Total sales in the global vegan flour market are expected to increase at a healthy 6.5% CAGR over the forecast period, reaching US$ 2.08 Bn by 2032.
Increasing preference for plant-based ingredients in food products is expected to drive sales in the market. Some vegan flours available in the market are brown rice flour which is being used in sweets and savoury dishes due to its thicker consistency and sweet taste.
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Almond flour is a high source of proteins and fibres and is used in making cookies, pancakes that are low-carb and help to lose weight. Coconut flour is used to sweeten up deserts and has a high source of fibre. The availability of a wide variety of vegan flours, coupled with increasing expenditure on plant-based food ingredients is expected to boost demand for vegan flour.
Key players are focusing on packaging and labelling to enhance shelf life of vegan flour. They are offering effective packaging solutions that can be resealed easily to protect the flour from getting contaminated, prevent termite attacks and fungi formation.
“Manufacturers are focusing on developing functional properties of vegan flour. Increasing incorporation of vegan flours in processed foods and snacks is anticipated to create opportunities for growth in the market,” says the FMI analyst.
- Demand for vegan flour in the U.S. is expected to total US$ 192 Mn in 2022. Sales in the North America vegan flour market are forecast to grow at a 6.2% CAGR.
- India will emerge as a lucrative market, with total sales reaching a valuation of US$ 98 Mn in 2022.
- Sales in Germany will continue gaining traction over the forecast period, with the Europe vegan flour market reaching US$ 200 Mn.
- By application, sales in the food and beverage industry hold the largest market share and are expected to increase at a CAGR of 6.5%.
Key manufacturers of vegan flour are investing in research & development to offer differentiated products with no chemical components. They are also launching new product lines to penetrate untapped markets. For instance:
In 2019, Irish-based functional ingredient supplier Healy Group introduced PrimaTex, a plant-based pea protein with numerous end-uses. This launch is in collaboration with British pea ingredient supplier, Novo Farina, which uses UK-harvested, milled pea flour for minimal carbon footprint.
Read more of the latest industry developments in our new edition: January/February 2022 Single Issue form – International Bakery (in-bakery.com)