Global Sales of Malt Ingredients in Bakery Industry to Cross US$7.3 bn by the end of 2024, reports TMR
Albany, NY -- (SBWIRE) -- 01/12/2018 -- The top three players in the global malt ingredient market for bakery, namely Group Soufflet, VIVESCIA Industries, and Cargill, Incorporated, accounted for a share of just under 30% in 2015, finds Transparency Market Research (TMR) in a new report. TMR states that emerging players play a major role in the development of this market, with a strong presence in North America, Europe, China, India, and Australia. "Manufacturers today are focused on developing high quality malt ingredient products and offer gluten-free products with high nutritional value," the author of the report states. "The growing demand for value-added products has prompted manufacturers to shift focus from high volume production to high quality production instead," says a TMR analyst.
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.
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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.
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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.