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The Pancake Mixes Market size is projected to increase by USD 1.64 billion and the market size is estimated to grow at a CAGR of 5.71% between 2023 and 2028.
This pancake mixes market report extensively covers market segmentation by distribution channel (offline and online), product (dry pancake mixes (DPM) and liquid pancake mixes (LPM)), and geography (APAC, North America, Europe, South America, and Middle East and Africa). Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
Innovations in packaging and increasing demand for multigrain pancake mixes is the key factor driving market growth. The shelf life of a product is increased by the high-quality packaging. To appeal to consumers and create greater visibility of products, the industry is working towards different packaging innovations for their pancake mixes. Moreover, many players have started selling pancake mixes with multigrain content. This is because consumers are rising conscious about the ingredients used in baking mixes and prefer varieties with multigrain content. Many players are anticipated to launch multigrain pancake mix offerings to draw health-conscious consumers. Hence, such factors are expected to drive the growth of the market during the forecast period.
The Pancake Mixes Market shows an Accelerate CAGR during the forecast period.
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Growing demand for gluten-free pancake mixes is the primary trend shaping market growth. The gluten-free food market in Western countries is growing due to more numbers of health-conscious people and awareness about celiac disease. It is estimated that 82% of Americans with celiac disease are still undiagnosed. Also, there is no medication available to cure this disease, and the only way to avoid it is to switch to gluten-free product offerings. Factors including high incidences of digestive health problems, weight management issues, and demand for nutritious food are raising the overall demand for gluten-free food items.
Amid high rates of gluten intolerance and celiac diseases, various health organizations are launching initiatives supporting the consumption of gluten-free bakery products. Therefore, market players have started offering gluten-free pancake mixes. Consequently, many brands are anticipated to come up with gluten-free pancake mixes during the forecast period, which would increase the overall revenue of the market.
Harmful ingredients used in pancake mixes is a challenge that affects market growth. Harmful ingredients are partially hydrogenated oil, and several studies have validated that partially hydrogenated oil contains trans-fat, which raises LDL (low-density lipoprotein) cholesterol, lowers HDL (high-density lipoprotein) cholesterol, and has other harmful effects. Hence, many end-consumers avoid buying packaged pancake mixes and try preparing batter themselves.
Moreover, since people are increasingly becoming conscious about the ingredients used in the products they consume, it is imperative for players not to use ingredients that can harm the overall health of consumers. Hence, such factors are anticipated to impede the growth of the market in focus during the forecast period.
The dry pancake mixes market holds the largest share of the global pancake mixes market, with several market players delivering a dry variety of pancake mixes where the requirement is just water. Market players are coming up with various innovations in dry pancake mixes to attract consumers. Furthermore, the emergence of online shopping platforms has made it simpler for customers to obtain a variety of dry pancake mixes, which has helped this market segment expand internationally. Thus, such innovations and trends are expected to help the dry pancake mixes segment grow significantly and increase the overall revenue of the global pancake mixes market during the forecast period.
The market share growth by the offline segment will be significant during the forecast period. The global pancake mixes market has traditionally been helped by offline distribution channels, which give buyers the opportunity to access a large range of products. Pancake mix purchases are still continually made in physical retail establishments, including supermarkets, hypermarkets, and convenience stores. In-store advertisements and displays can also affect consumer choices.
The offline segment was valued at USD 3.37 billion in 2018.
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Additionally, consumers are more likely to trust and feel acquainted with offline channels, making them the preferred option for individuals looking for pancake mixes. Despite the expansion of e-commerce, the offline distribution channel remains dominant, providing accessibility and convenience to a large consumer base. Owing to these factors, the market in focus is expected to grow during the forecast period.
APAC is estimated to contribute 33% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growth of the global pancake mixes market in APAC is primarily attributed to the growing demand for processed foods in the region, particularly in countries such as India, China, Vietnam, and Japan. The increasing number of working professionals, along with the growing number of nuclear families, has further raised the demand for processed foods in the region. Hence, these factors have significantly contributed to the growth of the processed foods industry, thus positively impacting the growth of the regional pancake mixes market during the forecast period.
The outbreak of COVID-19 in 2020 had a negative impact on the pancake mixes market in APAC. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Furthermore, consumer preference for rapid meal options, product innovations like gluten-free or healthier pancake mixes, and growth in distribution channels, like e-commerce platforms, which make pancake mixes easily accessible to a wider consumer base, are all expected to contribute to the growth of the pancake mixes market in APAC during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The pancake mixes market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The pancake mixes market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Pancake Mixes Market Scope |
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Report Coverage |
Details |
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Page number |
157 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.71% |
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Market Growth 2024-2028 |
USD 1.64 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.22 |
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Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
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Performing market contribution |
APAC at 33% |
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Key countries |
US, China, India, Germany, and the UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Basic American Foods, Bobs Red Mill Natural Foods Inc., C.H. Guenther and Son Inc., Castle Kitchen Foods Corp., Continental Mills Inc., Fibro Foods Pvt. Ltd., FlapJacked, General Mills Inc., Greens Desserts UK Ltd., Hodgson Mill, Hometown Food Co., LITTLE CHERRY MOM, Manildra Flour Mills Pty. Ltd., Pamelas Products Inc., PepsiCo Inc., Premier Foods Plc, Sovos Brands Inc., Swiss Bake Ingredients Pvt. Ltd., Vedant Food Solutions, and Balticovo |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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