The global demand for malt ingredients used in the bakery sector has witnessed a massive rise in the past few years, thanks mostly to the massive surge in the global consumption of bakery products, especially the ones promising a high nutritious or ‘healthy’ quotient. With new products steadily being brought into the market, companies focusing increasingly on new target audience such as gluten-intolerant or vegan, and expansion of the gourmet bakery sector to emerging markets, the global malt ingredient for bakery market has further expanded.
Other factors to have worked in favour of the market so far include the rising disposable incomes of people across developing economies, the increased expenditure on value-added food products, and the increased availability of organic and natural products and ingredients. In the next few years as well, the market is expected to perform at a promising pace. The report estimates that the global bakery industry will exhibit a promising 6.6% CAGR over the period between 2016 and 2024, rising to a revenue opportunity of US$7.3 bn by 2024. Over the same period, the demand for malt ingredients is expected to expand at a moderate 4.7% CAGR.
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North America and Europe to Remain Strong Regional Markets
The report covers the global malt ingredient for bakery market based on geography into Europe, Asia Pacific, North America, Latin America, and Middle East and Africa. Of these, the markets in Europe and North America collectively hold a lion’s share in the overall market owing to the well-established gourmet bakery industries and the high consumption of bakery products in regular meals. These regional markets are likely to remain at the forefront of the global market over the forecast period as well.
The market in Asia Pacific, on the other hand, is expected to register a promising growth pace over the forecast period and emerge as one of the most lucrative regional markets. The regional market will benefit from the increased preference of people across emerging economies to ready-to-eat products and the rising popularity of novel and healthy variants of bakery products.
Inflation is not part of pricing in this report. Prices of malt ingredient vary in each region. Hence, similar volume-to-value ratio does not follow for each individual region. Prices of malt ingredient across major regions have been taken into account while estimating and forecasting market revenue on the global basis. We have used bottom-up approach to arrive at the global market, considering individual product segments and integrating them to deduce global numbers.
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Barley to Remain Most Preferred Source of Malt in Bakery Industry
In the report, the global market for malt ingredients for the bakery sector has been segmented based on the key sources of malt into wheat, barley, and other varieties. Of these, the segment of barley accounted for the dominant share of over 56.6% in 2015 and is likely to continue to account for the dominant share over the forecast period as well. The segment of wheat is also likely to expand at a favourable pace owing to the high production and usage of wheat in a number of regional markets.
In terms of the key products produces, the report segments the market into dry malt, liquid malt, and malt flour. Of these, the segment of malt flour is likely to account for the dominant share in the overall market, followed by the segment of dry malt. The dry malt segment is likely to emerge as the one with the most promising growth opportunities, exhibiting an impressive 5.2% CAGR over the forecast period in terms of volume. Based on application, the market has been segmented in the report into biscuits, bread, brownie, cakes and pastries, pizza, doughnut, and cookies. Of these, the segment of cookies is likely to account for the dominant share in the market in terms of volume owing to their high shelf life and popularity. The segment of cakes and pastries is likely to remain the most promising segment, exhibiting a CAGR Of 5.4% over the report’s forecast period.