Rise in demand for convenience foods, customer preference towards frozen flatbread products, and expansion in quick service restaurant drive the growth of the global flatbread industry market
PORTLAND, Oregon, Jan. 16, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Flatbread Market by Product Type (Tortilla, Naan, Pita, Focaccia, Fry Bread, and Others) and Distribution Channel (Business-to-Business and Business-to-Consumers): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global flatbread industry was pegged at $41.17 billion in 2019 and is projected to reach $62.8 billion by 2026, registering a CAGR of 6.2% from 2019 to 2026.
Chief reasons for market fluctuations
Rise in demand for convenience foods, customer preference towards frozen flatbread products, and expansion in quick service restaurant drive the growth of the global flatbread industry market. However, rise in geopolitical tensions to restrict flatbread trade, and gluten in flatbread restrain the market growth. In addition, maintaining freshness and softness for prolonged period remains a challenge for the players. On the other hand, focus on improving quality, shelf life, and lessen production costs, clean label in flatbread packing, and consumer preference for gluten free and sugar free flatbread create new opportunities in the market.
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The tortilla segment to rule the roost through 2026
Based on product type, the tortilla segment held the largest share in 2019, accounting for more than half of the global flatbread market. This is due to its health properties and low carb count. Furthermore, the demand for organic tortilla made with whole grain and gluten-free certified would boost the segment. On the other hand, the fry bread segment is expected to portray the fastest CAGR of 9.4% during the forecast period.
The business-to-business segment dominated the market
Based on distribution channel, the business-to-business segment held the lion's share in 2019, contributing to more than three-fifths of the global flatbread market. This is due to innovation in ingredients and new types of bread by manufacturers. However, the business-to-consumer segment is expected to manifest the fastest CAGR of 6.9% during the forecast period. This is due to increase in penetration of various online portals in developing regions and the rise in number of offers or discounts, especially in online channel.
North America held the largest share in 2018
The global flatbread market across North America dominated in 2019, contributing to nearly two-thirds of the market. This is due to high penetration of ready-to-eat and convenient products in this region. On the other hand, Asia-Pacific region is expected to register the fastest CAGR of 9.6% during the study period. This is due to increase in urbanization, growing product awareness towards clean label products and health ingredients products.
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Major market players
- Kontos Foods Inc
- Klosterman Baking Company
- California Lavash
- Evron Foods Ltd
- S.A.B. de C.V.
- Olé Mexican Foods Inc
- Tyson Foods
- La Brea Bakery
- Nina Bakery Europe
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