The global wheat flour market size was USD 173.02 billion in 2023. The market is projected to grow from USD 179.73 billion in 2024 to USD 250.15 billion by 2032, exhibiting a CAGR of 4.22% in the 2024-2032 period.
This information is provided by Fortune Business Insights, in its report, titled, “Wheat Flour Market, 2024-2032.”
According to our expert analysts, wheat flour industry is growing rapidly across the globe. Consumer demand for baked goods such as bread, cakes, pastries, biscuits, and cookies has expanded dramatically, driving up demand for wheat-based flour across the food industry. In the coming years, the growing use of wheat-based flour in additional applications such as noodles and pasta are predicted to propel the flour market.
Information Source: https://www.fortunebusinessinsights.com/wheat-flour-market-106313
COVID-19 Impacts:
Growing Wheat Production to Drive the Demand
Wheat, like all other grains, is regarded as a necessary sustenance, as are its by-products flour and bread. Any price adjustment has little effect on demand for or wheat. Wheat has had a limited direct impact due to the COVID-19 pandemic.
According to the International Grain Council's most recent study, wheat production is expected to exceed 765 million tons. Therefore, wheat production is predicted to grow by 2 million tons compared to the previous year. This increase in wheat yield is expected to boost wheat-based flour manufacturing in the coming years.
Segmentation:
Type, Application, and Region are studied for the Market
On the basis of type, the market is segmented into whole and refined. Due to its global reach and appeal, the value of refined or all-purpose flour is the highest in the global market.
Based on application, the market is fragmented into bread, bakery products, noodles & pasta, and others.
By geography, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The market report examines the industry in depth and focuses on key elements such as the major players, product kinds, and applications. Aside from that, the report provides information on market trends and major industry highlights. Aside from the aforementioned variables, the study covers a number of others that have contributed to the market's recent expansion.
Drivers and Restraints:
Increasing Awareness of Fiber Rich Diets to Stimulate Growth
The demand for whole wheat flour has expanded dramatically due to customer demand for fiber-rich diets. Consumer awareness of the health benefits of fiber-rich meals has resulted in a significant growth in the use of whole flour across various segments of the food business.
Several weight-loss regimens recommend eating whole grain products to minimize the risk of lifestyle-related disorders like obesity, diabetes, and cardiovascular disease. In the coming years, the market is expected to rise due to the growing popularity of fiber-rich baked goods and snacks.
Regional Insights:
The existence of a well-established food and beverage sector in China, and increased spending by enterprises on the development of innovative wheat flour products, are largely responsible for the market's enormous expansion. Consumers' lifestyles have greatly improved as their disposable earnings have increased. Cakes, biscuits, and wheat flour-based premixes are among the luxurious products favored by today's consumers.
The wheat flour market share in Europe is primarily driven by consumer demand for bread and other bakery items. The government has implemented initiatives to increase agricultural productivity, including subsidies to encourage farmers to produce wheat crops more intensively.
Competitive Landscape:
Presence of Prominent Players to Improve Market Position
The global market is fragmented, with large players focusing on cooperating with other companies to expand their product line. Furthermore, other prominent competitors are likely to promote the wheat flour market growth by implementing tactics such as mergers and acquisitions, product invention, and facility expansion. The entry of small businesses into the flour industry has a substantial impact on market competition, which has a favorable impact on the market growth.
Industry Developments:
- September 2020: Panhandle Milling, a flour producer based in the United States, has announced the acquisition of the Arrowhead Mills facility in Hereford, Texas. Panhandle Milling hopes to expand its capabilities, products, and specialized packaging solutions by acquiring Arrowhead Mills' assets.
List of Key Players Mentioned in the Report:
Ardent Mills (Colorado, U.S.)
Wudeli Flour Mill Group (China)
ADM Company (Illinois, U.S.)
General Mills (Minnesota, U.S.)
Allied Pinnacle Pty Ltd. (NSW, Australia)
Manildra Milling Pvt. Ltd. (NSW, Australia)
Acarsan Flour (Turkey)
Korfez Flour Mill (Delaware, U.S.)
George Weston Foods Ltd. (Toronto, U.S.)
Hodgson Mills, Inc. (Toronto, U.S.)