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Global Specialty Malt Market Growth Trends and Projections Through 2031 - rnikambe - 11-26-2024
The global specialty malt market is witnessing robust growth as increasing demand for premium-quality beers, innovative food applications, and rising awareness about the benefits of malted products propel its expansion. Specialty malts, which are carefully processed to enhance flavor, color, and aroma, are increasingly sought after in the food and beverage industry. According to Kings Research, the specialty malt market is projected to experience significant growth during the forecast period of 2024–2031.
Market Overview
Specialty malts are essential ingredients in brewing, distilling, and food production, offering distinct flavors and functional benefits. The growing craft beer movement, with its emphasis on innovation and quality, has emerged as a key driver of the specialty malt market. In addition to beverages, specialty malts are also finding application in baked goods, confectionery, and health foods, further diversifying their demand.
The global Specialty Malt Market size was valued at USD 2,674.2 million in 2022 and is projected to reach USD 4,257.3 million by 2030, growing at a CAGR of 6.14% from 2023 to 2030. In the scope of work, the report includes solutions offered by companies such as Viking Malt, Agraria, Simpsons Malt, GrainCorp, Anheuser-Busch InBev, Barmalt, Milwaukee, WI, Imperial Malts Ltd., Bar Malt India Pvt. Ltd., IREKS GmbH and Others.
The global Specialty Malt Market size was valued at USD 2,674.2 million in 2022 and is projected to reach USD 4,257.3 million by 2030, growing at a CAGR of 6.14% from 2023 to 2030. In the scope of work, the report includes solutions offered by companies such as Viking Malt, Agraria, Simpsons Malt, GrainCorp, Anheuser-Busch InBev, Barmalt, Milwaukee, WI, Imperial Malts Ltd., Bar Malt India Pvt. Ltd., IREKS GmbH and Others.
The craft brewing industry has experienced substantial growth worldwide in recent years, according to the Brewers Association (BA). In 2021, the collective production of small and independent brewers was 24.8 million barrels of beer, resulting in 8% growth and uplifting crafted beer market share by volume to 13.1%, up from the previous year's 12.2% in the U.S. This upward trajectory is expected to continue in the forthcoming years also. While this growth has not converted into an overall increase in malt demand, it has led to the rising demand for specialty malts utilized in greater quantities by craft brewers.
Demand Dynamics
The demand for specialty malts is fueled by several factors:
Consumer Preference for Premium Beverages: Specialty malts enable the creation of high-quality beers and spirits, aligning with consumer preferences for premium products.
Versatility in Food Products: Their application in bread, cookies, and other baked goods enhances flavor and texture, catering to the growing demand for gourmet food items.
Emerging Markets: Developing regions, particularly in Asia-Pacific, are witnessing increased beer consumption and a rising middle class, creating new opportunities for specialty malt manufacturers.
Future Outlook
The specialty malt market is poised for robust growth, with the craft beer industry, health-oriented foods, and innovative product formulations driving its trajectory. By 2031, the market is expected to witness substantial expansion, with increasing investments in R&D and sustainable practices enhancing its appeal. The growing adoption of advanced malting technologies and the entry of new players are likely to intensify competition, fostering innovation across the industry.
Market Segmentation
The specialty malt market is segmented based on product type, application, and region:
By Product Type:
Caramel Malt: Known for imparting sweetness and color, caramel malts dominate the market.
Roasted Malt: These are preferred for their robust flavors in dark beers and specialty products.
Kilned Malt: Kilned malts are widely used for their subtle flavor enhancements in a variety of applications.
By Application:
Brewing: The largest segment, driven by rising craft beer production.
Distilling: Specialty malts are essential in producing premium spirits.
Food Industry: Increasingly used in baked goods, confectionery, and snacks.
By Region:
North America: The U.S. leads the market, with Canada emerging as a strong player due to its growing craft beer industry.
Europe: A hub for traditional and innovative brewing, Europe remains a key market for specialty malts.
Asia-Pacific: Rapid urbanization and rising disposable incomes are driving demand in countries like China, India, and Japan.
Rest of the World: Emerging markets in South America and Africa are showing promising growth potential.
Key Market Players
The specialty malt market is highly competitive, with key players focusing on product innovation and expansion strategies to maintain their market position. Major players include:
Cargill, Incorporated
Malteurop Group
GrainCorp Limited
Briess Malt & Ingredients Co.
Muntons plc
Simpsons Malt Ltd.
Viking Malt
Axereal Group
These companies are investing heavily in R&D to develop innovative malt varieties and cater to evolving consumer preferences.
Regional Analysis
North America: With a mature beer market and a growing preference for craft brews, North America holds a significant share of the specialty malt market. The U.S. continues to lead in terms of innovation and production capacity.
Europe: Known for its rich brewing tradition, Europe is a major consumer of specialty malts. Countries like Germany, Belgium, and the UK are at the forefront, leveraging their strong brewing heritage.
Asia-Pacific: This region is witnessing rapid growth, driven by increasing beer consumption and the rise of craft breweries. Key markets include China, Japan, and India, where the middle-class population is expanding.
Rest of the World: Markets in South America, the Middle East, and Africa are showing steady growth due to rising disposable incomes and urbanization.
Recent Developments
Recent advancements and strategies in the specialty malt market include:
Expansion of Production Facilities: Key players are expanding their manufacturing capacities to meet rising demand.
Sustainability Initiatives: Companies are adopting eco-friendly practices, such as reducing carbon footprints and promoting organic malt production.
New Product Launches: The introduction of innovative malt products catering to niche markets, such as gluten-free and organic options, is gaining traction.
Partnerships and Collaborations: Industry leaders are collaborating with craft breweries and food manufacturers to create tailored products.
Conclusion
The global specialty malt market is on a trajectory of sustained growth, driven by rising consumer demand for premium beverages, innovative food applications, and health-focused products. As the market evolves, advancements in production techniques and sustainable practices will play a critical role in shaping its future. With robust growth prospects across regions and applications, the specialty malt industry is set to remain a dynamic and vital component of the global food and beverage sector.
Get Full Detailed PDF Report- https://www.kingsresearch.com/specialty-malt-market-112