Malt Ingredient Market for Bakery - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024
Albany, NY -- (SBWIRE) -- 07/05/2017 -- Global Malt Ingredient Market for Bakery: Snapshot
Over the recent past, the global malt ingredient market for bakery has been experiencing a sturdier rate of growth. This factor is primarily attributed to the increasing rates of bakery goods consumption, especially the ones that claim health benefits. The unbroken chain of new products being introduced, including gluten-free malt for the bakery industry, has further driven the global malt ingredient market. Other top drivers of the market include the increasing volume of disposable income among consumers, the increased per capita expenditure on value-added products, and the rising penetration of natural and organic ingredients and products. The global malt ingredient market for bakery is, however, currently being restrained by factors including the growing use of malt in distilleries and breweries.
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Based on market value, the global malt ingredient market for bakery is expected to expand at a CAGR of 6.6% within the forecast period from 2016 to 2024. It is likely to reach US$7.3 bn by the end of 2024. The demand for malt ingredients, on the other hand, is projected to rise at a modest 4.7% CAGR for the same forecast period.
APAC Malt Demand to Skyrocket
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.
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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.
Cookies to Continue Leading Demand for Malt Ingredients
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 based on 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.
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.
Key players in the global malt ingredient market for bakery include Malteries Soufflet SAS, Simpsons Malt Limited, Malt Products Corporation, Briess Malt & Ingredients Co., Muntons PLC., Polttimo Oy, Dohler GmbH, VIVESCIA Industries, GrainCorp Malt Group, IREKS GmbH, Cargill, Inc., RAGLETH LTD., and Axereal Group.