The global precooked corn flour market was valued at US$ 2,918.78 million in 2021 and is projected to reach US$ 3,953.67 million by 2028; it is expected to grow at a CAGR of 4.4% from 2021 to 2028.
The precooked corn flour is gluten-free and includes hemicellulose. Gluten-free products are mostly consumed by health-conscious consumers and those suffering from celiac disease.
Based on application, the global precooked corn flour market is segmented into bakery and confectionery, extruded snacks, soups, sauces and dressings, RTE meals and food, and others. In 2020, the RTE meals and food segment was the fastest-growing segment. The increased demand for ready-to-eat meals and foods is due to hectic work schedules. Also, the rise in consumption of packaged food is driving the growth of the precooked corn flour market.
The precooked corn flour market, based on geography, is segmented into North America, Europe, Asia Pacific (APAC), South and Central America (SCAM), and the Middle East and Africa (MEA). In 2020, Asia Pacific was the fastest-growing region in the market. The increased adoption of Mexican food in countries such as Australia and India is driving the growth of the precooked corn flour market across the region. Due to diverse nature of the region, the demand for Mexican cuisine across the region has increased, further fuelling the precooked corn flour market growth.
Many industries, such as the food & beverage industry, faced unprecedented challenges due to the COVID-19 pandemic. The shortage of raw materials and laborers, shutdown of factories, and other operational difficulties due to the COVID-19 outbreak led to a decrease in the sale of precooked corn flour during initial months of pandemic. Lockdown heavily impacted food processing procedure and restrained the precooked corn flour market growth. However, the introduction of COVID-19 vaccine eased the situation, leading to a rise in business activities across the world. Economies are resuming operations, and the demand for precooked corn flour is expected to rise globally in the near future.
Major market players adopt strategies such as mergers and acquisitions and product launches to expand their geographic presence and consumer base. A few key players operating in the precooked corn flour market are Archer Daniels Midland Company, Cargill Incorporated, Limagrain (Limagrain Ingredients), Agricor, Buhler, Favero Antonio SRL, Molino Peila SpA, SEMO Milling LLC, Bunge Limited, and Gruma S.A.B. de C.V.
The overall precooked corn flour market size has been derived in accordance with both primary and secondary sources. Extensive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple interviews have been conducted with industry participants to validate the data and gain more analytical insights about the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers?along with external consultants such as valuation experts, research analysts, and key opinion leaders?specializing in the global precooked corn flour market.