Precooked Corn Flour Market to Reach $3.4 Bn, Globally, by 2031 at 4.2% CAGR: Allied Market Research

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Sep 14, 2022, 05:30 ET

The rise in prevalence of gluten related disorders, rise in demand for gluten-free bakery products, surge in demand for convenience food, increase in disposable income of consumers, and rise in consumer expenditure on functional food drive the global precooked corn flour market.

PORTLAND, Ore., Sept. 14, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, 'Precooked Corn Flour Market by Type (White, Yellow, Blue), by Application (Household, Commercial), by Nature (Organic, Conventional), by Distribution Channel (B2C, B2B): Global Opportunity Analysis and Industry Forecast, 2021-2031.' According to the report, the global precooked corn flour industry generated $2.3 billion in 2021, and is estimated to reach $3.4 billion by 2031, witnessing a CAGR of 4.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Drivers and Opportunities

The rise in prevalence of gluten related disorders, surge in demand for the gluten-free bakery products, rise in demand for convenience food among the millennial population, demand for precooked corn flour in food processing industry for the manufacturing of various food & beverage products, rise in disposable income of consumers, and increase in consumer expenditure on functional food drive the growth of the global precooked corn flour market. However, high cost of raw material hamper the market growth. On the other hand, rise in penetration of packaged and processed food products in the developed and developing nations offer lucrative growth opportunity for the precooked corn flour market.

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Covid-19 Scenario

The Covid-19 pandemic had a positive impact on the precooked corn flour market. Many consumers began focusing on a healthier lifestyle and started substituting conventional ingredients with healthier alternatives. Consequently, the demand for gluten-free products such as precooked corn flour started growing.
The period also witnessed a soaring demand for ready-to-eat products, as they offer ease and convenience. Such factors have positively contributed to the growth of the precooked corn flour market during the pandemic.

The white precooked corn flour segment to rule the roost during the forecast period

Based on type, the white precooked corn flour segment was the largest market in 2021, contributing to nearly two-thirds of the global precooked corn flour market, and is expected to maintain its leadership status during the forecast period. White precooked corn flour is the most widely produced and consumed type of precooked corn flour. It is exponentially popular in regions such as North America, Latin America, Europe, and Africa. However, the blue precooked corn flour segment is projected to witness the largest CAGR of 5.0% from 2022 to 2031. Blue precooked corn flour is easy to digest and has 20% more protein as compared to its counterparts. It also contains antioxidants and has anti-inflammatory features. The rising consumer awareness regarding the various health benefits of blue precooked corn flour is boosting its demand and adoption in restaurants and household kitchens in nations like U.S., Italy, Spain, and Mexico.

The commercial segment to maintain its dominance during the forecast period

Based on application, the commercial segment held the largest market share of more than four-fifths of the global precooked corn flour market in 2021, and is expected to maintain its dominance during the forecast period. The presence of numerous food processing companies across the globe and the use of precooked corn flour for making a variety of food and beverage products led to the growth of this segment. However, the household segment is projected to witness the largest CAGR of 4.6% from 2022 to 2031. Precooked corn flour is a popular ingredient used for the preparation of a variety of cuisines and dishes across many households in North America and Latin America.

The B2B segment to maintain its dominance during the forecast period

Based on distribution channel, the B2B segment held the largest market share of more than four-fifths of the global precooked corn flour market in 2021, and is expected to maintain its dominance during the forecast period. This is due to the huge demand for commercial precooked corn flour among food service and food processing industries. However, the B2C segment is projected to witness the largest CAGR of 4.6% from 2022 to 2031. Supermarkets and hypermarkets, conveniences store chains, departmental stores and other retail formats act as key distribution channels for precooked corn flour. The growing penetration of online groceries and various independent retail stores in the developing nations also drive the segment.

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Asia-Pacific to achieve the fastest growth by 2031

Based on region, Asia-Pacific is projected to manifest the fastest CAGR of 4.8% during the forecast period. This is due to the rise in demand for processed and convenience food and change in consumer lifestyle in the region. However, North America was the largest market in 2021, capturing around one-third of the global precooked corn flour market, and is expected to lead the trail during the forecast period. The growing demand for Mexican cuisines in the U.S. households along with the rising prevalence of gluten related diseases in the U.S. are the major factors that drive the market in the region.

Leading Market Players

Archer Daniels Midland Company
Bob's Red Mill
Bungelimited
Cargill Incorporated
Empresas Polar Inc.
Goldmine natural foods
Goya Foods Inc.
Harinera Del Valle
LifeLine Foods LLC.
MolinoPeila SpA
Arcor Group
Cool Chile Co.
Garnec LLC.
Gruma
The Quaker Oats Company

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