Malt Ingredient Market for Bakery: Snapshot
The global malt ingredient market for bakery has been witnessing steady growth over the recent past, attributed mainly to the rising consumption of bakery products with health benefits. The continuous introduction of new products such as gluten-free malt, especially in the bakery industry, has further driven the market. Other key factors contributing to the global malt ingredient for bakery market include the growing affluence of consumers, the increased per capita spending on value-added products, and the rising penetration of products with natural ingredients. However, factors such as the wide usage of malt in breweries and distilleries worldwide is expected to restrain the global market during the forecast period.
In terms of value, the global malt ingredient market for bakery is anticipated to expand at a CAGR of 6.6% during the forecast period to amount to US$7.3 bn by 2024. The demand for malt ingredients, on the other hand, is projected to rise at a modest 4.7% CAGR.
Cookies and Biscuits to Contribute Significantly to Global Malt Ingredient Market for Bakery
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.
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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 in terms of 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.
High Growth in Store for Asia Pacific over Forecast Period
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, TMR states.
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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.
Key players in the global malt ingredient market for bakery include Simpsons Malt Limited, Malteries Soufflet SAS, Briess Malt & Ingredients Co., Malt Products Corporation, Polttimo Oy, Muntons plc, VIVESCIA Industries, Dohler GmbH, IREKS GmbH, GrainCorp Malt Group, RAGLETH LTD., Cargill, Incorporated, and Axereal Group.
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