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“Functional flours market is projected to grow at a CAGR of 7.82% in terms of value”
The functional flours market has grown rapidly in the last few years and is projected to reach USD 78.00 billion by 2022 in terms of value, and 156.92 MT, in terms of volume by 2022. The rise in demand from industries such as bakery, R.T.E products, and soups & sauces is driving the functional flours market. Rise in consumer spending on processed food products is also estimated to be the key driving factor for the functional flours market. Government initiatives to promote the functional flours industry and increase in trade of these commodities have complemented the overall growth of this industry. However, strict food labeling legislations and seasonal variations affecting the supply of raw materials with fluctuating prices restrain the growth of the market.
“Soups & sauces: Projected to be the fastest-growing market”
The application of functional flours in soups & sauces is emerging as a potential market, and is projected to grow at the highest CAGR from 2016 to 2022. Pre-cooked flours obtained from cereals and legumes are mostly used as ingredients to make soups & sauces. These flours are used to maintain the thickness and consistency of various soups & sauces. The emerging economies in the developing regions have influenced the food industry significantly and are expected to be responsible for the increasing consumption of soups & sauces during the forecast period, consequently driving the functional flours market.
“Specialty flours is the fastest-growing type of the functional flours market”
Specialty flours mainly consist of gluten-free flours, enzyme/protein treated flours, pre-gelatinized flours, and partially transformed flours. These flours are used for the production of gluten-free products, wheat is the most common source of gluten, and bakery & pasta products are among the most common foods containing functional flours made out of wheat.
“Emerging economies: The future of the functional flours industry”
Emerging economies such as China, India, Brazil, Argentina, and Russia are expected to account considerably to the global growth for functional flours in the upcoming years. Growth in these countries is mainly driven by the favorable demographics, rise in household incomes, and busy lifestyles of consumers, inclining them toward ready meals, particularly processed foods.
Functional flour manufacturers and suppliers are pursuing growth strategies in emerging economies by diversifying their product offerings and strengthening their distribution base. These companies can increase their presence by serving their customers in untapped regions such as Asia, Latin America, the Middle East, and Africa. Growth in these developing regions over the next few years will result in opportunities for business expansion.
Break-up of Primaries:
- By Company Type: Tier 1 – 28 %, Tier 2 – 39%, and Tier 3 – 33%
- By Designation: Director level – 19%, C level –34%, and Others* – 47%
- By Region: North America – 25%, Europe – 21%, Asia-Pacific – 32%, and RoW** – 22%
*Others include sales managers, marketing managers, and product managers.
**RoW includes Latin America, Africa, and the Middle East.
The leading players in the functional flours market are Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), Bunge Limited (U.S.), Associated British Foods plc (U.K), and General Mills, Inc. (U.S.). Other players include The Scoular Company (U.S.), AGRANA Beteiligungs-AG (Austria), The Hain Celestial Group, Inc. (U.S.), SunOpta, Inc. (Canada), and Parrish and Heimbecker, Limited (Canada).
The functional flours market is segmented on the basis of type, application, source, and region. The type segment is divided into pre-cooked flours, specialty flours, and other flours such as enriched flours, instant flour mixes, and composite flours. The region segment is divided into North America, Europe, Asia-Pacific, and the Rest of the world (RoW). Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, market share analysis, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- To get a comprehensive overview of the global functional flours market
- To gain a wide range of information about the top players in this industry, their products portfolios, and key strategies adopted by them
- To gain insights of the major regions/countries in which the flour industry is flourishing