Consumer preference toward food is changing, and preference for nutritionally enriched food is increasing as people are now more concerned about their health. Thistrend drives the growth of the global maize flour market.
PORTLAND, Ore., Sept. 16, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Maize Flour Market by Type (Yellow Maize Flour, White Maize Flour), by End-user (Commercial, Household), by Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Online Retail, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global maize flour industry generated $32.7 billion in 2021, and is anticipated to generate $51.0 billion by 2031, witnessing a CAGR of 4.6% from 2022 to 2031.
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Prime determinants of growth
Consumer preference toward food is changing, and preference for nutritionally enriched is increasing as people are now more concerned about their health. This trend drives the growth of the global maize flour market. Furthermore, rise in incidence of cancer, the rapidly evolving information and software technology, and emerging bioinformatics are considerably contributing toward the market growth. However, people restricting themselves from having gluten products can hinder the maize flour market growth. Conversely, the surge in demand for pasta which is made up of different flours presents new opportunities in the coming years.
- The outbreak of the Covid-19 pandemic had a negative impact on the global maize flour market, owing to disruptions in the food & beverage industry all across the globe.
- The implementation of global lockdown in 2020 led to the closure of restaurant and food chains, which further caused slowdown in the market.
- In 2021, consumers' buying behavior changed by their perception of the risk associated with COVID-19. To reduce the risk of infection, consumers preferred online services for acquiring daily essentials. As a result, buying foods from restaurants and hotels was discouraged.
The white maize flour segment to maintain its leadership status throughout the forecast period
Based on type, the white maize flour segment held the highest market share in 2021, accounting for more than half of the global maize flour market, and is estimated to maintain its leadership status throughout the forecast period. This is due to its extensive use as filler, binder and thickener in the cookie, pastry and meat industry. Moreover, the yellow maize flour segment is projected to manifest the highest CAGR of 5.1% from 2022 to 2031. This is attributed to several health benefits of yellow corn flour such as improved hair growth, protecting heart health, lowering bad cholesterol, and preventing neural tube defects at the time of infant birth.
The commercial segment to maintain its lead position during the forecast period
Based on end user, the commercial segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global maize flour market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 5.0% from 2022 to 2031, owing to the huge demand for maize flour in the food service and food processing industry for the manufacturing of different food & beverage products such as breakfast cereals, sauces, soups and others. The report also identifies the household segment.
The hypermarkets/supermarkets segment to witness fastest growth during the forecast period
Based on end user, the hypermarkets/supermarkets segment is expected to portray the largest CAGR of 5.5% from 2022 to 2031, due to the wide availability of maize flour products in departmental stores, grocery stores, and retail shops. Hypermarkets/supermarkets such as Walmart, Target, and Cosco provide diverse choices of brands in a single location, making it easy for consumers to discover the appropriate category of maize flour and its products. The report also mentions segments including convenience stores and online retail.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global maize flour market, and is likely to dominate the market during the forecast period. Growing concern of people towards health and their rising interest towards cooking drive the market in the region. . Moreover, Europe is expected to witness the fastest CAGR of 5.8% from 2022 to 2031. This is attributed to the growing demand for convenient and healthy food products in this region. Other segments analyzed in the report are Asia-Pacific and LAMEA.
Leading Market Players: -
- Andersons Food
- Archer Daniels Midland
- bob's red mill
- Bunge
- cargill
- empresas polar
- grain millers inc.
- gruma
- groupe limagrain
- North Dakota Mill
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