Variant
Market Research forecasted that the global functional flour market is
forecasted to reach $120 billion by 2024 from $72 billion in 2016; growing at a
CAGR of 6.6% from 2016 to 2024. There are the several driving factors of the
market such as penetration of cafes & fast food restaurants, rising demand
for gluten-free flour and increasing export opportunities. However, high use of
addictive and unfavourable conditions at warehouses may restrain the growth of
the market. Furthermore, increasing demand for brown rice flour, corn flour and
rising aquatic feed industry are the major opportunities of the market.
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Key
segments of the global functional flour market are product type, raw material,
application and geography. Addictive based flours and conventional flours are
the key sub segments of the product type segment. Moreover, application segment
has been segmented into noodles & pasta, non-food applications, bakery
products and others. Bakery products dominated the segment with largest share
of 42.9% in the year 2016.
North
America, Europe, Asia-Pacific and rest of the world are the major geographical
sub segment of the global functional flour market. In 2016, North America
region accounted for the highest market share of 33.1%, owning to, high per
capita consumption and demand for packed bread & whole grain pastas.
Additionally, Asia-Pacific is predicted to grow at the highest CAGR during
2016-2024, driven increasing fast food chains and changing lifestyles.
The
market players have been adopting several strategies to increase their product
portfolio and geographical presence. The key market players in the functional
flour market are Archer Daniels Midland Company, General Mills Inc., Hodgson
Mill, Hindustan Unilever Limited, Heartland Mills, Wilmar International
Limited, Inc., King Arthur Flour Company, Inc., ITC Limited, Associated British
Foods plc, and ConAgra Foods, Inc. among others.
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