NEWARK, Del , April 23, 2024 (GLOBE NEWSWIRE) -- The specialty malt market, encompassing caramel, roasted, and smoked malt, is set to be valued at US$ 3,102.40 million in 2024. It is projected to grow to US$ 4,250.30 million by 2034, with a compounded annual growth rate of 3.70%. This growth is attributed to the growing demand for specialty malt in the brewing industry and the popularity of craft beer.
The specialty malt market is driven by several factors, including:
- Its high adoption rate due to its beneficial properties
- The high demand for organic food products
- The establishment of mega food parks and food and beverage manufacturing units
The market is also expected to grow due to advancements in technology, research and development techniques, productivity growth, population growth, government subsidies, abundant raw materials, and improved connectivity. However, government regulations are expected to limit the use of specialty malt and its derivative products, while high prices of organic food discourage consumers.
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Asia Pacific is set to record sky-high growth levels in the specialty malt market through 2034, followed by Europe and North America. Top producers include Japan, India, China, and Australia. Growth is expected due to rising per capita income and population, while Europe and North America collectively share a significant market share.
“The specialty malt market is expanding due to advancements in research and development, rising demand, multi-functionality, demand for craft beer, and proliferation of independent breweries. The growing popularity of malted beverages and craft beer among the young population, as well as a preference for organic ingredients, are driving growth.” - says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
Key Takeaways from the Specialty Malt Market Report
- The specialty malt market is experiencing considerable growth, with the United States forecasting a 2.1% CAGR.
- The market in China is expected to rise at a 2.8% CAGR due to its urbanization and clean trends.
- The United Kingdom’s specialty malt market is expected to develop at a 3.3% CAGR, driven by the increasing popularity of beer and non-alcoholic malt beverages.
- Germany's market is expected to expand at a 2.5% CAGR due to its traditional beer brewing and the growing demand for organic and natural products.
- India's specialty malt market is expected to inflate at a 4.2% CAGR through 2034, driven by the rising middle class, craft beer and microbreweries, and government initiatives to promote the food processing industry and encourage foreign direct investment.
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Competitive Landscape of the Specialty Malt Market
The market is characterized by high product differentiation and innovation, driven by factors such as increasing demand for craft beer, growing disposable income, and changing consumer preferences towards healthy and organic products. Major players like British Foods PLC, Lantmännen Unibake, and ADM are investing in research and development to stay ahead.
Latest Development
In 2024, South Seas Distilleries and Breweries Private Limited, India's oldest malt whisky distillery, introduced its single malt whisky, The Crazy Cock, in Goa. The brand, known for matured malt whiskies, features the symbol of the rooster to represent unconventional thinkers and passion-driven individuals, expanding its portfolio and offering unique blends.
Key Companies
- London Dairy Co. Ltd (UK)
- Inc (USA), Conagra Brands
- Daiya Foods Inc. (Canada)
- General Mills Inc. (USA)
- Grupo Bimbo S.A.B.de C.V.(Mexico)
- Associated British Foods PLC (UK)
- Lantmännen Unibake (Denmark)
- Cole’s Quality Food Inc. (USA)
- Aryzta AG (Switzerland)
- Vandemoortele NV (Belgium)
- Europastry S.A. (Spain)
- Dun & Bradstreet
- Danone SA (France), ADM (USA)
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Key Segmentation
By Application:
- Distilling
- Brewing
- Baking
- Non-alcoholic malt beverages
By Source:
- Barley
- Rye
- Wheat
By Form:
- Dry Specialty Malts
- Liquid Specialty Malts
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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