Global Functional Flour Market Report, published by Variant Market Research, forecast that the global market is expected to reach $120 billion by 2024 from $72billion in 2016; growing at a CAGR of 6.6% from 2016 to 2024. By geography, Asia Pacific and North America are expected to grow at a CAGR of 8.2% and 6.4%, respectively, during the forecast period.
Increasing expansion of cafes & fast food restaurants globally, rising population, and change in lifestyle are the major drivers of functional flour market. Additionally, expansion of commercial farmlands owing to the rising export opportunities and high demand for gluten-free flour globally fuel the growth of the market. However, unfavorable conditions at warehouses and increasing usage of additives may hinder the growth of the market. Moreover, gluten-free alternatives such as brown rice flour, and corn flour, among others and growing aquatic feed industry would provide growth opportunities in the upcoming years.
Raw material, type, product type, and application are the key segments of the functional flour market. By raw material, the market is further segmented into wheat, maize, rice and others. Wheat accounted for the largest market share in 2016, whereas maize is likely to dominate the market with highest CAGR during the forecast period 2016-2024. Moreover, by type, the market is segmented into pre-cooked flours, specialty flours and fortified flours. By application, the market is further segmented into bakery products, noodles & pasta, non-food applications and others. Bakery products dominated the applications segment accounting for42.9% in 2016.
Geographically, the global functional flour market is categorized into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America accounted for the largest market share of 33.1% in 2016, owing to the remarkable surge in per capita consumption in the recent years, demand for retain packed bread &whole grain pastas and popularity of gluten-free diet. Asia Pacific accounted for the second largest market share of 29.6%and is likely to continue its dominance during the forecast period 2016-2024, owing to the increasing fast food chains, growing population, increase in consumer expenditure, changing lifestyles and increasing demand for gluten-free flours.