Published By : 20 Sep 2016 | Published By : QYRESEARCH
The rising consumption of bakery products with health benefits is contributing to the steady growth of the global malt ingredient market for bakery. The rapidly growing demand for low-sugar or sugar-free variants of bakery items by health conscious consumers is expected to boost the demand for malt ingredients in the bakery industry in the forthcoming years. In addition, increasing preference for natural and organic foods is expected to propel the demand for malt ingredients.
The global malt ingredient market for bakery was valued at US$4.2 bn in 2015 and is poised to rise to US$7.3 bn by 2024, expanding at a modest CAGR of 6.6% from 2016 to 2024.
Government Regulations to Encourage Use of Malt Ingredients in Bakery Products
Strict government regulations regarding the usage of food additives have mandated food manufacturers to minimize the use of additives and produce cleaner and improved label products. As several manufacturers are trying to remove additives entirely from their product line, they are switching to healthier ingredients including malt ingredients for the production of various bakery items. This factor is likely to augment the growth of the global malt ingredient market for bakery.
Other factors fuelling the growth of the market are the rise in per capita spending on value-added products, increasing penetration of products with natural ingredients, and growing affluence of consumers. However, the increasing shortages of malt grains coupled with the growing application of malt ingredients in the pharmaceutical and breweries industries are hampering the growth of the global market.
North America to Remain Leading Malt Ingredient Market for Bakery
Geographically, North America will continue to be the leading market in terms of revenue until 2024. Due to high consumption of bakery products, this region is estimated to exhibit a significant CAGR of 7.1% from 2016 to 2024. Asia Pacific is anticipated to gain substantial growth in the near future owing to high spending capacity of buyers and increasing demand for healthy products from Japan, India, and China.