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What is the Expected Growth Rate of the Specialty Flours Market from 2024 to 2033?

In recent times, there has been a rapid expansion in the market size for specialty flours. It is projected to escalate from a worth of $10.91 billion in 2023 to $12.02 billion in 2024, with a compound annual growth rate (CAGR) of 10.2%. The surge seen in the past can be credited to factors such as the growth of specialty and artisanal bakeries, trends towards ethnic and international cuisines, innovative developments in food products, an increase in home baking trends, and a heightened focus on sustainable and organic goods.

The market for specialty flours is set to experience a significant expansion in the upcoming years, with an estimated growth to $17.98 billion by 2028, boasting a compound annual growth rate (CAGR) of 10.6%. This projected growth within the forecast period can be linked to the rising trend of functional flours, plant-based and vegan diets, the resurgence of ancient grains, bespoke blends and mixtures, investments in ethical sourcing, and heightened interest in gut health. Key trends expected during the forecast period encompass progress in gluten-altered flours, expansion of online retail channels, growth in clean label and non-gmo movements, emphasis on sustainable and ethical sourcing, improvements in milling technology, and health and well-being communications.

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What Key Factors Are Fueling the Growth of the specialty flours Market?

The rise in the desire for high-quality foods is set to spark a surge in the specialty flours market. High-priced and top-quality foods like specialty flour are becoming more popular because they offer advantages such as distinct aroma, texture, and form, are comprehensive and balanced, packed with all the nutrients one needs in correct proportions, and are easily digestible. Evidence of this trend was evident in May 2021, as per data from IRI, a US-based software firm, which noted an increased propensity towards premium ingredients in 2020, particularly in the spices and seasoning sector. This segment experienced a 11.4% rise in premiumization in 2020 compared to the year before. IRI found out that 11.8% of newly-established households, often younger with smaller incomes, splurged more on premium or specialty foods to create restaurant-like meals at home, in contrast to 5.2% of all the participants. Consequently, this escalating demand for superior quality foods is projected to buoy the expansion of the specialty flours market in the imminent years.

Which Segments Are Important for Insight into the Specialty Flours Market?

The specialty flours market covered in this report is segmented –

1) By Nature: Organic, Conventional

2) By Distribution channel: Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail, Other Distribution Channel

3) By Application: Bakery Products, Noodles and Pasta, Animal Feed and Pet Food, Meat Products, Snacks and Savory Products, Tortillas, Soups and Sauces, Others

What New Trends Are Transforming the Specialty Flours Market?

The advancement of product innovations is a noteworthy trend escalating in the specialty flours market. The main industry participants are creating novel products to maintain their standing in the specialty flour market. For example, Ardent Mills, a leading flour milling and ingredient firm, introduced the Keto Certified Net Carb Flour Blend in March 2021. This innovative formulation, the first of its kind in the industry, is intended for keto and low net carb baked applications. It serves as a viable alternative to traditional flour without sacrificing flavor, consistency, or functionality.

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Which Regions Are Driving Growth in the Specialty Flours Market?

North America was the largest region in the specialty flours market in 2023. The regions covered in the specialty flours market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Specialty Flours Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the specialty flours market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Specialty Flours Market Include

1. Specialty Flours Market Executive Summary

2. Specialty Flours Market Segments

3. Specialty Flours Market Size And Template Market Growth Rate

4. Key Specialty Flours Market Trends

5. Major Specialty Flours Market Drivers

……

25. Key Mergers And Acquisitions In The Specialty Flours Market

26. Top Specialty Flours Companies

27. Specialty Flours Market Opportunities And Strategies

28. Specialty Flours Market, Conclusions And Recommendations

29. Appendix

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