Precooked Corn Flour Market Anticipated to Reach $3.4 billion by 2031, at a CAGR of 4.2%

Global Precooked Corn Flour Market size was valued at $2.3 billion in 2021, and is estimated to reach $3.4 billion by 2031, growing at a CAGR of 4.2% from 2022 to 2031.

A significant rise in the demand for the ready-to-cook (RTE) and ready-to-eat food products among the millennials and Gen Z is a major driving force that is expected to boost the growth of the precooked corn flour market in the forthcoming future.

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The global precooked corn flour industry is witnessing a significant spike in the demand among the household and commercial sector like cloud kitchens, food processing, and food service units owing to the rising popularity of gluten-free bakery and confectionery food products among the consumers. The precooked corn flour finds its application in the preparation of wide variety of dishes and products such as cakes, pasta, noodles, soups, sauces, infant formula, extruded food, breakfast cereals, and various ready-to-eat food products. The growing penetration of grocery stores, departmental stores, hypermarkets, and convenience stores is significantly boosting the on-the-go consumption of various convenience and packaged food and beverages items across the globe. The rising consumer expenditure on functional food and rising awareness regarding the gluten related diseases is significantly driving the adoption of gluten free precooked corn flour in food manufacturing industry. The rising number of HoReCa units across the developed and developing nations is further fueling the precooked corn flour market demand.

Moreover, the growing popularity of eating out culture is driving the demand for the precooked corn flour among the restaurants and hotels. According to United States Department of Agriculture, spending on food away from homes (restaurant, full-service and fast food) accounts for around $978.2 billion or 51.9% of total food expenditures. Furthermore, the growing number of hotelas in developing economies is expected to further boost the precooked corn flour market growth in the forthcoming future. According to Asian Development Bank 2021, the five largest hotel chains in the Asia-Pacific region - Accor, Marriott International, IHG Hotels & Resorts, Hilton, Hyatt-ready to open over 700 hotels in the region together.

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The rising demand for the organic food products across the developed and developing nations is expected to foster the demand for the organic precooked corn flour among the consumers. The volume of agricultural lands dedicated to organic farming is expected to rise significantly owing to the growing demand for the organic food among the global consumers. According to the report The World of Organic Agriculture Statistics and Emerging Trends 2021, around 1.5% or 72.3 million hectares of the total agricultural land was dedicated to organic farming in 2019, globally. The rising health consciousness among the consumers and rising awareness regarding the negative health impacts of traditional and chemical-based grown crops and manufactured food has resulted in a significant spike in the demand for organic food. According to the Organic Trade (OTA), in 2020, U.S. witnessed an all-time high sales of organic food and non-food products.

The major players operating in the global precooked corn flour industry includes Archer Daniels Midland Company, Bob's Red Mill, Bunge limited, Cargill, Incorporated, Empresas Polar Inc., Goldmine natural foods, Goya Foods, Inc., Harinera Del Valle, LifeLine Foods LLC., Molino Peila SpA, Arcor Group, Cool Chile Co., Garnec, LLC., Gruma, and The Quaker Oats Company. These market players are constantly engaged in the various developmental strategies such as acquisitions, mergers, and product launches to exploit precooked corn flour market opportunities and gain market share.

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