The global malt extracts market is expected to reach US$ 1,321.66 million by 2027 from US$ 815.79 million in 2018; it is estimated to grow at a CAGR of 5.6% from 2019 to 2027. The scope of this study involves understanding the factors contributing to the growth of the market; it also includes estimating and forecasting the revenues, conducting the market share analysis, and spotting significant market players along with their key developments.
The beverages segment accounted for the largest share of the global malt extracts market, by application, in 2018. Malt extract is majorly used in the manufacturing of alcoholic beverages such as beer and whiskey. It is used to add a distinct flavor to products. Often, they are used in craft beer varieties by small scale or home-based breweries to cut down on cost and deliver a superior product. Malt extract is rich in antioxidants, vitamins, minerals, and amino acids, and thus, it is used as a base for non-alcoholic beverages such as malted milk and sports drink, non-alcoholic beers, and soft and energy drinks. Thus, the increasing demand in brewing industries, especially for the manufacturing of craft beer, and escalating use in the processing of non-alcoholic beverages are contributing to the growth of the malt extracts market for the beverages segment during the forecast period.
GROWING POPULARITY OF CRAFT BEERS INFLUENCE THE MALT EXTRACTS MARKET GLOBALLY
Malt extract is a sweet substance extracted from malted grains which are germinated cereal grains dried during malting process. It is produced in two forms dried and liquid malt extracts. The liquid malt extracts is a liquid with high viscosity used as a natural food ingredient. It is available in different color levels ranging from light to dark shades whereas the dry malt extracts is made by further spray drying of liquid extract. Malt extract is extensively used in the brewing of beer. It has been in use in multiple products for its unique flavor characteristics, and works as a sugar or honey substitute in many recipes such as baked good like bars, cereals, cookies, bars, and many others. It helps in enhancing flavors, aromas, and colors. It is also used as dietary supplement besides baking and brewing. Increasing adoption of malt extracts in various applications is expected to drive the demand for malt extracts during the forecast period.
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The global malt extracts market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America. Asia-Pacific is expected to be the fastest-growing market for malt extracts, with a significant market share, during the forecast period. The growth of the malt extracts market in this region is primarily attributed to the increasing demand for malt extracts in various applications. There are several classes of malt extracts, such as standard, specialty, dark, and light. These extracts are widely used in craft beer varieties; non-alcoholic beverages; and baked foods, bars, cereals, and cookies to enhance flavor, impart color and grant functionalities. In addition, increasing consumer awareness about healthy dietary habits have shifted their preference toward natural and organic food products, which further supports the growth of organic malt extracts in Asia Pacific.
Malt extract is majorly used in the manufacturing of alcoholic beverages such as beer and whiskey, among others. It is used to add a distinct flavor to the product. Malt extracts are also used in craft beers by small scale or home-based breweries to cut down on the process of costing and deliver a superior product. The craft beer market nearly holds 15% market share of the total beer market. The increasing number of beer drinkers and their shifting preferences towards craft beer for its unique taste is driving the demand for malt extracts beer. An increasing number of lounges, breweries, and bars is also boosting the growth of craft beer. The growing popularity of craft beer with exotic flavors is gaining traction among Gen Y and Gen X population. Gen Y or millennial who are major consumer group of craft beer are open to experimenting with new beer products. This has encouraged most of the breweries have introduced their own unique craft beers. The growing number of microbreweries and craft brewers in developed regions such as North America and Europe will propel the market in next few years which indirectly drives the demand for malt extracts.
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