The number of consumers around the world demanding for healthier and superior quality bakery items has increased of late and this has spelt good news for those in the global malt ingredients market. This market has been undergoing several developments, as natural and gluten-free baked goods see a rise in demand. New and more nutritious products with malt ingredients have hit the market, enabling the worldwide sales of these ingredients to reach to US$7.3 bn by 2024. The sales of malt ingredients for the bakery industry were pegged at US$4.2 bn in 2015 and is projected to clock in a CAGR of 6.6% over the forecast period.
Impact on Western Culture on Consumers in APAC Driving Regional Demand for Malt Ingredients
The Asia Pacific Market for malt ingredients presents multiple opportunities to players in the industry and is slated to expand at a 5.5% CAGR from 2016 to 2024. Amounting to a value of US$1.2 bn by the end of the forecast period, the APAC market is anticipated to witness considerable growth over the years thanks to the rising demand for healthy food products, especially in the baking goods segment. Consumers have been growing increasingly conscious about their health and well-being and this is reflected in their demand for nutritional and natural food products.
Most of these consumers are based in emerging economies such as Japan, India, and China, where the spending capacity of the buyers is higher. The malt ingredients market in Japan is projected to account for a large share in APAC in terms of revenue. China is also a major market for malt and malt ingredients owing to the availability of raw materials such as barley and wheat. There has been a major influence of Western culture on consumers in these countries, impacting their dietary choices and purchases. This growing influence, in addition to rapid urbanization, is sure to continue fueling the Asia Pacific market for malt ingredients in the bakery industry.
Fragmented Nature of Malt Ingredients Market Benefiting New Players
The key players competing in the global malt ingredients market include Dohler GmbH, Briess Malt & Ingredients Co., Muntons plc, Axereal Group, IREKS GmbH, GrainCorp Malt Group, VIVESCIA Industries, Cargill, Incorporated, Malt Products Corporation, Polttimo Oy, Malteries Soufflet SAS, Simpsons Malt Limited, and RAGLETH LTD.
It has been noted that the vendor landscape of the market for malt ingredients is defined by its fragmented nature. The three leading players in the market, namely Cargill, Incorporated, VIVESCIA Industries, and Group Soufflet, held a share of not more than 30.0% in 2015, hinting at the massive opportunity for new and emerging companies. These new enterprises have a strong presence in Europe, India, North America, China, and Australia, where the scope for growth is much higher.
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Another observation made by experts in the industry is that manufacturers of malt ingredients are increasingly focused on offering a host of high quality, highly nutritional, and gluten-free products. Considering the rising demand for value-added products, manufacturers are now paying more attention to quality-based production instead of volume-based production.