Variant Market Research forecasted that the global functional flour market is forecasted to reach $120 billion by 2024 from $72 billion in 2016; growing at a CAGR of 6.6% from 2016 to 2024. There are the several driving factors of the market such as penetration of cafes & fast food restaurants, rising demand for gluten-free flour and increasing export opportunities. However, high use of addictive and unfavourable conditions at warehouses may restrain the growth of the market. Furthermore, increasing demand for brown rice flour, corn flour and rising aquatic feed industry are the major opportunities of the market.
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Key segments of the global functional flour market are product type, raw material, application and geography. Addictive based flours and conventional flours are the key sub segments of the product type segment. Moreover, application segment has been segmented into noodles & pasta, non-food applications, bakery products and others. Bakery products dominated the segment with largest share of 42.9% in the year 2016.
North America, Europe, Asia-Pacific and rest of the world are the major geographical sub segment of the global functional flour market. In 2016, North America region accounted for the highest market share of 33.1%, owning to, high per capita consumption and demand for packed bread & whole grain pastas. Additionally, Asia-Pacific is predicted to grow at the highest CAGR during 2016-2024, driven increasing fast food chains and changing lifestyles.
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The market players have been adopting several strategies to increase their product portfolio and geographical presence. The key market players in the functional flour market are Archer Daniels Midland Company, General Mills Inc., Hodgson Mill, Hindustan Unilever Limited, Heartland Mills, Wilmar International Limited, Inc., King Arthur Flour Company, Inc., ITC Limited, Associated British Foods plc, and ConAgra Foods, Inc. among others.
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