Vegan Baking Mix Market to Surpass US$ 1.68 Billion at a CAGR of 5.3% by 2033, States Fact.MR
The United Kingdom’s rapid expansion of the food industry is propelling the growth of the vegan baking mix market.
Rockville, Aug. 03, 2023 (GLOBE NEWSWIRE) — According to Fact.MR, by the end of 2033, the size of the global Vegan Baking Mix Market is predicted to reach US$ 1.68 billion, expanding at 5.3% CAGR over the decade.
As more recipes are being developed in the baking sector, there will be a rise in demand for vegan baking mixes. People are talking about veganism in health-related narratives that have been developed. Many medical experts and healthcare providers have promoted vegan goods and services, endorsing vegan cuisine. Numerous factors contribute to the rising popularity of vegan diets. As vegan diets are often high in fiber, vitamins, minerals, and antioxidants and low in saturated fat and cholesterol, many individuals are becoming vegans for health-related reasons.
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It is anticipated that an increase in vegan restaurants and a boost in the variety of items supplied will spur market expansion over the coming years. Online stores are expanding their selection of goods by including bread products made from vegan baking mixes. Over the past few years, the baking business has developed at a notable rate.
The popularity of premium cuisine that is enjoyed in cafés and chic eateries has become a brand. Due to this, restaurants and culinary establishments now feature new goods as part of their menus.
Vegan baking mixes top the charts of high-end food products that cater to a specialized, niche market. Many people have developed an intolerance for the killing of animals, which has caused them to adopt vegan lifestyles.
Key Takeaways from Market Study
- The global vegan baking mix market is valued at US$ 1 billion in 2023.
- The market is estimated to reach US$ 1.68 billion by 2033.
- Sales of vegan baking mixes are forecasted to rise at a CAGR of 5.3% through 2033.
- Demand for vegan baking mixes for use in cakes & pastries is set to increase at 6.3% CAGR from 2023 to 2033.
- The market in Germany is estimated to reach US$ 377.2 million by the end of 2033.
- The market in India is projected to expand at 7.5% CAGR over the next ten years.
“Companies that sell vegan items are in touch with influencers and famous people who have a vegan inclination to advertise their products. Gluten-free baking mixes are viewed as healthy substitutes for sugary treats that are high in calories. Online and social media have been effective tools for promoting vegan lifestyles. Demand for vegan baking mixes will increase as more people attempt to strike a balance between their food preferences and vegan lifestyles,” says a Fact.MR analyst
Winning Strategy
Leading market players are replacing conventional ingredients with vegan alternatives in their products as a result of recent changes in consumer behavior. Top market participants are making investments in marketing and promotion initiatives to inform the public about the taste and popularity of vegan baking mixes.
For instance,
- In 2020, the first vegan frozen dessert line, Chloe’s Oatmilk Pops, was introduced to the market by Chloe’s, which specializes in vegan culinary ingredients. These new pops are manufactured using clean-label, dairy-free, gluten-free, plant-based ingredients that also have many environmental benefits.
Top manufacturers of vegan baking mixes are concentrating on product standards, boosting their production capabilities, creating new, innovative goods, and expanding their distribution networks to expand their market share globally. To boost their revenue, they are concentrating on fresh ideas, quality assurance, and supply chain management.
For instance,
- Ingredion produced a ground-breaking product called Potex to improve the texture and freshness of the bread product. It is formed of fibers from potatoes.
Key Companies Profiled
- Pamela’s Products
- Simple Mills
- To Your Health
- Ener-G Foods
- Hodgson Mill
- Bob’s Red Mill
- Dr. Oetker
- Kinnikinnick Foods
- Bakels
- Ingredion
- Lallemand
- Pak Group
- Kerry Group
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global vegan baking mix market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the vegan baking mix market based on product (flour, oils, sweeteners, flavoring agents, others) and end product (cakes & pastries, breads & rolls, biscuits & cookies, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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