Sales of sweet potato flour on the rise, Fact.MR report suggests
December 20, 2023
By Bakers Journal
The global sweet potato flour market is anticipated to reach a valuation of US$ 850.2 million in 2024, with a projected compound annual growth rateof 4.6% over the next decade, according to a recent study released by market research firm Fact.MR.
The continual growth of the global vegan population is identified as a significant driver, fostering a sustained increase in the worldwide demand for sweet potato flour.
Furthermore, the firm expects rising awareness surrounding gluten intolerance, the surging popularity of non-GMO and organic products, and the evolving preferences of consumers to contribute to the upward trajectory of sweet potato flour sales. The dynamic shifts in global consumer trends, particularly the inclination of food and beverage manufacturers toward plant-based ingredients, are positively influencing the consumption of sweet potato flour.
The key segments highlighted in the “Sweet Potato Flour Industry Research Report” indicate that developed regions, such as Europe and North America, are poised to become highly lucrative markets for sweet potato flour suppliers by the conclusion of the study period. This trend is attributed to the increasing adoption of veganism in these regions. The study conducted by Fact.MR suggests that the growing emphasis on health consciousness may play a pivotal role in driving the consumption of organic sweet potato flour through the year 2034.
- The global sweet potato flour market is estimated at US$ 850.2 million in 2024.
- Demand for sweet potato flour is projected to rise at a CAGR of 4.6% from 2024 to 2034.
- The market is forecasted to reach US$ 1.34 billion by the end of 2034.
- Growing incidence of celiac disease, rising demand for gluten-free flour, extensive adoption of plant-based diets, and expanding vegan population are drivers that spearhead sweet potato flour demand.
- High cost of sweet potato flour and disruptions in the supply chain are estimated to be key market constraints that companies should watch out for in the future.
- Demand for sweet potato flour in the East Asian region is projected to increase at 5% CAGR over the next 10 years.
- Organic sweet potato flour is projected to account for 38.2% of global revenue share by 2034.
- Sweet potato flour sales in North America are projected to reach US$ 193.8 million in 2024.
- Sweet potato flour sales via business-to-consumer channels are projected to rise at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2034.
Fact.MR suggests sweet potato flour manufacturers focus on the optimization of their manufacturing process to improve their sales and profitability in the future, and that suppliers consider investing in research and development to create innovative products using sweet potato flour to appeal to a broader customer base in the future.
The report indicates European consumers are demonstrating a willingness to invest more in food products made from clean label and organic ingredients, reflecting a growing emphasis on sustainable and ethical eating practices. The rapid expansion of the vegan population and the increasing availability of plant-based food items in the European region are poised to support the consumption of sweet potato flour in the foreseeable future.
Key markets such as the United Kingdom, Germany, France, Sweden, and the Netherlands are anticipated to emerge as particularly rewarding for sweet potato products through the year 2034.
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