According to a new study by FMI, malt ingredients market is estimated to be valued at USD 24.2 Bn in 2022. As per Future Market Insights (FMI), the overall market value is expected to reach a valuation of USD 39.4 Bn by 2032, rising at a CAGR of 5% for 2022-32. driven by increasing demand from food and beverage, pharmaceuticals, and personal care industries.
In the food industry, it is used in many products such as bakery products, confectioneries, dairy & frozen food, and pet food, while in beverages, malt ingredients are used in brewing & distilling of non-alcoholic beverages and other healthy drinks.
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Growing trend of adopting natural ingredients in food and beverage industry is directly impacting the demand for malt ingredients. They are associated with number of properties such as, rich in natural sugar constituents, a good source of fibre, low in fat, complex carbohydrate, more vitamins and protein, making them an ideal food and beverage ingredient.
Gains Underpinned by Increasing Popularity of Malternatives
Malternatives are gaining significant traction as a substitute of beer, which contain malt alcohol in low proportion mixed with other types of alcohol. Wide acceptance of malternatives among the young and urban consumers is likely to complement the growth of the malt ingredients market. Hard lemonade, malt-based coolers, and a new breed of spirits are growing at a rapid rate, potentially raising the demand for malt ingredients.
- Bacardi silver is positioned as the only malternative with the flavor of rum and the product was launched with a full scale TV, radio, and print media campaigns.
- Key producers of malternatives include Anheuser-Busch Inc., Arizona Beverage Company LLC, Brown-Forman Corporation, Bacardi U.S.A. Inc., Molson Coors Brewing Company, and Cruzan Rum Distillery.
Factors Fueling the Malt Ingredients Market Growth
Non-alcoholic brews and malt bases of soft drinks are gaining popularity in Central Europe and the Middle East. Malt based beverages are alcohol-free and hence, are exactly lined up with halal regulations. This, in turn, is creating relatively high demand for malt ingredients, especially in Islamic and GCC countries, thereby contributing to the market growth.
Although the demand for malt ingredient-based products continue to move on an upward spiral, fewer number of market players are unable to meet the growing demand in the current scenario. This, in turn, is likely to generate opportunity for new players to enter into the market and serve large segment of the consumers.
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Malt is produced from the barley grains in a process called malting, and is used in the production of beer. Malt ingredients work as a source of starch, contributing to beer’s organoleptic and color characteristics. These ingredients also play an important role in preserving the oxidative stability of beer as the natural source of antioxidants. Growing awareness of these beneficial effects among consumers is likely to fuel the growth of the malt ingredients market.
Market Segments Covered in Malt Ingredients Industry Analysis
By Raw Material :
- Barley
- Wheat
- Rye
- Maize
- Rice
- Oat
By Product Type :
- Malt Extract
- Dry Malt Extract
- Liquid Malt Extract
- Malt Flour
- Other Product Types
By Grade :
- Specialty Malt
- Caramelized Malt
- Roasted Malt
- Standard Malt
By End-Use Industry :
- Food & Beverages Industry
- Food
- Bakery Products
- Confectionaries
- Dairy & Frozen Food
- Pet Food
- Beverages
- Brewing
- Distilling
- Health Drinks
- Other Non-alcoholic Beverages
- Food
- Pharmaceutical Industry
- Personal Care Industry
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