Edible Flakes Market to surpass US$ 22.3 Bn by 2029
Edible Flakes Market is projected to rise at a CAGR of 8.5% during 2019-2029, Increasing spending on ready-to-eat food is driving the market
Edible Flakes Market: Introduction
A recent study published by Transparency Market Research on the edible flakes market includes global industry analysis and opportunity assessment for 2019-2029. The global edible flakes market is expected to be valued at ~US$ 9.9 Bn in 2019, which is projected to rise at a CAGR of 8.5%, to reach US$ 22.3 Bn by 2029.
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Growing Demand for Natural Food Boosts Sales of Edible Flakes
Consumption of natural and plant-based products is increasing due to the health halo surrounding plant-based ingredients and products. Consumers have become more aware and make informed food choices. They prefer foods that are free from chemicals. Thus, consumers are influenced by ingredients used in processed foods and their potential health effects. Different plant-based flakes, such as corn flakes, rice flakes, wheat flakes, and others are derived from different grains and are thus, preferred by consumers as healthy breakfast options.
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Increasing Per Capita Expenditure on Prepared Food to Spur Growth
With increasing urbanization and rise in purchasing power, customers are spending more on prepared, processed, and ready-to-eat food. This saves time that is normally required to prepare traditional breakfasts or meals. Increasing spending on ready-to-eat food is also driving the global edible flakes market, and this trend is expected to continue during the forecast period. In addition, consumers across the globe are shifting towards the consumption of products that are easily available and contain a high level of nutrition.
In North America, consumers aged under 25 years prefer ready-to-eat and healthy processed food products. Consumers aged 35-49 years are also developing taste for prepared food, which is further expected to drive the edible flakes market during the forecast period.
Increasing Product Innovation in Food & Beverages Industry to Positively Impact Growth
The pace at which new technologies are impacting the food sector is quite high, and it has become necessary for global manufacturers to increase the scale and speed of their R&D efforts. Keeping that in mind, a variety of edible flakes are now made available in their purest forms by several commercial vendors. Hence, it is anticipated that different varieties of edible flakes could also launched in the coming years following the increase in research and development expenditure. Big companies are constantly using R&D efforts in order to achieve innovative new products and to explore new market possibilities. Therefore, this rise in R&D by the top players is expected to attract a large number of consumers in the coming years.
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