PORTLAND, Oregon, Nov. 13, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Specialty Malt Market by Source (Wheat, Rye, and Barley), Form (Dry & Liquid), Application (Dairy & Frozen Products, Bakery & Confectionary, Alcoholic Beverages, Non-Alcoholic Beverages, and Others), and Product (Caramelized Malt, Roasted Malt, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global specialty malt market accounted for $3.3 billion in 2018 and is expected to reach $4.8 billion by 2026, registering a CAGR of 4.7% during the forecast period.
Incentives for market growth
Rise in demand for flavored beer or craft beer and large-scale application of specialty malt in the food industry have boosted the growth of the global specialty malt market. However, unfavorable climate hampers the market growth. On the contrary, rise in trend of clear-label ingredients and surge in demand for malt-based functional beverages are expected to create lucrative opportunities in the near future.
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The Barley segment dominated the market
The barley segment held the largest share in 2018, contributing more than four-fifths of the global specialty malt market. High usage of barley in malt processing due to its unique taste and growing adoption barley-based non-alcoholic malt drinks has propelled the growth. However, the rye segment is projected to register the fastest CAGR of 5.9% during the forecast period, owing to rise in demand for barley or wheat specialty malt.
The Liquid segment to manifest fastest CAGR through 2026
The liquid segment is expected to portray the fastest CAGR of 5.3% during the forecast period, owing to increase in consumption of beer worldwide and increase in disposable income of people across the globe. However, the dry segment dominated the global specialty malt market in 2018, accounting for more than four-fifths of the market, as dry malt has better shelf owing zero water content.
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Europe held the largest share, followed by North America
The global specialty malt market across Europe held the largest share followed by North America, contributing more than two-fifths of the market, owing to rise in income level of people and high consumption of flavored beverages and baked goods in the region. However, the market across Asia-Pacific is projected to register the fastest CAGR of 6.3% increase in adoption of malt-based baked food as well as surge in consumption of flavored health drinks such as Horlicks and Milo coupled with rise in consumption of malt-based alcoholic beverages.
Major market players
- Cargill Inc.
- Malteurop Groupe
- GrainCorp Ltd.
- Soufflet Group
- Barrett Burston Malting Company Wa Pty Ltd.
- Rahr Corporation
- Simpsons Malt
- Crisp Malting
- Muntons PLC
- Axereal Group
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SOURCE Allied Market Research