Functional Flour Market Is Driven By High Demand For Gluten-Free Flour Globally

Global Functional Flour Market Report, published by Variant Market Research, forecast that the global market is expected to reach $120 billion by 2024 from $72billion in 2016; growing at a CAGR of 6.6% from 2016 to 2024. By geography, Asia Pacific and North America are expected to grow at a CAGR of 8.2% and 6.4%, respectively, during the forecast period.

Increasing population, change in consumer lifestyle, and rise in expansion of cafes and fast food restaurants globally, are the major supporting factors of the global functional flour market. Furthermore, high demand for gluten-free flour globally and expansion of commercial farmlands are boosting the growth of the market. However, increasing usage of additives and unfavorable conditions at warehouses may hamper the growth of the market. Additionally, surge in demand for gluten-free alternatives such as corn flour, brown rice flour, and increasing aquatic feed industry would provide growth opportunities during the forecast period 2016 – 2024.

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The functional flour market is segmented into type, product type, raw material, and application. By product type, the market is categorized into, addictive based flours and conventional flours. The row material segment is bifurcated into maize, wheat, rice, and others. By type, the market is categorized into pre-cooked flours, fortified flours, and specialty flours. The application segment is classified into noodles & pasta, non-food applications, bakery products, and others.Wheat accounted for the largest market share in 2016, whereas maize is likely to dominate the market with the highest CAGR during the forecast period 2016-2024. Bakery products dominated the application segment in 2016.

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Geographically, the global functional flour market is segregated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America held the major market share with 33.1% in 2016, driven by increased consumption among end users and increasing popularity of packed bread & whole grain pastas among consumers. Asia-Pacific accounted for the second largest market share of 29.6% and is likely to continue its dominance during the forecast period 2016-2024, due to the rising population, expanding fast food restaurants, adoption of modern lifestyles, increasing demand for gluten-free flours, and increase in consumer expenditure.

The major key players operating in the market are
• Hindustan Unilever Limited
• General Mills Inc.
• ITC Limited
• Hodgson Mill
• Archer Daniels Midland Company
• Wilmar International Limited
• Heartland Mills, Inc.
• Associated British Foods plc
• King Arthur Flour Company, Inc.
• ConAgra Foods, Inc., and among others.

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