According to a recent research report by Transparency Market Research (TMR), players in the global malt ingredient for bakery market sector are concentrating extensively on developing high-quality malt ingredient products as well as striving to develop products which are free from gluten and also high on nutritional value. The report further adds that manufacturers within this market are changing their business method by realizing the importance of high-quality production rather than high volume production. Group Soufflet, VIVESCIA Industries, and Cargill, Incorporated, which were the top three players within the global malt ingredient market for bakery accounted for a 30% of the total market in 2015.
According to TMR, by 2024, the sales of malt ingredients for the bakery market is anticipated to rise up to US$7.3 bn. On the basis of key application area, the cookies segment is anticipated to lead in the market and also be that segment which will witness the highest growth rate in the period from 2016 to 2024, expanding at 7.3% CAGR. On the basis of source, the barley segment is anticipated not only to lead but also to be the fastest growing segment. By geography, it is anticipated that North America will continue to lead in the years to come in the malt ingredient market for bakery. In terms of product type, it is anticipated that the dry malt segment will lead in terms of revenue, while in terms of volume consumption, it is anticipated that the leading segment will be malt flour.
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Rising Demand for Organic and Natural Ingredients Behind Growth of Market
As per the lead author of this report, “one of the biggest factors behind the high demand for malt ingredients in the market is the increasing preference for organic and natural foods on account of the raising awareness about the health benefits of foods and ingredients that are organic or natural. Malt barley extract is being used in place of sugar in bakery products on account of their health and nutritional value. With an increasing number of people suffering from obesity and diabetes as well as several lifestyle associated issues, there has been a rise in the health consciousness among consumers across the globe and a growth in the preference for food items with low sugar content or even sugar free content. This in turn is anticipated to bode well for the global malt ingredient market for bakery.
Strict Regulations Regarding Use of Additives to Bode Well for Market
Another important factor which is impacting the malt ingredient market for Bakery in a positive manner is the emergence of strict regulations from concerned bodies regarding the usage of food additives, which in turn is a driving food manufacturers to pay attention and focus on producing clean label products. This is resulting in a switch from unhealthy ingredients to healthier ones and is driving the growth prospects of the malt ingredients market. On the other hand however, one of the key factors hampering the growth of this market is the shortage of malt grains. The growing use of malt ingredients in pharmaceutical and breweries sector is resulting in a shortage of malt ingredients for the bakery industry.