IndustryARC, in its latest report, predicts that Flour Market size is estimated to reach $198.7 billion by 2027, growing at a CAGR of 3.7% during the forecast period 2022-2027.he overwhelming increase in the world population, changing tastes and preferences of people, rapid urbanization, surging demand for RTE foods, soaring health attentiveness among consumers, rising GDP per capita incomes, bettering retail infrastructure, state-of-the-art marketing techniques adopted by the players in the market are factors set to drive the growth of the flour market for the period 2022-2027. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
This IndustryARC report on the cobalt Flour Market highlights the following areas –
1. Geographically, the Asia-Pacific Flour Market accounted for the highest revenue share in 2021. The growth is owing to unforeseen production of rice, wheat, chickpea, and maize in Asian countries like India, China, and Indonesia, high population, a high number of vegetarians, and soaring GDP per capita incomes.
2. Widescale urbanization, growing popularity of RTD food because of eventful lifestyles of people, extensive proliferation in the prevalence of chronic health complications, budding growth of the confectionery and bakery industry, and changing tastes and preferences of consumers are the factors said to be preeminent drivers driving the growth of Flour Market. rising concern over environmental calamities, sudden rise in inflation, and widening demand and supply gap because of tragic events like Covid-19 and the Russia-Ukraine conflict are said to reduce the market growth.
3. Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Flour Market report.
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1. The food segment is estimated to be the fastest-growing with a CAGR of 5.6% over the forecast period 2022-2027. This growth is owing to the soaring demand for processed and RTE foods and the rising living standards of people in low-income countries.
2. Asia-pacific held the largest share with 42% of the overall market in 2021. The growth in this segment is owing to the factors such as the presence of the largest grain-producing countries like India, China, and Indonesia.
3. Every year India produces nearly 8 million tonnes of garbanzo which is around 68-70% of total world production. Whereas, being the 2nd biggest producer, Australia has over 10% share in chickpea production. Moreover, Asia-pacific is expected to be the fastest-growing segment over the forecast period 2022-2027.
4. The E-commerce segment is estimated to be the fastest-growing with a CAGR of 4.7% over the forecast period 2022-2027. This growth is owing to traveling restraints because of the rising trend of work-from-home jobs, rise in tech-friendly population, swift internet penetration in pastoral areas, and several conveniences associated with e-commerce purchases.
The top 5 players in the Flour industry are –
1. Hodgson Mill
2. ConAgra Foods Inc
4. ITC Ltd
5. General Mills
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