Shifting Preference Towards Organic and Natural Foods to Drive Demand
The global malt ingredient market for bakery was valued at US$4.2 bn in 2015 and is poised to rise to US$7.3 bn by 2024, expanding at a modest CAGR of 6.6% from 2016 to 2024.
Government Regulations to Encourage Use of Malt Ingredients in Bakery Products
Strict government regulations regarding the usage of food additives have mandated food manufacturers to minimize the use of additives and produce cleaner and improved label products. As several manufacturers are trying to remove additives entirely from their product line, they are switching to healthier ingredients including malt ingredients for the production of various bakery items. This factor is likely to augment the growth of the global malt ingredient market for bakery.
North America to Remain Leading Malt Ingredient Market for Bakery
Geographically, North America will continue to be the leading market in terms of revenue until 2024. Due to high consumption of bakery products, this region is estimated to exhibit a significant CAGR of 7.1% from 2016 to 2024. Asia Pacific is anticipated to gain substantial growth in the near future owing to high spending capacity of buyers and increasing demand for healthy products from Japan, India, and China.
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