November 7, 2019
— Global functional flour market report published by Accurize Market Research forecast that the global market is expected to reach $120 billion by 2024; growing at a CAGR of 6.5% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
Change in lifestyle, growing population, and surge in the expansion of fast-food restaurants & cafes to drive the growth of the market
Change in lifestyle, growing population, and surge in the expansion of fast-food restaurants &cafes globally fuels the demand for the global functional flour market. Moreover, the expansion of commercial farmlands owing to the rising export opportunities along with the high demand for gluten-free flour also boosts the growth of the market.
The global functional flour market has been bifurcated on the basis of raw material, type, product type, application, and geography. By raw material, it is segmented into wheat, maize, rice, and others. By type, the market is segmented into pre-cooked flours, specialty flours, and fortified flours. Product type can be segmented into conventional flours and addictive based flours. Furthermore, the application is segmented into bakery products, noodles & pasta, non-food applications, and others.
By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers the U.K., Germany, Italy, France, Spain, and others. Asia-Pacific covers China, India, Japan, and others. The rest of the World (RoW) covers South America, the Middle East, and Africa.
“Wheat accounted for the largest market share in the raw material segment", says Accurize
By raw material segment, wheat accounted for the largest market share in 2017, whereas maize is likely to dominate the market with the highest CAGR during the forecast period 2017-2025.
Moreover, by application segment, bakery products dominated the applications segment accounting for42.9% in 2017.
“North America dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, North America accounted for the largest market share of 33.1%, owing to the remarkable rise in per capita consumption in the current years, demand for preserve packed bread &whole grain pasta and popularity of gluten-free diet. Furthermore, Asia Pacific accounted for the second-largest market share of 29.6% and likely to continue its dominance during the forecast period 2017-2025, owing to the growing population, increase in consumer expenditure, increasing fast-food chains, changing lifestyles and increasing demand for gluten-free flours.
Top players in the market
The key market players include Associated British Foods plc, Wilmar International Limited, Archer Daniels Midland Company, Heartland Mills, Inc., General Mills Inc., King Arthur Flour Company, Inc., Hindustan Unilever Limited, ITC Limited, Hodgson Mill, and ConAgra Foods, Inc.among others.