Functional flours Market Scope:
Following a careful consideration of all the impacting factors, MRFR (Market Research Future) reveals that the Functional flours market could make significant progress between 2022 and 2030 (analysis period). Functional flours Market is expected to reach USD 53,355 million by 2030 and grow at a CAGR of 8.6% during the forecast, 2022–2030. We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
The South Korean Functional Flours Market is experiencing rapid growth, fueled by changing consumer lifestyles and a burgeoning interest in health and wellness. Functional flours, enriched with vitamins, minerals, and other bioactive compounds, are gaining popularity among health-conscious consumers seeking nutritious alternatives to traditional staples. Market players in South Korea are innovating with product formulations and packaging designs to appeal to evolving consumer preferences, with a focus on convenience and sustainability. Government initiatives promoting healthy eating habits and food safety further bolster the demand for functional flours in the region. Collaboration between industry stakeholders and research institutions drives innovation and product development, contributing to the dynamism of the South Korean functional flours market. As competition intensifies, companies are adopting strategic marketing campaigns and distribution channels to expand their presence and capitalize on the growing demand for functional food products in South Korea.
Primary Drivers and Barriers:
The demand for premium food in recent years has soared significantly across the world, alongside the growing consumption of healthy and convenience products. Functional flours is an active ingredient that is used to make premium food products, ensuring their quality and is therefore considered healthier compared to normal the products. The modern consumer is no longer interested in food products that are mid-market and thus, the latest trend that has emerged in the global market is the growing focus on reducing spending on basic groceries and instead opting for premium products. Functional flours has also gained consumer interest owing to its high nutrition content, cost-effectiveness, thick texture, and taste enhancing property.
The significant demand for low-fat and healthy alternatives paired with the unexplored opportunities in developing countries also work in the market’s favor. The fast-evolving lifestyles led by the consumers all over the global also helps bolster the sales of Functional flours. The fitness industry has been booming in the past few years, giving a boost to the awareness level among people with regard to healthy food. Therefore, the rising focus on being fit and preference for tasty food items can translate into considerable market expansion over the ensuing years. Another instrumental factor can be the surge in government-led initiatives that promote the consumption of healthy foods like Functional flours. Escalating nutrition deficit and malnutrition cases in developing countries and the increase in government efforts to address the grave situation can present excellent opportunities to the global firms in subsequent years.
The global market observes intense competitions, with manufacturers exploring ways to bring innovations in their food products with the use of Functional flours, including confectioneries, bakery products, jellies and jams, caramel, monosodium glutamate, and more. Joint ventures, mergers, R&D activities, acquisitions, and expansion of the production capacity are some of the top favored strategies that are frequently adopted by leading firms in the global market. For instance, in October 2020, Limagrain Ingredients, a European Functional flourss vendor, invested over USD 10.6 million to boost its production capacity at its site located in Arques, France. The expenditure entails extension of the company’s buildings and installation of a new line, which will facilitate production of close to 15,000 metric tons of Functional flours across the region.
Affluent Market Companies:
Some of the most affluent Key Functional flours Market Players are Sunopta, Inc (Canada), Associated British Foods PLC (U.K), Agrana Beteiligungs-AG (Austria), The Hain Celestial Group Inc. (U.S.), General Mills, Inc. (U.S.), Bunge Limited (U.S.), Cargill (U.S.), Archer Daniels Midland Company (U.S.), The Scoular Company (U.S.), Parrish and Heimbecker Limited (Canada), to mention a few.
Market Segmentations:
Functional Fours Industry can be segmented in terms of source, claim, and distribution channel.
The sources covered in the market study are grains, corn, tapioca, wheat, rye, sprouts, rice, peanut, and more. Wheat is the most common source of Functional flours in the market and can therefore emerge as the top segment in the following years.
Claim-wise distribution of the global market includes organic, pre-gelatinized, gluten-free, and others. Surging instances of gluten allergies worldwide is leading to a stronger preference for gluten-free Functional flours in the global industry.
The primary distribution channels that sell Functional flours include store based as well as non-store based.
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