PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1378043
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1378043
The barley market is estimated to grow at a CAGR of 4.58% during the forecast period.
The barley market is anticipated to rise at a steady pace during the projected period. The grain from the barley plant, which is a tall grass with long, straight hairs coming from the head of each stem, is used to make beer and whisky as well as other alcoholic drinks.
The fourth-most significant grain crop in the world is barley. The bulk of the world's barley is consumed in Europe. The top four nations that consume the most barley are China, Saudi Arabia, Canada, and Turkey. Throughout the projected period, it is predicted that barley's market share as a raw material for alcoholic and non-alcoholic drinks will rise.
One of the key elements influencing the barley industry is the growing awareness of the nutritional benefits of eating whole grains. Additionally, the barley industry is expanding due to the rising desire for snacks that contain natural components. The production of non-alcoholic drinks is also recommended. These elements are fueling the global barley market's expansion. It is a good source of dietary fibre and contains a variety of healthy elements that are important for aiding weight reduction, decreasing cholesterol levels, and supporting heart health. The global cultivation of barley is a factor in the market's expansion as it helps to fulfil the rising demand from various end-use industries.
Governments have made significant progress in the food grain industry in recent years due to a variety of programmes available. The Saudi government, for example, offers financial incentives to private businesses and people to cultivate critical crops like barley, soybeans, and yellow maize to satisfy local demand and build store reserves. Additionally, it gives the producers interest-free loans and financial help. These elements are anticipated to influence the barley market's growth.
With increased disposable wealth, it is expected that beer and whisky consumption will continue to be high worldwide. To increase their presence, important businesses are working to develop novel beverages that contain barley. These factors are significantly increasing barley market share.
For instance, Budweiser Brewing Co APAC Ltd said in May 2021 that it would partner with a state-owned business to supply beer to local consumers that will be made using locally-sourced malting barley. The barley is of the highest quality and will assist the business in fostering international and local business collaboration.
The barley market is being significantly impacted by an increase in the demand for barley malt for alcoholic drinks. Barley market is also being driven by the rising demand for various types of convenience food items, new F&B industry applications, clean-label trends, and a rising desire for natural ingredients. Thus, as a result of these circumstances, the exports of barley from nations like France, Russia, Australia, and Ukraine have grown globally. Therefore, it is projected that these factors will fuel the barley market size throughout the forecast period.
North America is regarded as a top producer of barley. Barley is being used increasingly in the food and beverage sector in developing nations. In the upcoming years, this aspect can help the barley market growth in the region. The world's seventh-largest producer of barley is the United States. The manufacturing of malt today consumes around 75 per cent of the American-grown barley. Barley flour cannot be used in gluten-free recipes due to the presence of gluten. It is a component of baby food in the US. Barley malt is a common ingredient in baked products and flavourings in the food business.
According to the US Grains Council, the majority of the American barley that is farmed is for malting. In 2021/2022 (June-May), 54 nations purchased American barley, and the country exported 424,000 metric tonnes (19 million bushels), including Japan for the food barley market and Mexico for brewers. The Council in Japan urges consumers who are health-conscious to consider high beta-glucan barley as an alternative grain. The Council has contributed to consistently rising imports of American barley into Japan as well as raised consumer awareness through a series of educational seminars on the health advantages of barley and reverse trade missions with the Japanese barley sector, strongly affecting the barley market growth.