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Major Driving Factors for Cheese Ingredients Market
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The increasing demand for processed and ready to eat food is one of the key drivers of the global cereal ingredients market. In several countries worldwide, cereals are consumed as staple food and are used in the livestock industry at a large scale. Therefore, the ever-increasing demand for food and the growing livestock population are fuelling the growth of the market. Moreover, growing prevalence of health issues such as obesity and changing food habits are positively impacting the dynamics of the market.
Other factors augmenting the market’s growth are the rising consumption of beer and burgeoning demand for natural and nutritive food. However, the difficulties related to protecting cereals and cereal products from contamination are challenging companies in the global cereal ingredients market. Furthermore, factors such as research in genomics being in its early days and volatile prices of raw materials are restraining the growth of the market. However, improvements in cereal crops breeding are likely to mitigate cereal contamination issues and create growth opportunities for the market.
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On the basis of type, the global cereal ingredient market is segmented into maize, oats, rice, sorghum, and barley. In terms of application, the market is segmented into animal feed, brewing, breakfast cereal, and bio-fuel. Geographically, the market is categorized into Asia Pacific, North America, Europe, and Rest of the World (RoW). The increasing health consciousness amongst consumers and rising demand for malting and breakfast cereals are likely to propel the growth of developed countries in the North America and Europe region. In Europe, Russia is expected to emerge as a prominent market for cereal ingredients over the forecast period.
The growth of the Asia Pacific region can be attributed to the increasing population, rising focus on healthy eating habits, improving economic conditions, and growing disposable income. Australia, India, Japan, and China are expected to present tremendous growth potential owing to the abundant availability of raw materials and a large population engaged in agriculture. Increasing demand for processed food in the Middle East is stoking the growth of the Rest of the World segment.
Manufacturers in the global cereal ingredients market are trying to increase their visibility by developing new products with higher nutritional values and greater health benefits. Some of the key companies in the market are Archer Daniels Midland Company, Cereal Ingredients Inc., Nestle S.A., Kellogg Company, and Ricebran Technologies.
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