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Flour Market Size, Share, Industry Forecast To 2033
Flour Market Size
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According to The Business Research Company's, The flour market size has grown strongly in recent years. It will grow from $96.81 billion in 2023 to $102.33 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to population growth, changing dietary patterns, economic development, globalization, health awareness.
The flour market size is expected to see steady growth in the next few years. It will grow to $122.87 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to health and wellness trends, urbanization trends, environmental sustainability, changing demographics, global trade dynamics. Major trends in the forecast period include technology integration, technological advancements, consumer preferences and dietary shifts, technological advancements and processing innovations, government regulations and quality standards.
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Market Drivers and Trends:
The rise in the consumption of bakery products is expected to propel the growth of the flour market going forward. Bakery products refer to goods that are often made from flour or other grains. Bakery producers are increasingly altering their product offerings to accommodate changing consumer tastes and requirements such as less fat and high nutritional value food items. These foods are high in calories and nutritional value. Due to these advantages, there is an increasing demand for bakery items, which is likely to enhance the cookies and crackers market. For instance, in October 2022, according a stats sourced from Euromonitor International, 2022 published on Government of Canada official website, retail sales of baked goods in US reaching $67.9 billion in 2021 and is expected to reach US$75.8 billion in 2026. Therefore, the rise in the consumption of bakery products is driving the growth of the flour market.
Product innovation is the key trend gaining popularity in the flour market. Major companies operating in the flour market are focusing on developing new products. For instance, in June 2021, Ulrick & Short, a UK-based manufacturer of clean-label, additive-free ingredients, launched a new functional flour with a new ingredient, FazendaTM Nutrigel. The unique feature of this functional flour is its ability to enhance viscosity, texture, and structure in gluten-free bakery applications. Nutrigel is useful in both sweet and savory bakery applications, from bread and baked goods to cakes, muffins, and gluten-free batters and coatings.
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Major Key Players of the Market:
The Archer-Daniels-Midland Company, Bunge Limited, General Mills Inc., Conagra Brands Inc., Ingredion Incorporated, Hindustan Unilever Limited, Ardent Mills, Horizon Milling LLC, Dangote Flour Mills plc, Grain Millers Inc., King Arthur Baking Company Inc., Bay State Milling Company, Idaho Pacific Corporation, Mennel Milling Company, Interflour Group Pte. Ltd., Grain Craft, Miller Milling Company, Bob's Red Mill Natural Foods, Siemer Milling Company, Arrowhead Mills Inc., Hodgson Mill Inc., Lakeside Mills Inc., Sunrise Flour Mills, Great River Organic Milling, Star of the West Milling Company, Hayden Flour Mills, Heartland Mills Inc., US Durum Milling Inc., Carr's Flour Mills Ltd., FWP Matthews Ltd., Wilkins Rogers Mills, Wudeli Flour Group, Wilmar International Limited
Flour Market 2024 Key Insights:
• The flour market size is expected to see steady growth in the next few years. It will grow to $122.87 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Surging Demand For Bakery Products Ignites Growth In The Flour Market
• Innovative Products With Enhanced Texture And Structure In The Flour Market
• Asia-Pacific was the largest region in the flour market in 2023
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