According to the latest market study on "Wheat Flour Market Forecast to 2027 – Covid-19 Impact and Global Analysis - by Product Type ( All-Purpose Flour, Semolina and Durum Flour, Whole-Wheat Flour, Bread Flour, Others ); Application ( Bread, Bakery Products, Noodles and Pasta, Others ); End User ( Residential, Commercial ); Distribution Channel ( Supermarkets and Hypermarkets, Convenience Stores, Online, Others )," the market was valued at US$ 181,377.66 million in 2019 and is projected to reach US$ 219,995.42 million by 2027; it is expected to grow at a CAGR of 2.8% during 2020–2027. The report highlights key driving factors and prominent market players along with their developments in the market.
Report Coverage Details
Market Size Value in- US$ 181,377.66 Million in 2019
Market Size Value by- US$ 219,995.42 Million by 2027
Growth rate- CAGR of 2.8% from 2020-2027
Forecast Period- 2020-2027
Base Year- 2020
No. of Pages- 187
No. Tables- 110
No. of Charts & Figures- 92
Historical data available- Yes
Segments covered- Product Type ; Application ; End User ; Distribution Channel , and Geography
Regional scope- North America; Europe; Asia Pacific; Latin America; MEA
Country scope- US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage- Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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The upsurge in demand for convenience foods such as bakery products, snacks, noodles, and pasta amongst others have also bolster well the wheat flour market growth. Over the past few years, there is a noticeable increase in the consumption of ready-to-eat food and beverages owing to which the demand for convenience foods has increased significantly. Also, with the diversification of distribution channels, convenience foods have found a shelf in the retail outlets and supermarkets. Further, the change in working demographics and busy lifestyle are among the other factors promoting the demand for convenience food items. With the increase in the demand for convenience food items, the need for wheat flour is set to propel.
In addition, growing food &beverages industry, improving economic conditions, development in food processing technologies and an increase in the demand for vegan products has influenced the demand for convenience foods and thus impacted the demand for wheat flour positively in recent years. Consumers in developed and developing countries are inclining more toward convenience foods due to busy and hectic lifestyle. Hence, to meet the increasing demands, companies are coming up with the improved quality of wheat flour such as organic wheat flour and efficient distribution channels to serve the wider customer base..Effect of COVID-19 on Wheat Flour Market
COVID-19 first began in Wuhan, China, during December 2019, and since then, it has spread across the globe at a fast pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the most affected countries in confirmed cases and reported deaths as of October 2020. COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The food industry is one of the significant sectors suffering severe disruptions, such as supply chain breaks, disruptions in manufacturing due to lockdown, and office shutdowns, resulting from this outbreak. For instance, China is the global hub of manufacturing and the largest raw material supplier for various industries.
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Based on end user, the wheat flour market is segmented into residential and households. In 2019, the residential segment dominated the wheat flour market. The growth of the segment is primarily attributed to the wide-scale application of wheat flour in the preparation of chapatti, nan, and puri (types of Indian bread), and tortillas. Moreover, the wheat flour is increasingly being used in the preparation of snacks and other bakery as well as confectionery items. It is a rich source of carbohydrates, proteins, and fibers. Other than this, this flour also comprises several minerals such as Selenium, Manganese, Folate, Copper and Phosphorus. In India, wheat flour is a common food ingredient found in every household.
Wheat Flour Market: Competitive Landscape and Key Developments
Archer Daniels Midland Company, Acarsan Holding, Allied Pinnacle Pty Limited, Ardent Mills LLC, General Mills Inc, George Weston Foods Limited, ITC Limited, The King Arthur Baking Company, KORFEZ Flour Group, and Manildra Group are among the key players in the global Wheat Flour market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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