Specialty Malt Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1461
Specialty Malt Market size is anticipated to grow in demand due to its wide applications in food and beverage industry. It is also driven by brewing industries due to functional properties of the product. They play a vital role in shaping desired characteristics including texture, taste, flavour and appearance in beverage applications. Product demand is expected to grow steadily in the projected timeframe. Growing need for independent breweries, enhancement of technologies and research facilities, increasing requirement for crafted beer and multi-functionality of the product will impetus the specialty malt market growth.
It is generally used in preparing brewing beer, whisky, vinegar, milk shakes, chocolate (Whoppers), flavoured milk (Milo, Horlicks), and in some bakery products including bagels, rich tea biscuits and loaf which will upsurge specialty malt market. Sweet meals and flavoured breads made from the product further strengthens the industry growth. Some of the flavoured products including coffee, chocolate, and caramel has expanded industry share in food and beverage industry, in turn pushing the specialty malt market. Ready to drink beverages and increased consumption of household beer will also fuel industry size.
It is a germinated grain prepared from a specialised process, by soaking it in water for germination and further sprouting the grain by drying it with hot air. Barley is the most common used grain to prepare the product, along with wheat, corn, rice and rye. The principle use of the product is in making brewing beer, whisky, and other beverages.
Specialty malt market is segmented based on its type into roasted, dark, and crystal. Roasted segment is expected to showcase high demand growth as it is extensively used in brewing processes. It is used in preparing brewed alcohol from centuries using conventional methods to drive different kinds of beer.
On the basis of applications, specialty malt market is segmented into distilling, brewing, bakery, and non-alcoholic beverages. Increased consumption of beer and growing number of independent breweries manufacturing their own customized beers is projected to significantly drive the product demand over the forecasted period.
North America dominates as the largest specialty malt market for both consumption and production of the product owning to its massive product production and splendid sales & promotion facilities. Change in lifestyle and food patterns in the region is also expected to propel healthy product growth in the industry. The U.S. and Canada are the largest exporter of the product in the region. Rising demand of non-alcoholic and alcoholic beverages will substantially drive the specialty malt market demand.
Europe is also anticipated to growth in demand due to its global presence in brewing and beverage industry. Countries including France, Switzerland, Germany, Belgium, Italy, and Russia are progressing to come up as leading regional players due to their high consumption of flavoured beers and alcoholic drinks and presence of large customer base.
Asia-Pacific is expected to be the fastest growing region in the global specialty malt market as some of the top most producers of specialty malts are established in the region. Emerging economies including China, Japan, India, and Australia are magnificently growing with high demands especially from the local markets. Among these, India and China are projected as the specialty malt market leaders owing to high disposable income and changing lifestyle trends of the masses. Increase in population of youngsters is also boosting the consumption of beer and several beverages as they spend more and frequently change their taste buds and in turn fuelling the demand of the specialty malt market in this region over the forecasted period.
Recently, Middle East & Africa have observed a rapid demand in consumption of non-alcoholic beverages and this trend is anticipated to continue during the forecasted period. Enhanced taste and availability of variety of flavours in non-alcoholic beverages is expected to propel the industry demand.
Global specialty malt market is concentrated in nature due to the presence of large industry players which take up maximum industry share. Some of the key industry players include Axereal, Agraria, Cargill, Bavaria Brewery, Bairds, Graincorp, Ireks, Soufflet. Other prominent players are Crisp Melting, Heineken, Muntons Craft Brewing and Weyermann.
In 2016, Bavaria Brewery acquired the U.S. based Belgian customized beer importer, Latis Imports to increase its global presence in the specialty malt market. With this strategy, the company capitalized the advancing U.S. beer industry.
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