Global Flour Substitutes Market Size Is Expected To Reach $42 Billion By 2032

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PALM BEACH, Fla., Nov. 29, 2022 /PRNewswire/ -- Flour substitutes are types of flour that can be used in place of wheat flour to make baked and fried goods. These flour substitutes have become ideal choices for people who are looking for gluten-free diets or who are suffering from celiac disease. There are several different types of flour substitutes available, such as almond flour, coconut flour and quinoa flour. Each type of flour substitute has its unique flavor and texture. They are being increasingly utilized for applications like baked goods, fried food, bread, pastry, noodles, etc. The rising usage of flour substitutes in a wide range of applications across industries like food processing and bakery will continue to boost growth of the market for the next 10 years according to a report from Future Market Insights.  The report projected that the global flour substitutes market size is expected to reach a valuation of US$ 26,322.3 Mn in 2022. Furthermore, with rising usage in baked goods, fried food, bread, noodles, and several other applications, the overall demand for flour substitutes is projected to rise at 4.8% CAGR during the forecast period (2022-2032), totaling a market valuation of US$ 42,066.5 Mn by 2032.  The report said: "Similarly, increasing prevalence of celiac disease is playing a crucial role in stimulating growth in the flour substitutes market. Over the years, there has been a rapid surge in cases of celiac disease, especially among women."   Active Companies in the markets today include AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI), Bunge (NYSE: BG), The Scotts Miracle-Gro Company (NYSE: SMG), Corteva, Inc. (NYSE: CTVA), Nutrien Ltd. (NYSE: NTR) (TSX: NTR).

Future Market Insights continued: "With rising consumer awareness about the side effects and diseases caused by gluten consumption, they are shifting towards products like flour substitutes. This is expected to create a conducive environment for the growth of flour substitutes market during the next ten years. The flour substitutes will also experience high demand due to the growing popularity of gluten-free and low-carb diets. This demand is being driven by both individual consumers and food manufacturers.  Emerging trends reveal that flour substitutes will continue to grow in popularity as more people adopt gluten-free and low-carb diets. This growth will provide opportunities for both new and existing players in the market to capitalize on."

AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI) BREAKING NEWS:  AgriFORCE Receives Patent Allowance from the United States Patent and Trademark Office Related to its Proprietary Process and Technologies for the UN(THINK) Foods Brand  -  AgriFORCE Growing Systems Ltd. ("the Company"), an intellectual property (IP)-focused AgTech company dedicated to advancing sustainable cultivation and crop processing across multiple platforms, today announced it has received a patent allowance from the United States Patent and Trademark Office (USPTO) related to the Company's proprietary processes and technologies for processing ancient, heritage and modern wheat, grains, seeds, beans, legumes, tuber and root vegetables into low starch, low sugar, high protein and fiber rich consumer products.

With wheat accounting for 20% of worldwide caloric consumption, and flour and bakery products representing a $200 billion dollar market in the U.S., AgriFORCE's UN(THINK) Foods aims to fill the existing gap for healthy alternatives without compromising on taste or texture. UN(THINK)'s revolutionary technology and process results in non-GMO and 100% natural baking and bread flours with superior nutrition, with pancake mixes, breads, pastas, and more currently under consideration and development. A consumer survey conducted by Brodeur Partners in December 2021 with 1,000 respondents across the United States, confirmed strong interest among millennials to purchase a flour alternative delivering enhanced nutrition while maintaining taste and texture, with 50% of millennials surveyed willing to pay a premium of 50% or more for such a product. The findings also revealed that 56% of millennials are using flour regularly at home, with 88% consuming flour-based products at least twice per week.

"UN(THINK)TM will offer products for consumers and a premium branded ingredient for manufacturers to improve their products the bakery, pasta and snack categories" says Hernando Ruiz-Jimenez, General Manager UN(THINK) Foods. He added: "Further, the no-waste process allows us to recuperate a sweet liquid which could be used in high-performance drinks, nutrition bars and other categories that will cater to the highly motivated and growing demographic of wellness-focused millennials and health-conscious baby boomers."

"We are pleased to be continually adding to our intellectual property portfolio and we believe this granted patent further differentiates AgriFORCE from others in the industry," commented Mauro Pennella, President AgriFORCE Brands. "Our goal is to redefine specialty flour and grain-based products with our innovative ingredients to provide great tasting foods without compromising the nutritional value or standard texture for consumers. This patent comes at an ideal time as we are on track to launch our first branded product under the UN(THINK)TM brand by the end of 2022. We believe our products and ingredients contain the potential to revolutionize the way consumers think and feel about foods they love." CONTINUED…  Read this full release for AgriFORCE Growing Systems at:  https://ir.agriforcegs.com/ 

Other recent developments in the markets include:

BZ Group and Bunge (NYSE: BG) recently announced the signing of a strategic partnership. As part of this agreement, Bunge acquires 49% of BZ Group while the Beuzelin family remains the majority shareholder with 51% ownership. The transaction is subject to customary closing conditions and regulatory approval.

The BZ Group, located in Normandy, France, originates products from a large network of independent farmers and also sources grains, oilseeds and pulses from suppliers in the northwest of France to export to its customers via its port terminal in Rouen. Bunge, a global leader in agribusiness and food ingredients, has developed a strong relationship with BZ over the years. The decision to combine BZ's expertise in the French market with Bunge's global reach is the natural evolution of this long-term relationship.

The Scotts Miracle-Gro Company (NYSE: SMG) recently announced its results for the fourth quarter ended September 30, 2022.  "Our leadership team and associates successfully managed the challenging finish to fiscal 2022 to deliver consolidated sales and earnings results consistent with our expectations," said Jim Hagedorn, chairman and CEO. "While we were disappointed with our overall financial performance for the year, we remained within our leverage covenants and established a path forward to return the Company to acceptable levels of profitability.

"As we look to the year ahead, we are committed to further improving our operating and financial performance by capitalizing on the strengths of the U.S. Consumer business and right-sizing Hawthorne for the realities of today. We will prioritize more profitable product mixes along with front-loading our marketing and promotional activities to drive early consumer traffic in close coordination with our retailer partners. At the same time, we are taking decisive actions across the organization with the goal of effectively managing leverage and creating stronger conditions for the long-term success of our business."

Corteva, Inc. (NYSE: CTVA) recently reported financial results for the third quarter and nine months ended September 30, 2022.  "Corteva delivered another solid quarter of sales and Operating EBITDA growth, reflecting focused global execution and strong customer demand. We continue to make progress on portfolio actions, including our agreement to acquire Symborg, a leading biologicals business, and our decision to exit commodity glyphosate products. These actions demonstrate our commitment to deliver increased value to farmers through differentiated technologies and contribute to a more sustainable global food system.

"Look ahead to 2023, we expect the near-term operating environment to remain dynamic. While the outlook for ag fundamentals is strong, macroeconomic pressures are expected to continue, including currency and inflation headwinds.

Nutrien Ltd. (NYSE: NTR) (TSX: NTR) recently announced its third quarter 2022 results, with net earnings of $1.6 billion ($2.94 diluted net earnings per share), which includes a non-cash impairment reversal of $330 million relating to our Phosphate operations. Third quarter 2022 adjusted net earnings per sharewere $2.51 and adjusted EBITDA was $2.5 billion.

"Nutrien has delivered record earnings in 2022 due to the strength of agriculture fundamentals, higher fertilizer prices and excellent Retail performance. During the third quarter, we saw a temporary reduction in potash purchasing in North America and Brazil, which has impacted our sales volumes and realized prices in the second half of the year. However, the underlying demand drivers remain strong and global fertilizer supply challenges still persist, creating a supportive environment for Nutrien as we look ahead to 2023 and beyond," commented Ken Seitz, Nutrien's President and CEO.

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