Is this product Vegetarian ?

NO, This product includes Egg yolk powder.

What is the difference between Cake Donut mix and perfect raised donut mix ?

Cake donut mix uses chemical leavening like the ones used in cakes and confectionery. Its mix is a batter and can only be used with depositor machines or robots. Perfect raised donut on the other hand uses natural yeast based leavening. It made from dough that needs fermentation and can be prepared in a manual process without the need for automated machines.