Malt Ingredients Market Scope:
The malt ingredients market can project healthy growth at 5.55% rate from 2023 to 2032, confirms Market Research Future (MRFR). MRFR further adds that the market value by the evaluation period’s end should be USD 10.56 billion, given the strong demand for whiskey, beer, malted milkshake, crafted beer, and malt vinegar.
Growth Boosters and Deterrents:
As living standards continue to improve, the preference for different processed food, as well as alcoholic and non-alcoholic drinks rises as well. Consumption of baked items and confectionary products infused with Malt Ingredients Market is bolstered by the surge in the number of occasions such as parties, marriages, and social gatherings. Mounting number of cafes, restaurants and hotels, in line with the surge in global tourism adds to the market worth as well.
Numerous brands are sensing the lucrative opportunity and are undertaking several social media marketing steps to gain the interest of tech-savvy young consumers seeking personalization, value for money, coupled with rising digital access. The significant growth in the number of netizens paired with the surging internet usage across the globe should also boost the sale of malt ingredients in the following years.
Emerging countries are proving to be attractive business spots for global manufacturers, thanks to the rising acceptance as well as consumption of alcohol. Another significant opportunity would be the strong impact of social media on millennials and the Gen Z population, resulting in higher spending on gin and various types of alcohol.
Segmental Review:
The malt ingredients market can be dissected in terms of form, source, as well as application.
The malt ingredients industry, with respect to form, has been considered for dry extract along with liquid extract.
Source-wise, the malt ingredients market caters to rye, wheat, barley, and more.
The malt ingredients market, depending on application, has been segregated into beverages, food, and others. The beverage-based sub-segments are alcoholic as well as non-alcoholic beverages.
Regional Insight:
Europe forms the biggest market for malt ingredients, with France, the U.K, and Germany emerging as the leading performers. Europe benefits largely from the robust economic conditions, affordability, and the preference for alcohol in different occasions. Various types of malt ingredients are extensively used by the food processors, giving a substantial push to the market. The market demand gets a boost from companies increasingly forming joint ventures to enhance their market positions. Elite lifestyles, in line with high disposable incomes of the people in general should further elevate the demand for malt ingredients in subsequent years.
China and India contribute significantly to the growth of the APAC market, which is expected to garner the fastest advancement rate in the ensuing years. Soaring number of small-sized distilleries and the innovations based on quality, particularly in China would also have a remarkable impact on the regional market. Singapore, Australia, Hong Kong, and India are also promising markets in APAC, in view of the surging per capita income, western culture’s rising influence, and people’s mounting interest in luxury products.
Top Companies:
Muntons plc (England), Pure Malt Products Ltd (UK), Cargill Inc. (US), Bairds Malt (UK), Ociété Coopérative Agricole Axereal (France), Vivescia (France), Simpsons Malt Ltd (UK), COFCO (China), Country Malt Group (New York), BARMALT MALTING INDIA PVT. LTD.(India), Dalian Xingze Malt Processing Co. Ltd. (China), EDME (UK), Briess Malt & Ingredients Co (US), GrainCorp (Australia), Soufflet Group (France), Crisp Malting Group Limited (UK), are the top producers Key Malt Ingredients Market Players.
Recent Updates:
January 2022: Wonderland Distilling is about to introduce for the first time, on-premise distilled product, namely a single malt whiskey that has been aged in apple brandy barrels. The Single Malt Whiskey contains 100% Maris Otter Malt, utilizes conventional distilling techniques, and has been aged in apple brandy barrels, which gives it a unique character and richness.
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