With
a large number of small and large companies and an intense
competitive landscape, the global flour market has companies looking
for ways of expanding across budding and promising regional markets
for better revenue and growth opportunities, observes a recent market
research report by Transparency Market Research. Companies are also
proactively venturing into promising new market segments such as
baking mixes and flavored flours to benefit from rising consumer
interest in easy-to-make recipes.
Some
of the leading companies in the market are ITC Limited., General
Mills Inc., King Arthur Flour Company Inc., Hodgson Mill, ConAgra
Foods Inc., Hindustan Unilever Limited, Ardent Mills Canada,
Associated British Foods plc, and Archer Daniels Midland Company.
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According
to the report, the global flour market will expand at a CAGR of 4.3%
from 2014 to 2020. If the numbers hold true, the market, which stood
at US$198.57 bn in 2015, is anticipated to reach US$254.82 bn by
2020.
Europe
Accounts for Dominant Revenue Share in Global Market
On
the basis of geography, Europe represented the largest share in the
market’s revenue pie in 2013. This can be attributed to the high
per-capita consumption and increased average selling price (ASP) of a
variety of flours. On the other hand, based on volume, Asia Pacific
held the biggest share in the market the same year owing to reduction
in average selling price of flour products and increased population
density. On the basis of technology, the segment of dry milling saw
the most preference and held a lion’s share in the overall market
in 2013. The technology is also likely to remain the most preferred
one over the report’s forecast period, attributed chiefly to its
simplicity.
Rising
Demand for High in Protein Flour to Help Market Pick Pace
The
global
flour market is majorly stimulated by the rising consumption
of dough, expanding global population, increasing per capita income,
and the shift in the taste preferences of consumers worldwide.
Furthermore, the increase in consumer awareness about bakery products
and the rise of the fast food industry has fuelled the global flour
market. Additionally, the increasing demand for flour that is high in
protein has led to a new opportunity for various flour millers to
introduce new gluten-free substitutes to flour. These gluten-free
alternatives include rice flour, maize flour, corn flour, and soya
flour and their demand is predicted to increase rapidly in the
forecast horizon.
Rising
Popularity of Value-added Bakery Products to Open Up new Growth
Opportunities
The
market could be negatively affected by factors such as the variable
costs of some varieties of flour across different regional
territories and the rising demand for gluten-free foods across the
globe. On the other hand, vast advancements in milling process in the
recent years has led to the emergence of product lines of gluten-free
bakery products and baking mixes. Additionally, the increased
popularity of value-added bakery industry in developed economies,
especially in region such as Europe, could help open lucrative growth
opportunities for companies operating in the global flour market.
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