Global Functional Flours Market Growth trends 2023 To 2030 Market Report
The global functional flours market accounted for USD 65,327.5 Million in 2020 and is estimated to reach USD 1,16,124.9 Million by 2028, growing at a CAGR of 7.7% from 2021 to 2028.
Functional flours are hydro-thermally treated specialized food products made by modifying wheat and other conventional flours to improve their nutritional value. The flours are made from conventional grains or genetically modified grains of wheat, corn, legumes, rice, maize, and other cereals. They have a broad range of applications in the bakery, beverages, food industry, and household purposes. These flours have higher nutrient value and less gluten as compared to conventional flours.
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The increase in consumption of convenient and healthy food products and elevated global trade of functional flours are contributing to the market growth. While the high cost of functional flours and stiff regulations by government food safety are hampering the market growth.
The emerging trend of the rise in the purchase of premium quality products and increased expenditure on newly introduced premium quality products over conventional groceries is estimated to lead to market growth.
COVID-19 Impact Analysis
The covid-19 pandemic has significantly affected the functional flours market. Companies have faced a reduction in the number of sales due to stringent covid-19 lockdown regulations. The supply and distribution chain were disrupted, leading to loss of sales. The closing of restaurants, schools, and cafeterias has hampered the market demand for functional flours. Companies have witnessed temporary disruption in production due to workforce disruption, illness, employee migration, and covid-19 spread. Companies have incurred a loss in revenue because third parties like suppliers, commercial transporters, and distributors had failed to fulfill the contract due to covid-19 restrictions. Also, the pandemic has caused a global economic slowdown and reduction in disposable income which hampered the market growth.
The growing demand for premium and healthy food products among consumers, increased awareness for the high nutritional value of functional flours, favorable initiatives by the government and manufacturers to promote functional flours are driving the market growth. Functional flours are preferred by consumers over traditional flours due to their functional qualities like low-fat content, high fiber, and reduced amount of gluten. The high end-user demand for functional flours owing to the rise in consumption of convenience and nutrient-rich food products are bolstering the market demand. Government initiatives to promote nutrient functional flours to overcome nutrient deficiency are also driving the demand. The escalating global trades of functional flours are also estimated to upsurge the market growth in the forecast period.
Report Segmentation of Functional Flours Market are :
● Specialty Flour
● Pre-Cooked Flour
● Soups & Sauces
● Savory Snacks
● R.T.E. Products
The leading market player is implementing marketing strategies like research and development of products, mergers and acquisitions, partnerships, joint ventures, new product launches, and launching retail lines to broaden their customer base and strengthen their footprint in the market.
Ex. 1) In April 2021, Cascade Organic Flours, a U.S.-based company, leading whole wheat producer, has introduced a retail line for whole wheat flour. The 5 lb retail bags of whole wheat flour will be made available at the retail outlet.
2) In June 2021, GoodMills company have invested 14.5 million euros in new refining technology for legume flours.
The following are some of the companies highlighted in this report:
● Associated British Foods PLC
● General Mills Inc
● Agrana Beteiligungs-AG
● Ingredion Inc
● Archer Daniels Midland Company
● Bunge Limited
● ConAgra Foods
● Parrish and Heimbecker Limited
● The Scoular Company
● Cargill Cooperation
● The Hain Celestial Group Inc
Stakeholders and industry participants will gain the following benefits:
• The report looks at the industry’s drivers, limitations, and possibilities.
• Market performance from a neutral standpoint
• Trends and advancements in the industry recently
• Key players’ strategy and the competitive landscape
• Potential and niche categories, as well as regions with promising growth prospects, are covered.
• In terms of revenue, historical, current, and forecast market sizes
• An in-depth examination of the market for Functional Flours
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