The latest report by IMARC Group, titled “Specialty Malt Market Report by Product (Caramelized Malt, Roasted Malt), Source (Wheat, Rye, Barley), Form (Dry Malt, Liquid Malt), Application (Brewing, Distilling, Non-Alcoholic Malt Beverages, Baking), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the market. The global specialty malt market size reached US$ 3.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.2 Billion by 2032, exhibiting a growth rate (CAGR) of 3.62% during 2024-2032.
Factors Affecting the Growth of the Specialty Malt Industry:
- Growing Demand for Craft Beer and Distilled Spirits:
The specialty malt market is buoyed by the burgeoning popularity of craft beer and distilled spirits. Craft brewers and distillers utilize specialty malts to infuse unique flavors, colors, and aromas into their beverages, meeting consumer preferences for diverse and artisanal products. Specialty malts offer a spectrum of flavor profiles—from caramel and chocolate to roasted and smoked—enabling producers to craft premium-quality beverages with distinct character and appeal. As the craft beer and spirits industry experiences exponential growth globally, driven by evolving consumer tastes and an affinity for handcrafted offerings, there has been a rise in demand for specialty malts, establishing them as indispensable ingredients in the production of innovative and high-quality alcoholic beverages.
- Increasing Consumption of Non-Alcoholic Beverages:
The specialty malt market experiences an upswing due to the rising consumption of non-alcoholic malt-based beverages, reflecting evolving consumer preferences towards healthier beverage choices and flavor diversity. Specialty malts, renowned for their ability to impart rich flavors and textures, are integral in enhancing the taste and mouthfeel of malt-based drinks. These non-alcoholic beverages, including malted milkshakes, malted hot drinks, and malt-based soft drinks, leverage specialty malts to offer consumers a wide array of flavor experiences without the presence of alcohol. As health-conscious consumers seek innovative and flavorful alternatives to traditional beverages, the demand for specialty malts as a key ingredient in non-alcoholic beverages continues to grow, driving market expansion and diversification.
- Expanding Applications in Food Industry:
The specialty malt market finds burgeoning opportunities in the food industry beyond brewing and distilling, driven by its versatile applications as a natural flavor enhancer and colorant. Specialty malts impart rich, complex flavors and hues to various food products such as bakery goods, confectionery, sauces, and marinades, elevating their taste and visual appeal. With increasing consumer demand for natural and clean label ingredients, specialty malts serve as an attractive alternative to artificial additives, meeting the preference for authentic and high-quality food offerings. As food manufacturers strive to innovate and cater to evolving consumer tastes, the adoption of specialty malts in food formulations continues to rise, presenting lucrative opportunities for market growth and expansion in the food industry landscape.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
- Boortmalt (Société Coopérative Agricole Axereal)
- Briess Malt & Ingredients Company
- Crisp Malting Group Limited
- Great Western Malting Co. (United Malt Group)
- IREKS GmbH (J. Ruckdeschel & SÖHne Gmbh & Co. Kg)
- Malteurop Groupe S.A. (SCA VIVESCIA Industries)
- Muntons plc
- Rahr Corporation
- Simpsons Malt Limited
- The Soufflet Group
- Viking Malt AB.
Specialty Malt Market Report Segmentation:
By Product:
- Caramelized Malt
- Roasted Malt
Caramelized malt represents the leading segment due to its rich flavor profile and versatility in brewing various beer styles, enhancing color, sweetness, and complexity.
By Source:
- Wheat
- Rye
- Barley
Barley accounts for the largest market share owing to its widespread availability, favorable brewing characteristics, and ability to produce a diverse range of specialty malt varieties.
By Form:
- Dry Malt
- Liquid Malt
Dry Malt holds the majority of the market share on account of its longer shelf life, ease of handling, and suitability for large-scale brewing operations, offering convenience and consistency to brewers.
By Application:
- Brewing
- Distilling
- Non-Alcoholic Malt Beverages
- Baking
Brewing represents the largest segment as it utilizes specialty malts extensively in the production of craft beers, specialty brews, and artisanal beverages, enhancing flavor, color, and aroma profiles to meet consumer preferences for unique and innovative offerings.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America’s dominance in the specialty malt market is attributed to its thriving craft beer industry, strong demand for premium and artisanal beverages, and robust consumer preference for diverse flavor experiences, driving the adoption of specialty malts among breweries across the region.
Global Specialty Malt Market Trends:
The global specialty malt market is primarily driven by the growing demand for craft beer and premium beverages fuels the market, as specialty malts are essential ingredients in creating unique flavor profiles and enhancing the complexity of alcoholic beverages. Apart from this, the increasing adoption of specialty malts in the food industry, particularly in bakery and confectionery products has catalyzed market growth as consumers seek natural and high-quality ingredients. Furthermore, the versatility of specialty malts, with varieties like caramelized and roasted malt, offers manufacturers the flexibility to innovate and cater to diverse consumer preferences, thus contributing to market growth.
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