The global corn flour market is on a remarkable growth trajectory, with Fairfield Market Research reporting a valuation of US$16.2 billion in 2019 and projecting an impressive CAGR of 8.2% between the forecast years of 2021 to 2026. This surge is driven by shifting consumer preferences towards healthier snacks and the increasing demand for gluten-free bakery products.
Healthier Snacks Fueling Growth
One of the driving factors behind the growth of the global corn flour market is the changing consumer preference for healthier snacks. Maize, the primary ingredient in corn flour, offers a plethora of health benefits, including minerals such as magnesium, iron, manganese, copper, phosphorus, and zinc, which contribute to bone strength, renal function, heart health, and growth regulation. Additionally, it aids in managing blood sugar levels, making it a popular choice among health-conscious consumers.
Gluten-Free Bakery Products on the Rise
Gluten-free corn flour is witnessing a surge in popularity, particularly in the production of bakery items. The bakery and confectionary segment accounted for approximately 42% of the market share in 2021 and is expected to maintain its dominance throughout the forecast period. This trend is driven by the rising prevalence of autoimmune digestive illnesses associated with gluten consumption.
Manufacturers in the corn flour industry are responding to this demand by enhancing the quality of gluten-free bread and cakes. They are using gums as substitutes for gluten to mimic its viscoelastic properties, improving dough performance and cake qualities. In addition to maize, corn flour manufacturers are expanding their gluten-free product offerings to include rice and buckwheat.
Challenges in Developing Economies
Despite its promising growth, the corn flour market faces challenges in developing economies, primarily due to inadequate storage facilities and food wastage. According to the Food and Agriculture Organization (FAO), nearly half of the globally produced food goes to waste each year, with fast-developing nations like India, China, and Brazil contributing significantly to this issue. The lack of modern infrastructure and waste management systems hinders the expansion of the corn flour market in these regions.
Regional Markets
North America and Europe are emerging as key regional markets for corn flour, driven by the growing number of Hispanic groups and the increasing popularity of corn flour-based products, particularly in the United States. Asia Pacific is also experiencing strong growth, fueled by a growing population, higher expenditure on staple foods, and increased consumption of fast food.
Competitive Landscape
The global corn flour market is highly competitive and diversified, with numerous local and international manufacturers. Leading market players include Bunge, BASF, Cargill, Gruma, Clariant, Solvay, Grain Millers, Evonik, and Glen Miller. To maintain competitiveness, many players are pursuing acquisitions and mergers with both small and large manufacturers.
Global Corn Flour Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021-2026 – [2023 UPDATE Available – Forecast 2023-2030*] (By Nature Coverage(Organic, Conventional), Application Coverage(Bakery and Confectionary, Snack Food, Others) Distribution Coverage(Direct, Indirect), By Geography, Leading Companies) https://www.fairfieldmarketresearch.com/report/corn-flour-market
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COMTEX_440910047/2840/2023-09-25T13:12:24
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