The global market for malt ingredients used for baking purposes has been witnessing a substantial rise since the past few years. The increasing shift in the preference of consumers for natural and organic foods, coupled with the growing awareness among them about the health benefits offered by organic food products and ingredients are boosting the demand for malt ingredients significantly and the trend is anticipated to remain so in the near future.
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According to a research report by Transparency Market Research (TMR), the worldwide market for malt ingredients for bakery, which stood at US$4.2 bn in 2015, is likely to witness a tremendous increase at a CAGR of 6.60% during the period from 2016 to 2024 and cross US$7.3 bn by 2024. In terms of demand, the market is estimated to rise at a CAGR of 4.70% during the same time period.
North America to Acquire Leading Position in Global Market for Malt Ingredients for Bakery
Latin America, the Middle East and Africa, Europe, North America, and Asia Pacific are the predominant regional markets for malt ingredients used in the bakery industry. Among these, North America is expected to emerge as the leading contributor to the overall market in terms of both, value and volume, and will be closely followed by Europe over the forthcoming years.
Apart from this, Asia Pacific is also projected to exhibit strong growth in the demand for malt ingredients used for baking over the next few years. The augmenting demand for healthy products in Asian economies, such as India, China, and Japan and the rise in the spending capacity of buyers in this region are projected to boost the Asia Pacific market for malt ingredients used for bakery.
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Demand for Barley Malt to Remain High
Barley and wheat are the main source of malt to be utilized in the bakery industry. Barley malt has been witnessing a higher demand than wheat malt and is projected to retain its leadership through 2024. However, the demand wheat malt is also expected to witness favorable growth over the forthcoming years.
Here is a snapshot of the performance of segments of this market:
Based on the product type, the malt flour segment is likely to witness stronger demand and is projected to be followed by dry malt in the near future.
Among applications, the demand for malt ingredients is likely to be higher from cookies in the coming years. The biscuit segment is expected to hold the second position.
The demand from the cakes and pastries segment is projected to rise at a CAGR of 5.40% during the period from 2016 to 2024.
By grade, the standard segment is anticipated to lead the global market for malt ingredients for bakery over the next few years.
Browse the full Press Release of Global Malt Ingredient Market at :http://www.mrrse.com/global-malt-ingredient-market-for-bakery
At the forefront of the global market for malt ingredients used in bakery are Simpsons Malt Ltd., Briess Malt & Ingredients Co., VIVESCIA Industries, Malteries Soufflet SAS, Malt Products Corp., Polttimo Oy, Muntons Plc., Dohler GmbH, Ragleth Ltd., IREKS GmbH, GrainCorp Malt Group, Cargill Inc., and Axereal Group.
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