Global Malt Ingredients Market to Exhibit 7.3% CAGR | 2024
The global malt ingredient for bakery market has been rising on account of advancements in the confectionery business. Several forms of malt are available in the market, and each of them are useful for the manufacture of different products. Hence, the demand within the global market for malt ingredient for bakery has been rising at a stellar pace in recent times. The food industry has been making strides of advancement over the past decade, and several sub-industries have gained from this rate of growth. The bakery industry has especially become an immensely popular industry across multiple regional pockets. New bakery products are being introduced at a rapid pace, and this factor is a key consideration for market growth. Hence, there is little contention about a starry rate of growth within the global malt ingredient for bakery market.
Cakes are in great demand across the globe for events, celebrations, and parties. It has become a common practice to distribute cakes at birthday parties and other events. This trend shall play a key role in the growth of the global market for malt ingredient in the years to come. There is also a high possibility of new confectioneries being added to the shelves of bakeries which has in turn propelled market demand.
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Transparency Market Research (TMR) predicts that the global malt ingredients for bakery market would expand at a stellar CAGR of 4.7% over the period between 2016 and 2024. The cumulative revenues of the global malt ingredient for bakery market are projected to reach a valuation of US.3 bn by 2024.
Doughnuts and Pizzas to Attract Commendable Demand
The demand within the global malt ingredient for bakery has been rising on account of increased need for bread and biscuit across confectioneries. Based on end-product, the demand for malt ingredients for processing pizzas has been escalating to new heights in the years to come. Moreover, the malt ingredients are also extensively use for producing doughnuts and pastries. Furthermore, the need for biscuits is so omnipresent that all units including houses and hotels store cookies in huge amounts. Based on the type of product, the malt ingredient for bakery market is segmented into malt flour, dry malt, and liquid malt. The popularity of dry malt has been increasing on account of advancements in the field of bread manufacturing. The market for malt ingredient for bakery has is projected to expand alongside advancements in the global confectionery industry.
North America to Emerge as Leading Regional Segment
The malt ingredient market for bakery in North America has been expanding at a stellar pace over the past decade. This majorly owes to the presence of bakeries and confectioneries in the US and Canada. Furthermore, the popularity of cookies and pizzas in the US has also played a major role in propelling demand within the global malt ingredient market. The malt ingredient market for bakery in Europe has been expanding on account of the growing popularity of cookies and doughnuts. The new avenues that have emerged in the malt ingredient market including standard specialty products are also a key standpoint for growth.
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Some of the key vendors in the global market for malt ingredient market are Malt Products Corporation, VIVESCIA Industries, Malteries Soufflet SAS, and Simpsons Malt Limited.
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