Global
Functional Flour Market: Snapshot
Functional
flour is derived from a combination of various kinds of grain and
non-grain flour or genetically modified grain, which primarily has
low-gluten content than the traditional flour. Functional flour also
offers numerous health benefits to consumers which are not provided
by traditional flour. It is a mixture of wheat along with non-grain
flour, such as soy flour, corn flour and pulse flour, among others.
Improved nutrient quantity together with low-gluten content is
pushing the demand for functional
flour market globally.
In
addition, the rising consumer spending on processed food products is
fuelling sales of functional flour products. Health benefits derived
from these food products are expected to be the chief driver of the
global functional flour market. On the flip side, several companies
are reeling under price volatility of grains and stringent food label
registrations. Nevertheless, the increasing non-food application of
functional flour across diverse industries is likely to bolster
market opportunities in the coming years.
The
global functional floor market stood at US$70.4 bn in 2016 and is
expected to reach US$126.8 bn by the end of 2025. If these figures
hold true, the global functional flour market will rise at a positive
CAGR of 6.8% between 2017 and 2025.
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Wheat
More Popular than Other Segments as a Raw Material
Based
on raw material, the global functional flour market has been
segmented into wheat, maize, rice, and others. Of these, wheat
constituted the leading segment with a share of 40.49% in the overall
market in 2016. It is further expected to remain dominant through the
course of the forecast period. Maize and rise held the second- and
third-leading market share, respectively in the same year. These
segments are also expected to retain their positions over the
forecast period.
By
type, the market is classified into pre-cooked flour, specialty
flour, and fortified flour. Of these, the fortified flour segment
held the dominant share of 41.28% in the overall market in 2016. Over
the forthcoming years, the dominance of this segment is forecast to
remain intact. Likewise, in terms of product, the market can be
segmented into conventional flour, genetically modified flour, and
additive based flour. Of these, the lead is expected to remain with
genetically modified flour through the course of the forecast period.
Asia
Pacific to Emerge as Dominant Region in Coming Years
Regionally,
North America, Latin America, Europe, Asia Pacific, and the Middle
East and Africa are the key segments in the global functional flour
market. Among these regions, North America accounted for the leading
market share in 2016. The region is witnessing high demand for
gluten-free products among consumers. The increasing knowledge about
health-benefits derived from functional flour, coupled with the
rising demand for bakery products is aiding the expansion of the
functional flour market in North America.
However,
Asia Pacific is expected to emerge as the dominant regional market
exhibiting the leading CAGR of 7.4% between 2017 and 2024. Factors
such as the rising disposable income of consumers and increasing
willingness to spend on health food, especially in countries such as
India, China, and Japan are facilitating the market’s expansion in
the region. Besides this, emerging nations in the Middle East and
Africa and Brazil are expected to showcase lucrative opportunities.
Major
players in the functional flour market are Cargill Incorporated,
Archer Daniels Midland Company, The Scoular Company, Associated
British Foods plc, SunOpta, Inc., The Hain Celestial Group, Inc.,
General Mills Inc., Parrish and Heimbecker, Limited, ConAgra Foods,
Inc. and ITC Limited.
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