Global Specialty Malt Market: Overview
Malts are found in two types such as specialized malts and base malts. Specialty malts possess diastatic power that gives proper texture, color, taste, and appearance to the beer and beverages. Base malt also holds the diastatic power to convert their own starch. They provide beverages and beer a unique flavor and characteristics. Its functional properties make it perfectly suitable for brewing purposes in the food and beverages industry. Specialty malt is available in the caramel, chocolate, and coffee flavors, which adds in the benefits to the food and beverages industry. The key raw material used to prepare specialty malt is barley; other raw materials used are corn, wheat, rice, and rye. Roasted malts include belgian malt, munich malt, and Vienna malt, they are broadly used in the wide range of applications in the beverage industry. Since the beginning, roasted malts is used for brewing alcohol by using the traditional methods to produce varieties of beer.
Global Specialty Malt Market: Growth Factors
The growth in the specialty malt market is attributed to the advancements in R&D activities for specialty malt, rising demand for malt, growth in the multi-functionality of specialty malt, demand for craft beer, and increase the number of independent breweries. Growing popularity among the young population for malted ready-to-drink beverages and craft beer along with the rise in the number of independent breweries anticipate fueling the market in future. The brewing industry widely prefers organically flavored and natural ingredients in their brews, this also gives rise to the specialty malt market growth. However, unstable raw material prices and the supply coupled with strict government regulations are restraining the specialty malt market growth.
Global Specialty Malt Market: Segmentation
The specialty malt market is segmented based on application, product, and geography. The application segment is segregated into distilling, brewing, bakery, and non-alcoholic malted beverages. Based on the product, the market is divided into roasted malt, dark malt, and crystal malt. Region-wise, the specialty malt market is diversified into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Global Specialty Malt Market: Regional Analysis
Asia-Pacific region holds the largest share of the market, which is followed by the Europe and North America. Some top producers of the specialty malt include Japan, India, China, and Australia. Growth in Asia-Pacific region is anticipated to develop at an accelerated pace which is mainly attributed to rise in per capita income and increase in population especially in China this is anticipated to boost the market for malted beer. Europe is expected to exhibit steady growth for the consumption of beer in the coming years. North America and Latin America accounted for a collective share in the global specialty malt market.
Global Specialty Malt Market: Competitive Players
Major companies that are operating in the global specialty malt market include IREKS GmbH., Viking Malt, Agromalte Agraria, Simpsons Malt Ltd., Axereal Group, and Malteurop Groupe. Other influencing players include Soufflet Group, Bar Malt India Pvt. Ltd., GrainCorp Ltd., and Cargill Inc.
Global Specialty Malt Market: Regional Segment Analysis
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