Transparency Market Research has recently published a new research report that gives intricate details about the workings of the global malt ingredient for bakery market. According to the research report, the malt ingredient for bakery market is projected to exhibit a stellar CAGR of 7.3% over the course of the given forecast period of 2016 to 2024. With such high rate of growth, the global market is expected to reach an overall valuation worth US$7.3 bn by the end of the forecast period.
The research report states the cookie segment is expected to dominate the global malt ingredient for bakery market in terms of its applications. Whereas, in terms of types of product, the global market is projected to be dominated by the dry malt segment. In terms of overall revenue generation, the global malt ingredient for bakery market is expected to be dominated by the malt flour segment.
Product Innovation is at Helm of Key Strategies for Big Companies
The malt ingredient for bakery market is estimated to gain solid momentum during the given forecast period on account of the growing consumption of bakery products across the globe. The market is on course to experience a huge influx of both large as well as small players. The vendor landscape of the market is thus expected to be more fragmented in the coming years due to the emergence of new players.
The companies in the global malt ingredient for bakery market are expected to adopt aggressive marketing strategies to remain competitive and ahead of their rivals. Established players in the market are now concentrating more on the development of innovative and attractive products to maintain their brand identity and loyalty. Mergers and acquisitions are also becoming increasingly common among the market players.
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The top three companies in the global malt ingredient for bakery market are Group Soufflet, VIVESCIA Industries, and Cargill Incorporated. Apart from these, some other prominent names in the global market include RAGLETH LTD, Axereal Group, Simpsons Malt Limited, Polttimo Oy, and GrainCorp Malt Group among others.
Changing Food Habits is Pushing Market Development
With a substantial rise in the disposable income and evolving lifestyle, people are trying to follow every small trend that pops up ranging from fashion to food. The growing trend of celebrating any big event by cutting a cake is still very popular. However, with changing times, the need for confectionaries and bakery have also increased. This has thus proved to be a key driving factor for the growth of the global malt ingredient for bakery market. In addition to this, the market growth is also boosted by the increasing preference of people for organic and natural food products.
In addition to this, the increasing popularity of ready to eat food products that are made from malt ingredients is also helping to drive the growth of the global malt ingredient for bakery market. These ready to eat food products include bread, pizzas, and others. The time required to prepare these food products is significantly less. This has added to their popularity and has ultimately helped in driving the global malt ingredient for bakery market.
In recent years, people have grown more aware of the kind of food they consume. They have become more health-conscious and are consuming food products with low carbs and sugar level. This has thus helped in driving the overall development of the global malt ingredient in bakery market. The market is expected to be driven by the growing preference for bakery products with low or no sugar content.