Increase in per capita income in emerging countries, and rise in awareness about gluten-free products are the two major factors driving the growth of the global grain mill products market
PORTLAND, Oregon, Dec. 10, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Grain Mill Products Market by Product Type (Wheat, Rice, and Others) and Distribution Channel (Supermarket/Hypermarket, Grocery Stores, and Online Stores): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global grain mill products industry was pegged at $655.0 billion in 2018 and is projected to reach 830.8 billion by 2026, registering a CAGR of 3.4% from 2019 to 2026.
Chief reasons for market fluctuations
Rise in per capita income in emerging countries, and increase in awareness about gluten-free products are the two major factors driving the growth of the global grain mill products market. Furthermore, change in taste and preference of consumers and tradition of urban and modern lifestyles have fueled the growth of the market. However, volatile prices of raw materials and unfavorable conditions resulting in contamination in storage facilities impede the growth to certain extent. On the contrary, expansion of commercial farmlands in developing countries is expected to create lucrative opportunities in the near future.
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The wheat segment to rule the roost through 2026
Based on product, the wheat segment held the largest share in 2018, accounting for nearly half of the global grain mill products market. Furthermore, the segment is expected to maintain its dominance throughout the study period. Moreover, the segment is expected to portray the fastest CAGR of 3.2% during the forecast period. This is due to its use in majority of countries, as the leading source of carbohydrate and vegetable protein.
The supermarket and hypermarket segment dominated the market
Based on distribution channel, the supermarket and hypermarket segment held the lion's share in 2018, contributing to more than half of the global grain mill products market. The segment is expected to dominate the market throughout the forecast period. This is due to Increase in retail sales channel penetration in developing markets, and upsurge in deals and discounts drive the growth of the segment. However, the online segment is expected to manifest the fastest CAGR of 7.2% during the forecast period. This is due to availability of various options including detailed information, offers and discount, and free home delivery offered by e-commerce platforms, and increase in internet penetration.
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Asia-Pacific held the largest share in 2018, followed by North America
The global Grain mill products market across Asia-Pacific dominated in 2018, contributing to more than two-fifths of the market. Demographics, reduction of productivity, and rise of the digital economy impacts the long-term growth of the Asia-Pacific grain mill products market. On the other hand, North America contributed to the second highest revenue share in 2018. However, the Europe region is expected to register the fastest CAGR of 3.8% during the study period. This is due to rise in number of health-conscious consumers in this region.
Major market players
- Archer Daniels Midland Company
- Associated British Foods plc
- Hindustan Unilever Limited
- ConAgra Foods, Inc
- Hodgson Mill
- King Arthur Flour Company
- White Wings and Willmar International
- Ardent Mills Canada
- General Mills Inc.
- ITC Limited, Inc
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