According to a new study by FMI, sales of malt ingredients is expected to record a value of ~US$ 21 Bn in 2022, 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.
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.
On the account of multiple beneficial properties, the demand for malt ingredients is also rising in pharmaceutical industry, for use in medicines and nutraceuticals. A recently published report reveals that the global malt ingredients market is projected to reflect a CAGR of ~5% over the forecast period of 2022-2032.
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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.
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.
During the process of malting and brewing of grains for the production of malt ingredients, the leftover by-products are utilized to feed animals. As it consists carbohydrate (Cellulose and hemicellulose) and protein even after the removal of sugar during brewing process. The utilization of by-product in animal feed industry is likely to work to the advantage of the malt ingredients market players.
This study by FMI offers insights into the malt ingredients market for the forecast period of 2022-2032. The malt ingredients market is projected to record a CAGR of ~5% during the predefined timeframe.
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Key Questions Answered in the Report
How much was the malt ingredient market worth in the year 2021?
The malt ingredients market was worth around USD 23 Bn in the year 2021.
What is the future growth rate of the malt ingredient market?
Malt ingredients is expected to grow at a CAGR of around 5% during the forecast period.
How much is the expected worth of the global malt ingredients market over the forecast period?
Malt ingredients market is anticipated to reach a valuation of USD 39.4 Bn by 2032.
Who are the dominant manufacturers in the global malt ingredients market?
Some of the significant manufacturers in the malt ingredient market are Cargill Incorporated, Dohler GmbH, Ireks GmbH, Malteurop Group, Simpsons Malt Limited, The Soufflet Group, Axereal (BOORTMALT NV), Barmalt India Pvt. Ltd. To mention a few.