The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- California Country Gal, Inc.
- Caulipower LLC
- Continental Mills, Inc.
- General Mills Inc.
- Goodman Fielder Pty Ltd.
- King Arthur Baking Company Inc.
- Montana Gluten Free Processors, LLC
- Pamelas Products Inc.
- Williams Sonoma Inc.
Moreover, the vegetable-based baking mixes market is concentrated and the vendors are deploying growth strategies such as expanding their geographical presence and entering into long-term partnership contracts with the end-user to compete in the market.
Download Sample Report to find additional highlights on the growth strategies adopted by vendors and their product offerings,
Geographical Market Analysis
56% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for vegetable-based baking mixes in North America. Market growth in this region will be faster than the growth of the market in the European, MEA, and South American regions. The rising lifestyle-related health issues among consumers will facilitate the vegetable-based baking mixes market growth in North America over the forecast period.
Key Segment Analysis
The vegetable-based baking mixes market share growth by the offline segment will be significant during the forecast period. The offline channel includes specialty and convenience stores, supermarkets, hypermarkets, mom-and-pop stores, discount stores, and others. This channel’s leading position can be attributable to the high penetration and growth of organized retailers around the world. With the increasing use of different marketing strategies and innovative supermarket designs, many retailers are facilitating specific consumer footfall patterns toward particular food sections. These factors provide better visibility of products. With innovative marketing strategies, trial purchasing options, and easy accessibility, supermarkets and hypermarkets are propelling the distribution of niche products such as vegetable based baking mixes.
Key Market Driver
One of the key factors driving growth in the vegetable-based baking mixes market is the increase in demand for healthy RTE products. The expanding urban population base, rising demand for healthy on-the-go RTE foods, and increasing purchasing power in emerging countries are driving the growth of the global vegetable-based baking mixes market. The demand for RTE products is increasing mostly because of the hectic lifestyle, as people do not have the time to cook from scratch nowadays. In line with this, innovation from manufacturers in RTE products in terms of convenience has increased. The economic development and growing urbanization have thus resulted in a shift in consumer preference for more baked and RTE products. This transition, however, has brought about several lifestyle-related ailments and disorders, such as obesity and diabetes. Hence, consumers are becoming more mindful of the nutritional value of food products. This factor, in turn, has been propelling the demand for vegetable-based baking mixes.
Key Market Challenge
The volatility in raw material prices will be a major challenge for the vegetable-based baking mix market during the forecast period. Vegetable-based baking mixes have many ingredients, which may differ based on flavors and varieties. However, the major raw materials include flour, salt, sugar, baking soda, vegetables (dried or powdered), vegetable oils, and flavors. Any volatility or instability in the prices of these raw materials can be a major challenge for the global vegetable-based baking mixes market. The prices of the ingredients are rising due to increasing costs of production. Any volatility in global economic conditions such as a decline in the global economic growth, diminishing production fields, negative trends in investments, or even global trade can adversely affect the prices of these materials and impact the market negatively. The growing climatic changes and the other factors leading to the volatility of raw materials are challenging the global vegetable-based baking mixes market.