Wheat Flour Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type ; Application ; End User ; Distribution Channel, and Geography
NEW YORK, Sept. 15, 2020 /PRNewswire/ -- The global wheat flour market was valued at US$ 181,377.66 million in 2019and is projected to reach US$ 219,995.42 million by 2027; it is expected to grow at a CAGR of 2.8% from 2020 to 2027.
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The wheat flour market has experienced tremendous growth in the past on the back of the development in food processing technologies.The upsurge in demand for bakery products, snacks, noodles, and pasta, among others, has also bolstered the wheat flour market growth.
Gluten is a naturally occurring protein in wheat, and it is responsible for the shape of the baked goods as it helps make the dough more elastic when kneaded.The amount of gluten may vary according to different varieties of wheat flour available.
Low-gluten wheat variety is termed as "soft" or "weak," and the high-gluten wheat variety is referred to as "hard" or "strong." Bread is a part of a wide range of meals and cuisines, and there is a high demand for wheat bread among consumers.
Based on application, the wheat flour market has been segmented into bread, bakery products, noodles and pasta, and others.The bread segment accounted for the largest share in the global wheat flour market in 2019, and bakery products segment is expected to register the fastest CAGR during the forecast period.
Wheat flour consists of gluten that is considered to be key source of protein and a significant ingredient in yeast-leavened breads.Gluten is a rubbery substance that helps provide structure and elasticity to the bread dough by trapping air and gas molecules; this action helps enhance the texture of the baked items.
Wheat flour such as all-purpose flour, white bread flour, fine French bread flour, high gluten flour, and semolina flour are significantly used in preparation of different varieties of breads.These flours can be used alone or can be blended with other types of wheat flours, depending on the type of bread being developed.
The rise in the consumption of bread as a part of breakfast, along with rapid innovations in the same, is likely to boost the demand for wheat flour in bread-making.
Based on geography, the global wheat flour market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa.In 2019, Asia Pacific held the largest share in the global market, followed by Europe and North America.
China is dominating the wheat flour market in APAC, followed by India and Rest of APAC.The huge growth of the market in China is mainly attributed to the existence of well-established food and beverages sector and increasing spending by companies on the development of innovative wheat flour products.
With the increasingly busy lifestyle of consumers in Asian countries such as Australia, China, and India, they are gradually shifting their preference toward convenience food, which reduces their cooking time and provides them instant food. Wheat flour is used in various convenience food products such as bakery products, snacks, noodles, pasta, among others.
The COVID-19 outbreak, which began in Wuhan (China) in December 2019, has spread around the globe at a fast pace.As of August 2020, the US, Russia, India, China, Italy, Spain, France, and Germany are among the worst-affected countries in terms of positive cases and reported deaths.
According to the WHO figures updated in August 2020, ~17,660,523 confirmed cases and 680,894 deaths have been reported globally.The outbreak has affected economies and industries due to lockdowns, travel bans, and business shutdowns.
Food and beverages is one the world's major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this pandemic.China is the global manufacturing hub and is the largest raw material supplier for various industries; however, it is also one of the worst-affected countries by the COVID-19 pandemic.
The lockdown of various plants and factories in China is affecting the global supply chains and adversely impacting the manufacturing and sales of various types of wheat flour. The overall market collapse due to COVID-19 is also affecting the wheat flour market growth due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
Archer Daniels Midland Company, AcarsanHolding , Allied Pinnacle , Ardent Mills, General Mills Inc, George Weston Foods Limited , ITC Limited, The King Arthur Baking Company, KORFEZ Flour Group, and Manildra Group are among the players present in the global wheat flour market.
Overall size of the global wheat flour market has been derived using primary and secondary sources.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global wheat flour market.
Also, multiple primary interviews were conducted with industry participants and commentators in order to validate and analyze the data. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the global wheat flour market.
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