The report “Functional Flours Market by Type (Pre-cooked Flour, Specialty Flour), Application (Bakery, Soups & Sauces, R.T.E Products), Source (Cereals and Legumes), and Region (North America, Europe, Asia-Pacific, Rest of the World) – Global Forecast to 2022″, is projected to reach USD 78.00 Billion by 2022, growing at a CAGR of 7.82% from 2016, in terms of value, and 156.92 MT in terms of volume by 2022.
Market Dynamics
Drivers
- Increase in demand for premium food products
- Initiatives to promote functional flours
- Increasing consumption of convenience and healthy food products
- Intensification of the global trade of functional flours
Restraints
- Stringent government regulations
- Volatile commodity prices
Opportunities
- Growing demand for healthier low fat alternatives
- Emerging economies
Challenges
- Lack of infrastructure and technological resources in developing countries
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Initiatives to promote functional flours drive the global functional flours market
Governments and associations are promoting the usage of functional flours due to the increasing instances of nutritional deficiency in larger demographics. They are hence promoting the usage of enriched flours. For instance, the associations of industrial millers in Latin America and the Caribbean played an important role in promoting and enabling flour fortification throughout the region. Another such program by the Flour Fortification Initiative has led to the broad implementation of flour fortification in countries of the Eastern Mediterranean, Middle Eastern, and North African regions. Many companies such as Cargill, Incorporated (US) have joined this initiative to promote functional flours.
The key players in this market are Cargill, Incorporated (US.), Archer Daniels Midland Company (US), Bunge Limited (US), Associated British Foods plc (UK), and General Mills, Inc. (US). Other players include The Scoular Company (US), AGRANA Beteiligungs-AG (Austria), The Hain Celestial Group, Inc. (US), SunOpta, Inc. (Canada), and Parrish and Heimbecker, Limited (Canada).
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