The global malt ingredient market is experiencing robust growth, largely propelled by the expanding confectionery business. From 2016 to 2024, this growth trajectory is expected to intensify further, driven by the increasing demand for bakery and confectionery products. According to Transparency Market Research, the market is forecasted to grow at a sturdy pace, with a notable contribution from the expansion of the food industry, particularly in bakery and confectionery segments.
Cakes have transitioned into a central element of celebrations worldwide, replacing traditional local sweets. Similarly, demand for bakery products such as doughnuts and pastries has surged, especially for events and parties. This evolving consumer behavior is significantly fueling the growth of the malt ingredient market.
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Transparency Market Research forecasts a steady growth rate of 4.7% from 2016 to 2024, with the market expected to reach a valuation of USD 7.3 billion by 2024. Major players such as Malt Products Corporation, VIVESCIA Industries, and Cargill are actively contributing to this growth trajectory. These players are focusing on gaining a competitive edge through market penetration strategies, including mergers, acquisitions, partnerships, and collaborations.
Segmentation and Key Contributors to Market Growth
The global malt ingredient market is segmented based on product type, source, application, and grade. Product types include dry malt, liquid malt, and malt flour, while sources comprise barley and wheat. Applications span across various bakery and confectionery products such as doughnuts, cakes, cookies, brownies, biscuits, and bread.
Among these, doughnuts and pizzas are expected to emerge as prominent contributors to market growth. The growing trend of fast food consumption, driven by busy lifestyles and increasing disposable incomes, particularly in regions like Asia Pacific, is fueling the demand for bakery and confectionery goods.
Regional Dynamics
North America is projected to be a leading regional market, fueled by the growth in bakery and confectionery sectors in countries like the United States and Canada. Similarly, Europe is witnessing significant demand for cookies and doughnuts, driving notable growth in the malt ingredient market.
Emerging Trends and Opportunities
Specialty ingredient manufacturers are witnessing wide-ranging opportunities in the malt ingredient market, especially with the rising popularity of non-alcoholic malt beverages and gluten-free products. The growing consumer preference for wellness and health-oriented products is further boosting the demand for malt ingredients in various food and beverage applications.
The COVID-19 pandemic has also spurred new opportunities in the market, as consumers increasingly turn to nutraceuticals and homecare solutions amidst healthcare system disruptions. Manufacturers are adapting to these changing consumer preferences by adopting new strategic frameworks and operational systems.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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