In a recent study released by Fact.MR, a leading market research and competitive intelligence provider, 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 rate (CAGR) of 4.6% over the next decade (2024 to 2034). 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 rising awareness surrounding gluten intolerance, the surging popularity of non-GMO and organic products, and the evolving preferences of consumers are expected 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.
Key Takeaways from Market Study
- 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 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.
“Sweet potato flour companies should focus on capitalizing on the growing popularity of plant-based ingredients in the food & beverages industry going forward,” says a Fact.MR analyst
Sweet potato flour manufacturers should focus on the optimization of their manufacturing process to improve their sales and profitability in the future. Sweet potato flour suppliers should consider investing in research and development to create innovative products using sweet potato flour, to appeal to a broader customer base in the future.
Growing Demand for Sweet Potato Products in the United States
Increased awareness of the health benefits associated with sweet potatoes is driving demand for various sweet potato products in the United States. A rising number of individuals in the country are embracing plant-based diets, a trend expected to significantly boost sales of sweet potato flour, sweet potato flakes, and other related products in the years ahead.
Furthermore, the prevalence of celiac disease and an increasing number of people with gluten intolerance are anticipated to further drive the demand for sweet potato flour in the long term.
Rising Preference for Clean Label and Organic Foods in Europe
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.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global sweet potato flour market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights on the market based on nature (organic conventional), distribution channel (business-to-business, business-to-consumer), and end use (food & beverage industry, foodservice industry, nutraceuticals, retail/households), across six major regions of the world (North America, Europe, Latin America, East Asia, South Asia & Oceania, and MEA).
These insights are based on a report on Sweet Potato Flour Market by Fact.MR.