The global malt ingredient market is expected to grow rapidly in the coming years with massive increase in global consumption of bakery products all over the world. The market could witness a massive influx of both small and large players. The competitive landscape of the market is thus, seen to be fragmented because of the presence of a number of players. Large vendors are focusing on developing new strategies in order to attract more revenue into the market.
The top three players of the global malt ingredient market are Cargill Incorporated, VIVESCIA Industries, and Group Soufflet. Apart from them, other prominent players of the market are GrainCorp Malt Group, Polttimo Oy, Simpsons Malt Limited, Axereal Group, and RAGLETH LTD. Players are focusing on creating innovative products with new and unique ingredients in order to reach to the top and give tough competition to others.
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According to the TMR reports, the global malt ingredient market is assumed to be valued at US$7.3 bn by the end of 2024. The market is prognosticated to exhibit a healthy CAGR of 7.3% within the forecast period of 2016 to 2024. As per the segmentation by application, the segment anticipated to dominate the overall market is the cookie segment. Based on classification by product type, the malt ingredient market is anticipated to be dominated by the dry malt segment, with respect to revenue, while malt flour segment will lead the segment with respect to volume.
Changing Lifestyle and Food Habits to Boost Market
With the rise in disposable income and change in lifestyle of people, the world is making more efforts to try and follow every trend that comes in the market whether it be fashion and accessories or food and beverage culture. The trend of celebrating major life events by cutting cake is still continuing presently but with time and trend the need for bakery and confectionaries have also increased. One of the major factors to boost the malt ingredient market is the growing trend for natural and organic food products. This is owing to the rise in awareness for nutritional food and healthy eating habits.
Another factor to boost the malt ingredient market is the ready to eat feature of food products made from malt ingredients like pizza, bread, and others. It takes less time and effort to get ready-to-eat food at our doorsteps, thus, creating lucrative opportunities of growth in the near future.
Increase in the number of bariatric population has also created more demand for healthy food habits and especially food with low sugar and carbohydrate levels. This, in turn has boosted the overall growth of the malt ingredient market at large. Thus, the market is anticipated to be fueled with the increasing preference for low or no sugar food and bakery items.
Strict Food Regulations and Healthy Food Habits to Hamper Future Market
The global malt ingredient market may have to face restraints due to the stringent laws from food societies all around the world in relation to using food additives. Apart from that, these societies and health organizations are also making high preference for clean labelled products when it comes to food ingredients. Besides, the shortage of malt grains is also adding to the disadvantage of the global market in the years to come. People are switching from unhealthy food products to healthy and nutritional ones, thus creating barriers for the growth of the overall market for malt ingredients in the future years.