The
global functional flour market witnesses the dominance of some large
companies that are present in both global and local markets, says
Transparency Market Research (TMR) in a new report. However, this
market is teeming with small companies that predominantly operate in
local markets. Expansion of product portfolio to serve ancillary
sectors is what companies are focused on to buoy growth. Large
companies are engaged in acquisitions and strategic alliances with
small companies to expand expertise in specialty foods and to expand
geographical outreach.
Key
companies in the global functional flour market include Cargill
Incorporated, SunOpta Inc., The Scoular Company, The Hain Celestial
Group Inc., Archer Daniels Midland Company, Associated British Foods
plc,., General Mills Inc., Parrish and Heimbecker Limited, Con Agra
Foods Inc., and ITC Limited.
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According
to estimates presented by a report by TMR, the global functional
flour market is likely to expand at a CAGR of 6.8% in terms of
revenue between 2017 and 2025, for the market to be worth US$126.8 bn
by 2025 end. The opportunities in the market were evaluated to be
worth US$70.4 bn in 2016. Among the key raw material segments, wheat
currently holds the leading market share; gong ahead too, the segment
is likely to hold on to its leading position. By product, genetically
modified flour is likely to continue to display the leading demand in
the years ahead. North America, among key regional markets, held
prominence in the global functional flour market in the recent past.
Changing
Food Habits in Developing Economies Fuels Growth
Majorly
fuelling the functional flour market is rising demand for bakery
products. Bakery items such as bread and bun are staple foods of
households especially in developed countries in North America and
Europe. Ready-to-eat bakery products such as cakes and biscuits find
extensive demand especially among youth and children. These products
are also consumed as on-the-go foods due to ease of packing. The
availability of these foods in whole wheat and multi grain variants
is leading to their increasing demand among health conscious
consumers.
On
the other hand, rising disposable income and changing food habits are
increasing their uptake in developing economies. Consumers in
developing countries in Asia Pacific such as China and India are
increasingly adopting Western food habits with changing lifestyle and
rising preference for health-benefitting foods. Shifting consumer
preference from conventional wheat-based flour to functional flour
such as oat flour, rye flour, and soy flour for their nutritional
value is aiding the functional flour market in these regions. The
surging demand for healthy variants of ready-to-eat foods such as
bread, biscuits, and cakes is another key factor behind the growth of
functional
flour market in developing regions.
Apart
from this, increasing demand for low gluten or gluten-free foods is
fuelling the functional flour market. Increasing allergies for gluten
and rising awareness of health benefits of combination grains is also
aiding the growth of functional flour market in these regions.
Functional flour is obtained from a combination of grain flour and
non-grain flour that has low-gluten content than traditionally
consumed single grain flour. Improved nutritional value along with
low gluten content are stoking the demand for functional flours.
Low
Profit Margins Dissuade Millers to up Production
On
the flip side, price volatility of grains leading to low profit
margins of millers is dissuading their interest for production of
specialty flours. In addition, declining consumption of flour mainly
for health reasons and increasing switch towards value-based
processed bakery or industrial bakery foods is challenging the growth
of functional flour market.
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