VIVESCIA Industries, Group Soufflet, and Cargill, Incorporated collectively held a share of about 30% in the global malt ingredient market in 2015. Players in the market are expected to focus on developing good quality malt ingredient and other gluten-free products. The growing awareness about eating healthy is expected to be the undercurrent of the growth of the global market in the near future.
The research report states that the global malt ingredient market for bakery is likely to reach a valuation of US$7.3bn by the end of 2024 from US$4.2 bn in 2015. The steady progress of CAGR 6.6% will be due to changing lifestyle of consumers.
Cookies Segment to Lead Global Market due to High Penetration and Sales
The demand for malt ingredient in making bakery products is expected to rise in the coming years as the food habits are being characterized by natural and organic items. The awareness about health benefits of consuming malt over the sweeteners has also augmented the demand for this product in recent years. Furthermore, the fact that malt is rich in enzymes and vitamins, which translates into higher nutritional value of baked products, is also expected to favor the market growth. Additionally, increasing consumption of confectionary and bakery items has also spiked the demand for malt ingredients. The various types of malt ingredients available in the global market are liquid market, dry malt, malt flour, and others.
These products are predominantly being used for the production of cookies, which is closely followed by biscuits. “The convenience of consuming these items, relatively high nutritional value, and availability of a wide range of flavors is expected to keep the cookies and the biscuits segment in the lead,” states the lead author of this research report. The other applications of malt ingredient are seen in bread, brownie, cakes and pastries, doughnuts, and pizza production. Analysts expect that the cookies segment will expand at a CAGR of 7.3% CAGR between 2016 and 2024 due its penetration and high sales.
North America Malt Ingredient Market for Bakery to Expand at CAGR of 7.1% 2016-2024
Geographically, the global malt ingredient market for bakery is segmented into North America, Europe, Latin America, and the Middle East and Africa. Of these, North America is anticipated to lead the pack as it promises to surge at a CAGR of 7.1% between 2016 and 2024. Analysts anticipate Asia Pacific to also show steady progress as the emerging economies in the region are poised to encourage the baking and confectionary industry. Additionally, demand for malt ingredient in Asia Pacific will be supported by countries such as China, Japan, and India with the improving purchasing power of consumers.
Inroads of Breweries and Pharmaceutical Companies on Malt Harvest to Impede Growth
Despite the steady market drivers, the global malt ingredient market for bakery is being hampered by the shortage of grains. The impact of protean weather conditions has exacerbated the harvest of malt grains, which has significantly restrained the market over the past few years. Furthermore, inroads of pharmaceutical companies and breweries into overall malt produce has also led to grain shortage to a noticeable extent. However, stringent regulations set by the governments about food additives has encouraged food labels to focus on packaging cleaner and healthier items. This factor is expected to offer several lucrative opportunities to the overall market.
The aforementioned analysis of the market is based on Transparency Market Research’s report, titled “Malt Ingredient Market for Bakery (Product Type - Dry Malt, Liquid Malt, Malt Flour; Grade – Standard, Specialty; Source - Barley, Wheat; Application - Bread, Biscuits, Brownie, Cookies, Cakes & Pastries, Doughnuts, Pizza) - 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
- Global Malt Ingredient Market for Bakery, By Source
- Global Malt Ingredient Market for Bakery, By Application
- Cakes & Pastries
- Global Malt Ingredient Market for Bakery, By Grade
- Global Malt Ingredient Market for Bakery, By Geography
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific (APAC)
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- Rest of MEA
- North America
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