Published on : Sep 13, 2016
The rise in the demand for healthy bakery products has led to a significant rise in the development of various healthy and innovative bakery products. Introduction of new and innovative bakery products such as gluten free malt is expected to boost the demand for malt ingredient for bakery. Moreover, growing disposable of consumers has led to an increase in their per capita expenditure. This has led to a rise in the consumption of luxury food products. The high penetration of natural food ingredients and products is also anticipated to further drive the growth of the global malt ingredient market for bakery in the upcoming years. However, the large scale use of malt in distilleries and breweries across the world is anticipated to inhibit the growth of the global malt ingredient market for bakery.
Biscuits and Cookies Segment to Emerge as Leading Revenue Generator for Global Market for Malt Ingredient for Bakery
The growing consumption of biscuits and cookies among the young age group is expected to surge the sales of malt ingredients for bakery. In the bakery industry, the main source of malt is barley closely followed by wheat. Malt flour emerged dominant in the product segment followed by dry malt. All these products types have their application in the production of biscuits and cookies. It is projected that the biscuits and cookies segment is likely to reach the billion dollar mark by 2016. The biscuits and cookies segment is also anticipated to exhibit a strong growth with a CAGR of 7.3% between 2016 and 2024.
Initiatives for Production of Clean Label Food Product by Malt Manufacturers to Augment Growth of Global Malt Ingredient Market for Bakery
The burgeoning awareness among consumers regarding the consumption of healthy food products has considerably lifted the demand for malt ingredients. The shift of consumers towards organic and natural foods has impelled manufacturers produce clean label products. Demand for sugar free foods is also likely to enhance the demand for malt bakery ingredients. To meet the government imposed regulations regarding use of quality food additives, manufacturers are turning towards the production of clean label food products.
The global malt ingredient market for bakery is likely to exhibit a 6.6% of CAGR from 2016 to 2024. In 2015, the market was valued at US$4.2 bn and is projected to rise to a market worth US$7.3 bn by 2024.