Flour Market to Reach US$198.7 Billion by 2027: IndustryARC
Soaring Vegetarianism and Health Benefits Accompanied by Consumption of Flour Market Products Expected to Boost Product Demand
HYDERABAD, TELANGANA, INDIA, Nov. 14, 2022 /EINPresswire.com/ — IndustryARC in its latest report predicts flour market size to reach $198.7 billion by 2027, growing at a CAGR of 3.7% over the forecast period 2022 -2027. Flour can be defined as a powder produced from the fine grinding of various raw grains and starchy parts of cultivated plants. Whole wheat flour, wheat flour, rice flour and corn flour are the main examples of flours widely used in the world. Flour is the main ingredient in the preparation of staple foods like bread, confectionery, bakeries, and fast foods like noodles and pasta. Flour is considered a healthy choice due to its low fat and cholesterol content. In addition, flour is a good source of vitamins, minerals and carbohydrates. Whole wheat flour is known to aid digestion, prevent obesity, promote healthy skin and hair, reduce the risk of chronic inflammation and heart disease, and regulate symptoms of PMS. On the other hand, due to high oleic acid content (i.e. around 32.6%), chickpea flour maintains brain health by producing myelin, preventing oxidative damage free radicals, by condensing blood sugar and many others. Also, the healthy balance of protein-forming molecules, i.e. amino acids and sugar molecules (complex carbohydrates), has designated chickpea flour as a convenient constituent for the food industry. The overwhelming increase in world population, changing tastes and preferences of people, rapid urbanization, growing demand for ready-to-eat foods, soaring attention to consumer health, rising GDP per capita income, improved retail infrastructure, adoption of advanced marketing techniques by market players are factors expected to drive the flour market growth over the period 2022-2027. The report offers a comprehensive analysis of the market, its main segments, growth factors, trends, drivers and challengers, key players and more.
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Key points to remember:
1. Geographically, the Asia-Pacific flour market accounted for the highest revenue share in 2021. The growth is due to unforeseen production of rice, wheat, chickpeas and corn in Asian countries like the India, China and Indonesia, a high population, a high number of vegetarians and soaring GDP per capita incomes.
2. Large-scale urbanization, the growing popularity of RTD foods due to people’s hectic lifestyles, the significant proliferation of the prevalence of chronic health complications, the nascent growth of the confectionery industry and the baking and changing consumer tastes and preferences are the preeminent factors. drivers of flour market growth.
3. The growing concern over environmental calamities, the sudden rise in inflation and the widening gap between demand and supply due to tragic events like Covid-19 and the Russian-Russian conflict. Ukrainian would reduce market growth.
4. A detailed analysis of the strengths, weaknesses and opportunities of key players operating in the market will be provided in the Flour Market report.
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1. The food segment is estimated to be fastest growing with a CAGR of 5.6% over the forecast period 2022-2027. This growth is due to the growing demand for processed and RTE foods and the rising standard of living of people in low-income countries.
2. In addition, the instant shopping and sales assistance features of offline retail sites attract consumers to them. Moreover, in a bid to tap the untapped potential, modern shops are also setting up in some pastoral areas. The e-commerce segment is estimated to be the fastest growing with a CAGR of 4.7% over the forecast period 2022-2027. This growth is due to travel restrictions due to the rising trend of home-based jobs, increasing tech-friendly population, rapid internet penetration in pastoral areas, and several amenities associated with online shopping.
3. The flour market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America and Rest of the World. Asia-Pacific held the largest share with 42% of the overall market in 2021. The growth of this segment is due to factors such as the presence of the largest grain producing countries like India, China and the Indonesia. Asia is known for its overwhelming cultivation of wheat which ensures continuous supply to the food industry. In 2020, China produced 134 million metric tons of wheat; while India’s total wheat production stood at around 107 million metric tons.
4. Whereas, being the 2nd largest producer, Australia has more than 10% share in chickpea production. Moreover, Asia-Pacific is expected to be the fastest growing segment during the forecast period 2022-2027. This growth is due to an increase in disposable income, accelerating population, improved retail infrastructure, increase in the number of internet users prompting the e-commerce industry and to rapid urbanization due to the massive migration of people from rural areas to urban centres.
5. According to a National Institute of Health (NIH) report, a common thing in 20-98% of heart failure cases is substandard thiamine status. Numerous studies suggest that one cup of flour can provide approximately 95.4 grams of carbohydrates, 12.9 grams of protein, 1 gram of thiamin, 42.4 mcg of selenium, and over 200 mcg of folate. As a result, flour becomes an inextricable part of people’s diets all over the world.
6. Global demand for food production has increased sharply. On the other hand, increasing living standards of people in low-income countries like India, China, Indonesia, Bangladesh, and others is another important factor driving the expansion of the market. China’s GDP per capita income was recorded at $12,551 in December last year. Similarly, Bangladesh’s GDP per capita (in PPP terms) was around $5,733; while India’s GDP per capita (in PPP terms) was $7319. On the other hand, the increasing presence of modern outlets and the growth of internet users are voting in favor of the aforementioned market.
Top 5 Flour Industry Players are –
1. Ardent Mills
2. King Arthur Flour Company
3.Associated British Foods Plc
4.Hindustan Unilever Ltd
5. Archer Daniels Midland Company
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