According
to a recent research report by Transparency Market Research (TMR),
players in the global malt ingredient for bakery market sector are
concentrating extensively on developing high-quality malt ingredient
products as well as striving to develop products which are free from
gluten and also high on nutritional value. The report further adds
that manufacturers within this market are changing their business
method by realizing the importance of high-quality production rather
than high volume production. Group Soufflet, VIVESCIA Industries, and
Cargill, Incorporated, which were the top three players within the
global malt ingredient market for bakery accounted for a 30% of the
total market in 2015.
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According
to TMR, by 2024, the sales of malt ingredients for the bakery market
is anticipated to rise up to US$7.3 bn. On the basis of key
application area, the cookies segment is anticipated to lead in the
market and also be that segment which will witness the highest growth
rate in the period from 2016 to 2024, expanding at 7.3% CAGR. On the
basis of source, the barley segment is anticipated not only to lead
but also to be the fastest growing segment. By geography, it is
anticipated that North America will continue to lead in the years to
come in the malt ingredient market for bakery. In terms of product
type, it is anticipated that the dry malt segment will lead in terms
of revenue, while in terms of volume consumption, it is anticipated
that the leading segment will be malt flour.
Rising
Demand for Organic and Natural Ingredients Behind Growth of Market
As
per the lead author of this report, “one of the biggest factors
behind the high demand for malt ingredients in the market is the
increasing preference for organic and natural foods on account of the
raising awareness about the health benefits of foods and ingredients
that are organic or natural. Malt barley extract is being used in
place of sugar in bakery products on account of their health and
nutritional value. With an increasing number of people suffering from
obesity and diabetes as well as several lifestyle associated issues,
there has been a rise in the health consciousness among consumers
across the globe and a growth in the preference for food items with
low sugar content or even sugar free content. This in turn is
anticipated to bode well for the global
malt ingredient market for bakery.
Strict
Regulations Regarding Use of Additives to Bode Well for Market
Another
important factor which is impacting the malt ingredient market for
Bakery in a positive manner is the emergence of strict regulations
from concerned bodies regarding the usage of food additives, which
in turn is a driving food manufacturers to pay attention and focus on
producing clean label products. This is resulting in a switch from
unhealthy ingredients to healthier ones and is driving the growth
prospects of the malt ingredients market. On the other hand however,
one of the key factors hampering the growth of this market is the
shortage of malt grains. The growing use of malt ingredients in
pharmaceutical and breweries sector is resulting in a shortage of
malt ingredients for the bakery industry.
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