According to a research report by Transparency Market Research (TMR), a leading market research and intelligence firm, the global flour market is expected to witness a high growth rate in the near future. The report provides a thorough analysis of this market on the basis of the key trends and future prospects. With a large pool of participants, the worldwide flour market demonstrates a highly competitive business landscape. The key players in the global flour market, such as Archer Daniels Midland Co., Ardent Mills Canada, ConAgra Foods Inc., Associated British Foods Plc, Hindustan Unilever Ltd., ITC Ltd., and General Mills Inc., have been focusing on product differentiation on the basis of flavour and nutritional value to remain significant in the competition. Going forward, these players are projected to shift their focus towards regional expansion in order to increase their visibility across the world in the near future. A considerable rise in their market investments can also be witnessed in the coming years, states the research report.
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The research report by TMR further states that the worldwide flour market will register a steady growth at a healthy CAGR of 4.30% over the period from 2014 to 2024. Flour is extensively utilized in the preparation of noodles and pastas, breads and bakery products, wafers, crackers, biscuits, and animal feeds across the world. Among these, the demand for flour in the breads and bakery products segment is relatively higher. The increasing preference for burgers, sandwiches, and other food items prepared using bread among consumers is the main factor behind this rise in demand. Experts at TMR predict this scenario to remain so over the next few years.
On the basis of the geography, Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America are the main segments in the global flour market. In terms of revenue, Europe has been leading this market, whereas, Asia Pacific has acquired the top position in terms of the volume of consumption. Since bread is a staple food item in a number of European countries, such as the U.K. and Germany, the demand for flour is likely to remain high in Europe over the next few years. Similarly, consumers in various Asian economies prefer to eat wheat-based products, such as flat breads, which is expected to propel wheat yield in Asia Pacific, thereby reflecting positively on the Asia Pacific flour market in the near future, states the research report.
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High Demand for Food to Boost Global Flour Market
“The increasing need to cater to the high demand for food across the world is reflecting on wheat production, which in turn, is boosting the global flour market,” says a TMR analyst. The urban population is swiftly taking up fast food as their staple. The demand for bread and bakery products has been constantly high across the world. In addition, the mushrooming of cafes and fast food joints is adding to the demand of bakery products significantly. All these factors are driving the growth in the flour market across the world and are expected to continue to do so over the next few years, notes the market study.
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Awareness Pertaining to Ill Effect of Gluten to Limit Flour Consumption
On the other hand, the augmenting awareness among consumers regarding the harmful effect of gluten may limit the demand for flour across the world in the near future. Wheat flour has a high gluten content, which is causing consumers to shift to alternatives. However, the increasing demand for food from the ever-rising global population will balance the impact of hindrances in the growth trajectory of this market over the next few years, states the research report.
