Rise in health concerns for high-protein flour provides impetus for product innovation in alternatives such as flour made of rice, maize, corn, and soya, according to a new market report by Research and Markets.
The document named “Flour Market by Raw Material, Application, Technology - Global Opportunity Analysis and Industry Forecast, 2014-2022” forecasts the global market is expected to garner USD270,895 million by 2022, growing at a CAGR of 4.4% during the period 2016 – 2022.
In spite of a rise for high-protein flour, the wheat segment dominated this market, occupying more than three quarters of the total share of revenue in 2015.
Owing to the urbanization and modern lifestyles, the demand for flour-based foods has boomed.
Expansion of commercial farmlands and growth of aquatic feed industry in Asia-Pacific have raised the application of flour in animal husbandry. Growth in the global population and rise in per capita income are two major drivers of the market. Furthermore, an increase in the average selling price of flour in most of the countries has positively impacted the growth in the market.
In 2015, the bread and bakery products segment occupied approximately two-fifths of the overall flour market revenue, and is anticipated to maintain its dominance throughout the forecast period. This is due to an increase in the use of a diverse variety of flours in the production of bread and other bakery products, as well as due to the adoption of on-the-go food habits, especially among youngsters worldwide.
Key findings of the flour market worldwide:
• The wet technology segment is anticipated to grow at the fastest rate during the analysis period.
• Asia-Pacific is estimated to continue to lead the market, growing at a CAGR of 4.9%, in terms of revenue.
• Noodles and pasta occupied for more than two-ninths of the total share of the global flour market in 2015.
• Non-food applications sector is estimated to grow at the highest CAGR of 6.5%, in terms of revenue.
• Other segments are expected to show a significant growth in the Asia-Pacific region.