The global Malt Ingredient Market is estimated to be valued at US$ 6.11 Bn or in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Malt ingredients are basically malted cereal grains or extracts obtained from malted cereal grains. They are used as a flavoring agent and to add nutrients in various food and beverage products like bakery, snacks, alcoholic and non-alcoholic beverages. Malt ingredients improve taste, texture and aroma of final products.
Market Key Trends:
One of the key trends in the malt ingredient market is the increasing demand for innovative flavors in beverages. Consumers are preferring new and exciting flavors in their beverages. To cater to changing consumer demand, beverage manufacturers are focusing on developing unique and novelty flavored beverages using malt extracts. For instance, various flavored beers such as grapefruit, coconut, chocolate and coffee are available in the market developed using specific malt extracts providing characteristic flavor to the beverages. This trend of novel flavors is expected to drive the demand of malt ingredients in the beverage industry over the forecast period.
SWOT Analysis:
- Strength: Malt ingredients have firmly established usage in industries like beer, whisky, food etc. due to their inherent flavoring and nutrition properties.
- Weakness: Production of malt is dependent on agricultural cultivation of barley which is exposed to climatic vagaries.
- Opportunity: Rising demand for novel flavors in craft beers and spirits is spurring product innovation using different malts.
- Threats: Intense competition among malt producers and availability of substitute ingredients can impact business viability.
Key Takeaways:
The global Malt Ingredient Market is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to rising experimentation in craft beverages.
The market size for malt ingredient was valued at US$ 6.11 Bn in 2023 and is anticipated to reach over US$ 8 Bn by 2030. North America currently dominates the market owing to strong production and consumption of craft beers in the US and Canada. Europe is also a major regional market led by countries like Germany, UK and Belgium.
Key players operating in the Malt Ingredient market are Axereal Group, Cargill, Incorporated, RAGLETH LTD., GrainCorp Malt Group, IREKS GmbH, Dohler GmbH, VIVESCIA Industries, Muntons plc, Polttimo Oy, Malt Products Corporation, Briess Malt & Ingredients Co., Malteries Soufflet SAS, and Simpsons Malt Limited. The market is fragmented with the top five competitors accounting for about 30% share. Companies are focusing on new product launches catering to the craft beverages industry.
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