The global flour market has been prognosticated in a report by Transparency Market Research (TMR) to carry fierce competition where players could give their competitors a run for their money. The competition could turn intense due to the presence of a telling count of small and large companies operating in the market. Players are expected to take bold steps to proactively enter new and promising markets such as flavored flours and baking mixes with a view to cash in on increasing consumer interest in easy-to-make food preparations. The market has been marked by the presence of prominent players including King Arthur Flour Company Inc., General Mills Inc., and ITC Limited.
By 2020, the global flour market has been foreseen by TMR analysts to bag a whopping US$254.82 bn. In terms of application, breads and bakery products could account for a stupendous share of 37.77% by the end of the same year. Regionally, Europe has been envisaged to take control of a dominant share on the basis of revenue.
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Variable Costs of Few Types of Flour Slam down Growth to Some Extent
Cost difference for some flour varieties observed in several regions of the global market has been envisioned to curtail the rise in demand, thus pressurizing players to find new ways to generate growth. Nonetheless, launch of new product lines meeting consumer expectations and vast developments in milling process could create a slew of worthwhile opportunities in the market. Europe could act as a breeding ground for growth owing to magnified popularity of value-added bakery ingredients in its developed countries. Growth of the Europe flour market has been forecasted to produce ample of lucrative prospects riding on the rise in domestic wheat production for bread preparation.
On the other hand, Asia Pacific has been triggering a decent demand for flour while taking advantage of growing fast food consumption, increasing disposable income, rising expenditure on staple foods, and expanding population base.
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Rise of Fast Food Industry Fuels Demand, Helping Market to Gather Pace
Changing consumer preference vis-à-vis food taste has been anticipated to work in the favor of flour’s market growth in the coming years. However, there could be other factors largely benefiting the world flour market: rising per capita income, expanding global population, and increasing dough consumption. The demand for flour has been projected to gain impetus on the back of the expansion of the fast food industry and rising consumption of bakery products.
Introduction of new gluten-free flour options could be helped with snowballing demand for high-protein flour varieties. During the course of the forecast period, demand for soy, corn, maize, and rice flours, and other gluten-free alternatives has been prophesied to see a rise.