Functional flours Market Scope:
Following a careful consideration of all the impacting factors, MRFR (Market Research Future) reveals that the Functional flours market could make significant progress between 2022 and 2030 (analysis period). Functional flours Market Share is expected to reach USD 53,355 million by 2030 and grow at a CAGR of 8.6% during the forecast, 2022–2030. We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
Primary Drivers and Barriers:
The demand for premium food in recent years has soared significantly across the world, alongside the growing consumption of healthy and convenience products. Functional flours is an active ingredient that is used to make premium food products, ensuring their quality and is therefore considered healthier compared to normal the products. The modern consumer is no longer interested in food products that are mid-market and thus, the latest trend that has emerged in the global market is the growing focus on reducing spending on basic groceries and instead opting for premium products. Functional flours has also gained consumer interest owing to its high nutrition content, cost-effectiveness, thick texture, and taste enhancing property.
The significant demand for low-fat and healthy alternatives paired with the unexplored opportunities in developing countries also work in the market’s favor. The fast evolving lifestyles led by the consumers all over the global also helps bolster the sales of Functional flours. The fitness industry has been booming in the past few years, giving a boost to the awareness level among people with regard to healthy food. Therefore, the rising focus on being fit and preference for tasty food items can translate into considerable market expansion over the ensuing years. Another instrumental factor can be the surge in government-led initiatives that promote the consumption of healthy foods like Functional flours. Escalating nutrition deficit and malnutrition cases in developing countries and the increase in government efforts to address the grave situation can present excellent opportunities to the global firms in subsequent years.
The global market observes intense competitions, with manufacturers exploring ways to bring innovations in their food products with the use of Functional flours, including confectioneries, bakery products, jellies and jams, caramel, monosodium glutamate, and more. Joint ventures, mergers, R&D activities, acquisitions, and expansion of the production capacity are some of the top favored strategies that are frequently adopted by leading firms in the global market. For instance, in October 2020, Limagrain Ingredients, a European Functional flourss vendor, invested over USD 10.6 million to boost its production capacity at its site located in Arques, France. The expenditure entails extension of the company’s buildings and installation of a new line, which will facilitate production of close to 15,000 metric tons of Functional flours across the region.
Market Segmentations:
Functional flours industry can be segmented in terms of source, claim, and distribution channel.
The sources covered in the market study are grains, corn, tapioca, wheat, rye, sprouts, rice, peanut, and more. Wheat is the most common source of Functional flours in the market and can therefore emerge as the top segment in the following years.
Claim-wise distribution of the global market includes organic, pre-gelatinized, gluten-free, and others. Surging instances of gluten allergies worldwide is leading to a stronger preference for gluten-free Functional flours in the global industry.
The primary distribution channels that sell Functional flours include store based as well as non-store based.
Regional Insights:
Functional flours industry can be regionally categorized with respect to Europe, Latin America, APAC or Asia Pacific, MEA or Middle East & Africa and North America.
North America has been identified as the market leader and could observe more progress during the given period, considering the frequent technical innovations in manufacturing processes. The rising introduction of various types of Functional flours from different sources and diverse tastes could also ensure further Functional flours Market Trends expansion in the region. Consumers in the region, particularly in the United States, generally gravitate towards healthy and premium food, given the high focus on their wellbeing and fitness, leading to significant business growth. Rising propensity among consumers for ready-to-eat foods and bakery items that come in multigrain variants also fortify the market position in the region.
APAC is one of the leading exporters of raw materials ion the world, which are used to prepare Functional flours. India is the highest contributor to the market growth in the region. Government initiatives in the region are helping spread awareness among manufacturers, processors and consumers about premium and healthy foods, resulting in growing acceptance of Functional flours. Besides, technological innovations, business expansion, surging trade and marketing that facilitate Functional flours fortification also enhance the market size in the region.
Affluent Market Companies:
Some of the most affluent market companies are Sunopta, Inc (Canada), Associated British Foods PLC (U.K), Agrana Beteiligungs-AG (Austria), The Hain Celestial Group Inc. (U.S.), General Mills, Inc. (U.S.), Bunge Limited (U.S.), Cargill (U.S.), Archer Daniels Midland Company (U.S.), The Scoular Company (U.S.), Parrish and Heimbecker Limited (Canada), to mention a few.
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