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The
global sales of malt ingredients for the bakery industry amounted to
US$4.2 bn in 2015 and are expected to reach US$7.3 bn by the end of
2024. The sales revenue is expected to rise at a 6.6% CAGR over the
course of the forecast period. The demand for malt ingredients, on
the other hand, is projected to rise at a modest 4.7% CAGR.
Application-wise,
Cookies Segment to Cross Billion-dollar Mark by 2024
Among
the key applications, the cookies segment led the overall malt
ingredient market for bakery and is estimated to cross the
billion-dollar mark by the end of 2016 in terms of value. Exhibiting
a 7.3% CAGR from 2016 to 2024, it is also projected to be the most
rapidly expanding application segment during the forecast period. By
source, the barley segment is anticipated to retain its dominance
through 2024 in terms of both value and volume. It will also expand
at a CAGR higher than any other source segment.
Geographically,
North America is expected to present the highest value share as well
as CAGR over the forecast period. This regional segment will register
a 7.1% CAGR from 2016 to 2024. By revenue, dry malt is the leading
product type in the malt
ingredient market for bakery, while malt flour is the leading
segment by volume consumption.
Efforts
by Manufacturers to Produce Clean Label Products a Major Growth
Driver
The
growing shift in preference for natural and organic foods and the
surge in awareness about the health benefits of such food products
and ingredients have fueled the demand for malt ingredients in recent
years, TMR finds. Malted barley extracts, for instance, replace sugar
needed in bakery products. “Health conscious consumers prefer
sugar-free or low-sugar variants of bakery items and this factor is
anticipated to spur the demand for malt ingredients in the bakery
industry in the near future as well,” the author of the study
states.
Apart
from this, strict government regulations pertaining to the use of
food additives has compelled food manufacturers to focus on the
production of clean label products by using less additives than
before, with several manufacturers opting to remove them entirely
from their product line. This switch to healthier ingredients for the
production of various bakery items has spurred the demand for malt
ingredients.
On
the flip side, the shortage of grains, especially in recent years,
has hampered the global market for malt ingredients in the bakery
industry. “In addition to poor harvest in several malt grain
producing regions around the world, the shortage of malt grains also
results from the growing usage of malt ingredients in breweries and
pharmaceutical industries,” the lead analyst points out.
This
review is based on the findings of a TMR report titled “Malt
Ingredient Market for Bakery - Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast 2016 - 2024.”
Global
Malt Ingredient Market for Bakery, By Product Type
- Dry Malt
- Liquid Malt
- Malt Flour
- Others
Global
Malt Ingredient Market for Bakery, By Source
- Barley
- Wheat
- Others
Global
Malt Ingredient Market for Bakery, By Application
- Bread
- Biscuits
- Brownie
- Cookies
- Cakes & Pastries
- Doughnuts
- Pizza
- Others
Global
Malt Ingredient Market for Bakery, By Grade
- Standard
- Specialty
Global
Malt Ingredient Market for Bakery, By Geography
North
America
- U.S.
- Canada
Latin
America
- Brazil
- Mexico
- Rest of Latin America
Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Russia
- Poland
- Rest of Europe
Asia
Pacific (APAC)
- China
- India
- Japan
- Australia & New Zealand
- Rest of Asia Pacific
Middle East and Africa (MEA)
- GCC
- Africa
- Rest of MEA
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