Prepared Flour Mixes Market Growth & Trends
The global prepared flour mixes market size is expected to reach USD 27.28 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.0% over the forecast period. Increasing adoption of a healthy vegetarian diet on account of the growing consumer concerns toward animal welfare and the environment is likely to have a positive impact on the industry’s growth. Prepared flour mixes are gaining growth owing to their benefits, such as time and cost-saving, consistent quality, and longer shelf life. The continuously rising need to decrease kitchen time in households along with the increasing focus on functional baked food items over fried foods is further supporting the industry’s growth.
On the basis of product, the bread mix segment is leading the industry with maximum revenue share. The segment is projected to maintain its dominance throughout the forecast period. The availability of a wide range of products in the bread mix segment is the primary factor driving the growth. In addition, health benefits associated with the bread as it contains fiber, probiotics, protein, micronutrients, and folic acid are supporting growth. According to the American Institute for Cancer Research (AICR), whole grains and foods with dietary fibers can decrease the risk of colorectal cancer. Based on application, the bakery shops segment is leading the industry and the segment is projected to remain dominant throughout the forecast period.
The wider application portfolio including bread, cakes, pastries, cookies, and bakery rolls among others under the segment is supporting its growth. In addition, continuously increasing demand for bakery products, particularly among the urban population of developed and developing, economies is supporting the segment’s dominance. The Asia Pacific region is projected to register the fastest CAGR over the forecast period. The emerging economies including China, India, and Australia are supporting the region’s growth owing to the increasing buying power of the consumers. The rising demand for bakery products from the younger population is a major factor supporting the region’s growth.
Moreover, the increasing vegan population in countries like China, India, and Japan is another factor expected to have a positive impact on the overall industry growth. Manufacturers are adopting various strategies like new product development, mergers & acquisitions, and partnership agreements to expand their production capacities and increase their geographical presence. Manufacturers are also continuously investing in R&D activities owing to the continuously changing consumer demands. In addition, the HoReCa sector is becoming competitive day by day owing to the increasing numbers of players, this is further pushing the investments in R&D activities to get a competitive advantage.
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Prepared Flour Mixes Market Report Highlights
The pastry mix product segment accounted for the maximum revenue share in 2021 and is projected to maintain its leading position throughout the forecast period
This is owing to the availability of a wide range of products where some of which provide high nutritional value by adding functional health attributes to the mixes
The food processing industry will emerge as the fastest-growing application segment from 2022 to 2030 due to the continuously increasing demand for packaged items that use flour mixes
The bakery shop segment dominated the global industry in 2021 owing to the high product penetration in the developed markets of North America and Europe as well as growing penetration in the developing economies of Asia Pacific and Middle East
North America was the dominant region in 2021 and is expected to witness significant growth from 2022 to 2030
This is owing to the growing consumer demand for packaged and freshly-cooked bakery products in countries like the U.S. and Canada
The COVID-19 pandemic has increased the amount of home baking, simultaneously increasing the preference for healthy diets. This is further bolstering the demand for flour mixes in the North America region
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