The global corn flour market to grow at a CAGR of 1.95% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global corn flour market for 2017-2021. To calculate the market size, the report analyses the market potential for each product based on the growth rate, macroeconomic parameters, consumer buying patterns, and market demand and supply scenario. The report also includes a discussion of the Key vendors operating in this market.
According to the report, one driver in market is growing popularity of Latin American cuisine. The changing landscape of American demographics creates new opportunities for the corn flour market. The number of consumers preferring Mexican foods in the US is growing rapidly. Corn flour is one of the major ingredients in most Mexican foods and snacks.
The major restaurant chains in the US such as Yum Brands and Brinker International that control a significant proportion of the market share sell mainstream Mexican food. In addition, the increase in the number of western and fast food service restaurants in developing countries will also support the market during the forecast period. The increasing consumption of tortilla chips and other corn-based snacks will also support the market.
With the growing penetration of organic products, manufacturers in the cornmeal market are optimistic about the growth of the organic corn-based foods in the US. For instance, Bob's Redhill, a natural foods manufacturer of various corn milled products, offers Organic Medium Grind Cornmeal, Organic Corn Flour, and Organic Cornmeal Pancake Mix.
Other players in this market such as Bunge offer Organic Whole Grain Corn Milled whole grain corn product while another market player Rainmond Hadley provides Organic Degermed Corn Flour for its health-conscious consumers.
There is a surge in imports from other countries where the bioengineered corn is not grown due to the high demand for organic corn for cornmeal, corn flour, and other corn-based products.
Further, the report states that one challenge in market is growing concerns over consumption of GM corn. In the past, allegations that GM foods are unsafe for individuals and animals and pose risks of damage to the environment and create social, legal, and ethical dilemmas, have been made, mostly in the US and the EU.
Some countries, especially in the EU, Australia, and Asia have introduced a partial limitation on the import of grain produced from GM seeds. Other countries, including the US have also imposed labeling requirements on GM food products that may affect the acceptance of these products. In total, 88%-90% of the corn produced in the US now is of the GM variety. Although GM crops prevent yield losses to pests are more helpful to farmers financially, as it allows corn crops more yield potential leading to higher monetary returns.
Growing popularity of Latin foods
Growth in baking industry
Health benefits associated with consumption of corn
Fluctuations in the supply of corn and the effect on prices
Growing concerns over consumption of genetically modified corn seeds
Increase in strategic alliances
Transition from traditional cooked-corn method to dry corn flour method