Global Flour Market to Bring in US$254.82 Bn by 2020 as Demand for High-protein Varieties Births New Opportunities
Albany, NY -- (SBWIRE) -- 12/26/2018 -- Flours are used as principal ingredients for processing bakery items, corn based coating of fried food, bread, fast food and wafers among others. Increasing penetration of fast food industry in terms of quick service restaurants (QSRs), fast food chains and cafes is driving the consumption of food items such as donuts, burgers, cakes and fried meat items among others. As a result, consumption of flour is estimated to rise during the forecast period.
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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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.
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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.