The prepared flour mixes market is securing a valuation of US$ 31.7 billion in 2023 and is projected to reach US$ 58.40 billion by 2033. The market is capturing a CAGR of 6.3% during the forecast period.
How is Bakery Industry Rapidly Growing in the Global Market?
The bakery industry is a significant end-user sector that captures a maximum portion of the share in the global market. Growing demand for baking mixes with adding dry mixed ingredients among consumers is surging the bakery industry by providing convenient and consistent baking solutions. Due to busy schedules, consumers prefer to visit bakery shops for organic and healthy prepared flour mixes.
Prepared flour mixes offer a quick and easy solution that requires minimal preparation time and effort. Conversely, novice bakers constantly create better-prepared flour mixes from scratch with their technical skills. Consumers are also assured of their consistent outcome every time they bake.
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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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.
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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