Malt
Ingredient Market for Bakery: Snapshot
The
global malt ingredient market for bakery has been witnessing steady
growth over the recent past, attributed mainly to the rising
consumption of bakery products with health benefits. The continuous
introduction of new products such as gluten-free malt, especially in
the bakery industry, has further driven the market. Other key factors
contributing to the global malt ingredient for bakery market include
the growing affluence of consumers, the increased per capita spending
on value-added products, and the rising penetration of products with
natural ingredients. However, factors such as the wide usage of malt
in breweries and distilleries worldwide is expected to restrain the
global market during the forecast period.
In
terms of value, the global
malt ingredient market for bakery is anticipated to expand at
a CAGR of 6.6% during the forecast period to amount to US$7.3 bn by
2024. The demand for malt ingredients, on the other hand, is
projected to rise at a modest 4.7% CAGR.
Cookies
and Biscuits to Contribute Significantly to Global Malt Ingredient
Market for Bakery
The
main sources of malt to be used in the bakery industry are barley,
wheat, and others. The barley segment led the mail ingredient for
bakery market with a revenue share of 56.6% in 2015 and is projected
to maintain its dominance through 2024. The wheat segment is expected
to exhibit favorable growth over the forecast period.
By
product type, the malt flour segment is estimated to contribute
significantly in terms of volume to the global malt ingredient market
for bakery, followed by dry malt. The dry malt product segment is
expected to register a high growth rate in the overall market through
2024, registering a 5.2% CAGR in terms of volume.
Among
the key applications, cookies are estimated to form the leading
segment by volume, followed by the biscuits segment. The cakes and
pastries segment, on the other hand, is expected to be report the
leading growth rate of 5.4% from 2016 to 2024.
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On
the basis of grade, the malt ingredient market for bakery is led by
the standard segment, which is estimated to be valued at US$5.1 bn by
2024. Specialty ingredients are forecast to witness substantial
growth in the near future.
High
Growth in Store for Asia Pacific over Forecast Period
The
global malt ingredient market for bakery is segmented on the basis of
geography into North America, Latin America, Europe, Asia Pacific,
and the Middle East and Africa. The North America malt ingredient
market for bakery is expected to be the leading contributor to the
global market in terms of value as well as volume, followed by
Europe. These markets are expected to register high growth rates
between 2016 and 2024, TMR states.
The
malt ingredient market for bakery in Asia Pacific is expected to gain
substantial growth over the course of the forecast period owing to an
expected high demand for healthy products from India, Japan, and
China. The growth can also be attributed to the high spending
capacity of buyers in the region.
Key
players in the global malt ingredient market for bakery include
Simpsons Malt Limited, Malteries Soufflet SAS, Briess Malt &
Ingredients Co., Malt Products Corporation, Polttimo Oy, Muntons plc,
VIVESCIA Industries, Dohler GmbH, IREKS GmbH, GrainCorp Malt Group,
RAGLETH LTD., Cargill, Incorporated, and Axereal Group.
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