Global Functional Flour Market Report, published by Variant Market Research, forecast that the global 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. The functional flour market is majorly driven by the following driving factors such as changing lifestyle, expanding fast food chains, rising demand for gluten-free flour and increasing export opportunities. However, unfavourable surroundings at warehouses and uses of addictive for preservation purposes might hinder the growth of the market. Furthermore, rising aquatic feed industry and increasing demand for corn flour & brown rice flour would provide growth opportunities for the market.
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Raw material type, product type, application and geography are the key segments of the global functional flour market. Raw material type segment has been segmented into rice, wheat, maize and others. Wheat was the leading sub segment with highest market share in 2016 and maize is expected to dominate the raw material type segment over the forecast period 2016-2024. Additionally, Application segment includes non-food applications, bakery products and noodles & pasta.
The global functional flour market by geography is bifurcated into North America, Europe, Asia-Pacific and RoW. North America held the highest market share of 33.1% in 2016, driven by rising demand for pack bread & whole grain pastas and rising popularity of gluten-free foods. In terms of growth rate, Asia-Pacific region is anticipated to grow at the fastest CAGR over the forecast period, increasing disposable income and expanding fast food markets.
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Various strategies have been adopted by the market players to boost their geographical presence and product portfolio. The major players in the functional flour market include ITC Limited, General Mills Inc., Hindustan Unilever Limited, Hodgson Mill, ConAgra Foods, Inc. Wilmar International Limited, King Arthur Flour Company, Inc., Archer Daniels Midland Company, Associated British Foods plc, and Heartland Mills, Inc., among others.
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