africa
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