Fact.MR reports that, by the close of 2033, the global Vegan Baking Mix Market is forecasted to attain a size of $1.68 billion, marking a noteworthy 5.3% compound annual growth rate (CAGR) over the ensuing decade.
The baking sector's ongoing recipe development is expected to drive an uptick in the demand for vegan baking mixes. Increasing discussions on veganism within health-related narratives, endorsed by medical experts and healthcare providers, are contributing to the heightened popularity of vegan diets. The appeal lies in the nutritional benefits of vegan diets, characterized by elevated levels of fiber, vitamins, minerals and antioxidants, coupled with lower levels of saturated fat and cholesterol. Consequently, a growing number of individuals are embracing veganism for health-oriented reasons.
Projections suggest that the proliferation of vegan restaurants and an expanded product range will act as catalysts for market growth in the coming years. Online retailers are broadening their product offerings to encompass bread products crafted from vegan baking mixes. The baking industry has witnessed substantial growth in recent years.
The trend of premium cuisine, synonymous with cafés and upscale eateries, has transformed into a distinctive brand. Consequently, restaurants and culinary establishments are integrating novel products into their menus.
Vegan baking mixes have emerged as leaders in the realm of high-end food products tailored for a specialized and niche market. A surge in people's aversion to the ethical implications of animal slaughter has prompted an increasing adoption of vegan lifestyles. This attests to the growing resonance of ethical considerations within consumer choices.
Key Takeaways from Market Study
- The global vegan baking mix market is valued at $1 billion in 2023.
- The market is estimated to reach $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 $377.2 million by the end of 2033.
- The market in India is projected to expand at 7.5% CAGR over the next 10 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.
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.
- 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.
- Ingredion produced a ground-breaking product called Potex to improve the texture and freshness of the bread product. It is formed of fiber 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
- Pak Group
- Kerry Group