Market Outlook
The global enriched flour market is predicted to enjoy a remarkable CAGR of 7.22% from 2017 to 2023 (forecast period). It can touch a valuation of USD 109.62 billion by 2023. Awareness of malnutrition as well as deficiency of vital nutrients among consumers due to hectic lifestyles are factors driving market growth. Rising consumption of ready-to-go and processed foods are other drivers of the enriched flour market.
High disposable income levels of consumers and changing dietary patterns are viable growth drivers of the market. Consumption of ready-to-go products and rising trend of food fortification are other factors influencing the enriched flour market. Technological advances in terms of production and manufacturing process have culminated in the availability of enriched flour products differentiated by packaging, taste, and form. Concerns over high-protein flour can also play an instrumental role in the market.
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Competitive Analysis
Major industry participants in the global enriched flour market include Ingredion Incorporated, Limagrain, General Mills, Inc., Knappen Milling Co, Archer Daniels Midland Company, SunOpta, Associated British Foods PLC, The Caremoli Group, Cargill, Incorporated, The Scoular Company, Unicorn Grain Specialties B.V., Bunge Limited, Parrish and Heimbecker, Limited, The Hain Celestial Group, Inc., AGRANA Beteiligungs-AG, and others.
Segmentation Analysis
The global enriched flour market is segmented by source, application, and enrichment.
By source, it is segmented into legumes, cereals, and others. Cereals held close to 70.8% share of the enriched flour market. But the legumes segment can display a phenomenal growth rate of 7.55% during the forecast period. Legumes include lentils, beans, soy, and others. Among these, soy is expected to gain the highest traction due to the large volume of nutrients.
By application, it is segmented into prepared meals, baby food, bakery & confectionery, soups & snacks, beverages, and others. The bakery & confectionery segment is expected to generate large dividends for the global market. Rise of health-consciousness among consumers is likely to foster the growth of the segment. The soups & snacks segment is predicted to exhibit a remarkable growth rate due to preference of convenience foods.
By enrichment, it is segmented into minerals, vitamins, and others. Vitamins can occupy a significant market share due to adoption of vitamin fortified foods and beverages. On the other hand, the minerals segment can exhibit 7.43% CAGR during the forecast timespan.
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Regional Analysis
North America, Asia Pacific (APAC), Latin America, Europe, and the Middle East & Africa (MEA) are regions taken into consideration in the compilation of the global enriched flour market report.
North America is projected to be the dominating region in the market throughout the forecast period. It had accrued close to USD 22.26 billion in 2017. It has close to 30.86% market share in the same year. Technological advances in terms of inclusion of raw ingredients to packaging are likely to play a major role in the region. The U.S. is the primary growth contributor of the region with maximum number of consumers aware of the nutritional content of foods and preference of clean labeling of products.
The APAC region is expected to register 7.86% CAGR during the forecast period due to consumption of ready-to-eat products in developing countries.
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