It’s Pancake Season and We’re Flipping Out Over These 4 Pancake Brands

Contentworks Agency
5 min readFeb 5, 2024

The warm, delicious aroma of a sweet tradition begins to fill the air. We’re talking about Shrove Tuesday better known as Pancake Day of course. Today, we’re checking out the impact of pancake day on the markets, before taking a glance at top tradable events this coming week.

What’s with pancakes anyway?

Pancake Tuesday is celebrated the day before Ash Wednesday, marking the official start of Lent, a period of fasting and reflection in some Christian denominations. But before that quiet time of reflection arrives, there’s time for one last indulgence: pancakes! Pancakes were originally made as a way to use up all the dairy and eggs before Lent’s restrictions kicked in. Today, Pancake Day remains a beloved celebration, with pancake consumption and sales spiking significantly.

Pancake Day 2024 is on Tuesday February 13. If you’re looking to trade the event, then there are a few brands to watch:

1. PepsiCo

Current price: 170.97 USD

1 Year Performance: -0.49%

5 Year Performance: +51.27%

PEP stock, 1-year

Source: Google

Obviously a juggernaut in its own right, PepsiCo is a household name more synonymous with bubbly colas and crunchy snacks than eggy-breakfasts. So why is it here?

The company also owns one of the US’ most famous brands of pancake mix: Aunt Jemima: (Now known as “Quaker Oats Pancake Mix”). This iconic brand has been a breakfast staple for generations. However, recent controversies regarding its racialised imagery prompted the name change in 2021. Despite the rebranding, “Quaker Oats Pancake Mix” continues to hold a strong market share, particularly among nostalgic consumers.

PepsiCo also owns the Pearl Milling Company(TM) Original Pancake & Waffle Mix product, another popular choice for pancake batter hunter-gatherers.

Pancake Day is likely to see a steady increase in sales for these products, driven by brand loyalty and tradition. And this could come at a good time for investors as PEP stock is largely considered to be undervalued at the moment.

2. Williams Sonoma

Current price: 200.34 USD

1 Year Performance: +48.80%

5 Year Performance: +278.86%

WSM stock, 1-year

Source: Google

Williams Sonoma is well-known for being a high-quality kitchenware and gourmet food supplier. Founded in 1956, the brand began as a small Sonoma cookware store, offering unique European imports. The company sparked a revolution in home cooking, a legacy that lasts to this day.

The company owns the Flappin’ Jack Pancake Mix brand, one of the most popular on the market and it’s sure to fly off the shelves next week.

Williams Sonoma has seen remarkable growth over the last 5 years, with its stock price following suit rising over 250% over that period. This is largely down to the company’s success in the e-commerce and the Business-to-Business (B2B) segments. Furthermore, its efforts to expand retail operations and diversify its product portfolio are showing promising results.

Could pancake day add even more to the mix?

3. Dine Brands Global Inc.

Current price: 46.97 USD

1 Year Performance: -41.57%

5 Year Performance: + 41.69%

DIN stock, 1-year

Source: Google

You’d be forgiven for not recognising this one. Dine Brands own IHOP — the International House of Pancakes — which means it cannot be ignored on Shrove Tuesday. This popular restaurant chain thrives on this day, with lines often snaking out the door as patrons indulge in their signature fluffy stacks. Shrove Tuesday is undoubtedly IHOP’s biggest sales day of the year, showcasing the power of the day’s association with pancakes.

Such strong sales couldn’t come soon enough for Dine Brands who have been having a rough year of it. Last year’s numbers were particularly underwhelming. In the company’s Q3 results in November, they reported quarterly revenue of $202.5 million, a 13% decline YoY. The sharp decline in revenue was related to the re-franchising of 69 Applebee’s restaurants — another of its brands.

There’s no doubt, DIN stock is at a very low price, but it might take more than a strong day of IHOP sales to flip this one over.

4. General Mills

Current price: 64.80 USD

1 Year Performance: -16.04%

5 Year Performance: + 44.74%

GIS stock, 1-year

Source: Google

General Mills has risen to become a global powerhouse in the food industry. Over 150 years, it has transformed from a single product company to a diverse portfolio encompassing iconic brands like Cheerios, Pillsbury, Häagen-Dazs, and Blue Buffalo. The company is also responsible for the Betty Crocker brand that produces it’s own pancake mix as well as the Bisquick mix, both of which are major household favourites about this time of the year.

GIS shares have had a pretty decent few years, but are down after the company reported its second-quarter FY23 earnings and revised its outlook citing a slower volume recovery, reflecting a more cautious consumer economic outlook.

They’ll be hoping for a strong pancake performance on the 13th of February!

Beyond the Brands: Market Insights

Shrove Tuesday’s influence extends beyond individual brands. The pancake market itself experiences a pretty sweet boost during this period.

The global pancake mix market is expected to reach a value of USD 5.28 billion by 2027, with Shrove Tuesday playing a key role in driving sales.

Source: Statista

Looking at ingredient trends, the market reflects an increasing demand for healthier options. Sales of organic and gluten-free pancake mixes are on the rise, catering to consumers seeking alternatives to traditional mixes.

Additionally, plant-based milk alternatives like almond and oat milk are increasingly used in pancake recipes, reflecting dietary preferences and sustainability concerns.

Your turn!

Will you be trading with a stack of pancakes on your desk? Let us know your plans over on X: @_contentworks.

Top fundamental events this week

It looks like it’s going to be a pretty quiet week — let’s check it out.


● AUD — Balance of Trade

● EUR — German Balance of Trade

● USD — ISM Services PMI


● AUD — RBA Interest Rate Decision

● CAD — Ivey PMI s.a; Ivey PMI s.a


No major events are scheduled.


● CAD — Balance of Trade


● CAD — Unemployment Rate

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Speak soon!

The Contentworks team



Contentworks Agency

Contentworks Agency provides compliance friendly content to banks, forex brokers, fintechs and many other sectors.