The wheat flour market in APAC is expected to reach US$ 81,442.31 million by 2027 from US$ 65,661.84 million in 2019 and is anticipated to grow at a CAGR of 3.0% from 2020 to 2027.
The health benefits of wheat flour is the key factor bolstering the growth of the wheat flour market in APAC. Wheat flour is considered one of the most popular food ingredients consumed worldwide. It is widely known for its nutritional properties and health benefits, such as reducing cholesterol levels, regulating metabolism, minimizing obesity, and balancing blood sugar levels. Wheat flour is considered as a rich source of gluten—a protein that adds strength and elasticity to the baked products. The amount of gluten may vary according to different varieties of wheat flour available. Additionally, wheat flour is composed of highly nutritious fiber and has an abundant presence of essential nutrients, such as vitamins, minerals, and catalytic elements, especially vitamins B and E. The consumption of wheat flour is also perceived to alleviate the risk of breast cancer by boosting estrogen's metabolic rate. Moreover, wheat flour is known to impart nourishment, skin protection, and energy required for overall body functions. Wheat manufacturers have also introduced vitamin-A fortified wheat flour to cater to the nutritional needs of the population. Owing to its properties, wheat flour is used in numerous applications across several industries, including food and personal care. The demand for wheat flour is especially high in food industries due to its growing need for bakery and confectionery products.
Rising inclination toward a healthy lifestyle and growing instances of diabetes, cancer, and other such diseases are among the factors driving the market's growth. Furthermore, rising preference toward convenience staple foods and growing preference to high-protein flour products positively affect market growth. Moreover, several initiatives are being taken to support food fortification to minimize the instances of malnutrition. Evolving trends of healthy food, rising wheat flour application in bakery goods and confectionaries, and the launch of products with wheat flour as an ingredient are driving the demand for wheat flour across APAC. In response to the growing market demand for wheat flour products, wheat manufacturers are introducing high quality and fine varieties of wheat flour in the market. Furthermore, the growth of food & beverages, cosmetics, and other industries is expected to propel the demand for wheat flour across APAC.
Based on application, the bread segment held the largest share in the APAC wheat flour market in 2019. Wheat flour is considered as one of the common varieties of flour extensively used in the preparation of bread. Various kinds of flours, such as all-purpose flour, white bread flour, fine French bread flour, high gluten flour, and semolina flour, are significantly used in the preparation of different varieties of breads. These flours can be used alone or blended with enriched one or other types of wheat flours depending on the type of bread being developed. The rise in bread consumption as a part of breakfast and rapid innovations are factors that are likely to affect the demand for wheat flour in bread-making purposes.
COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The governmentsin APAC are taking possible steps to reduce its effects by announcing lockdown, and thus, affect the revenue generated by the market. The governments have asked the wheat farmers to delay their production, which would adversely affect the supply of wheat flour worldwide. APAC is the largest supplier & exporter of wheat in the world. The reduction in the production of wheat by the Asia Pacific is expected to severely affect the supply of wheat worldwide, affecting the wheat flour market.
The overall APAC wheat flour market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the APAC wheat flour market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the APAC wheat flour market.Key players operating in the APAC wheat flour marketinclude Archer-Daniels-Midland Company, Allied Pinnacle, General Mills Inc., George Weston Foods Limited, ITC Limited, KORFEZ Flour Group, and Manildra Group.