Malted Milk Market Size, Share, and Industry Analysis By Source (Wheat and Barley), By Form (Powder and Liquid), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online Sales Channels, and Others), and Regional Forecast, 2026-2034

The global malted milk market size was valued at USD 8.26 billion in 2025. The market is projected to grow from USD 8.77 billion in 2026 to USD 14.19 billion by 2034, exhibiting a CAGR of 6.19% during the forecast period.

The global malted milk market is estimated to expand at a fast growth rate, driven by rising customer inclination for health-oriented and nutritious drinks and increasing salary as well as changing lifestyle of the individuals. Malted milk is a powdered product that is positioned as nutritious beverages. The product is made from a mixture of evaporated whole milk and malted barley wheat flour. They contain various nutrients values such as protein, carbohydrate, vitamin, fats, calcium, and others. It offers numerous advantages including boosting energy levels and enhancing bone health. It is helpful in promoting circulation and improving vision.

• According to the USDA Foreign Agricultural Service (FAS), approximately 1340 metric tons of malted milk powders are imported in the U.S. annually.

Malted Milk Market Driver

Rising Awareness about Health and Nutrition and Changing Lifestyle Impel Market Growth

The growing aspect for market expansion is mounting consciousness regarding nutrition and health among the population. Consumers are highly looking for heal-oriented and nutritional beverages. The substance provides necessary nutrient values, for instance, mineral, protein, and vitamins. It is making it a preferable choice for health-conscious peoples, and boosting market growth.

• According to the Federal Statistical Office of Germany, about 12800 metric tons of malted milk is produced in Germany.

Furthermore, rapid urbanization in developing regions is fostering market growth. Adoption of urban lifestyle by the population and shifting towards convenience food products, such as read-to-eat are attracting individuals who have no extra time or busy lifestyle. It is meeting the requirements of an individual such as quick and nutritional products. In addition, rising production of innovative products with new flavors and formulations is pushing market growth. It is providing a diverse range of products for different tastes and requirements.

Malted Milk Market Restraint

Rising Veganism and Lactose Intolerance and Intense Market Competition Impede Market Growth

The limiting factor for market impediment is the mounting rate of acceptance of veganism and lactose intolerance by the consumers. This trend is heightening demand for such products; however, declining demand for traditional malted milk products is hampering market growth.

Furthermore, growing apprehension on consumption of over sugar content is hindering market growth. Consumers are now seeking foodstuffs, which are alternative beverages with lower sugar levels that are drawing attention of customers. In addition, intensifying market competition due to the presence of numerous players and rising new entrants. They are offering the same product with approximately the same quality with low price is declining demand for original product sales.

Malted Milk Market Opportunity

Functional and Fortified Products and Online Retails Expansion Create Opportunity for Market Growth

One of the significant opportunities for market growth is raising demand for functional foods and drinks by consumers. Integration of additional health ingredients that offer benefits into the product is drawing the attention of consumers worldwide. The fulfilling desire of health-conscious consumers is bolstering market growth.

Furthermore, expansion of e-commerce retails across the world is presenting great options for market growth. It is facilitating consumers with a convenient purchasing platform. It is raising the ease of access of varied foodstuffs and catering the demand of customers. In addition, escalating growth of emerging markets in developing regions is fostering market growth. Increasing disposable incomes of the population are shifting towards urban lifestyle is heightening demand for the product. and consequently bolstering market growth.

• According to the Tea Board of India, about 6200 metric tons of these milk products are exported annually from India.

Segmentation

Key Insights

The report covers the following key insights:

• Health and Nutrition Awareness and Convenience and Lifestyle Changes by Key Countries
• Functional and Nutritive Foodstuffs by Key Companies
• Drivers, Restraints, Trends, and Opportunities
• Business Strategies Adopted by Key Players
• Consolidated SWOT Analysis of Key Players
• Key Industry Developments (Mergers, Acquisitions, Partnerships)

Analysis by Source

Based on source, the malted milk market is divided into wheat and barley.

The wheat segment is leading in this market, caused by its nutritional benefits and their versatile applications in a wide range of products. Rising utilization of this source in culinary and beverages are boosting segment growth.

The barley segment is projected to grow in this market, driven by its growing popularity among people who are health conscious. It provides high dietary fibers, minerals and vitamins which are valuable substances in food and beverages.

Analysis by Form

Based on form, the malted milk market is divided into powder and liquid.

The liquid segment is the leading form in this market, driven by its convenient quick preparation and easy to consume. Accessibility of wide varieties of fortified options and flavors as well as rich in essential nutrients is pushing segment growth.

The powder segment is anticipated to expand in this market owing to their convenience and versatility. It can be stored easily and has a longer shelf-life attracting consumers for household purposes.

Analysis by Distribution Channel

Based on distribution channel, the malted milk market is divided into supermarkets/hypermarkets, specialty stores, online sales channels, and others.

The supermarket/hypermarkets segment is dominating in the market, driven by its wide reach. They offer a range of varied product collections at one-stop shopping with convenience.

The online sales channels segment is gaining traction in the market owing to rising adoption of e-commerce and changing shopping methods. It is mainly attracting consumers who prefer home delivery of goods.

Regional Analysis

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Based on geography, the market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific is the leading region in the market, driven by hasty urbanization of developing countries. Mounting awareness regarding health among people is bolstering demand for the substance. In addition, the rising middle-class population and increasing earnings are heightening demand for the substance, supporting market growth.

North America is witnessing substantial market growth, caused by growing popularity of malted milkshakes among populations. Rising production of numerous confectionery products is attracting a wide range of consumers and boosting demand for the substance. In addition, increasing inclination of consumers towards low-sugar alternatives and plant-based is fueling market growth.

Europe is a mature market with significant growth rate, caused by the existence of conventional malted milk foodstuff. Growing fondness of organic and natural products is supporting rising demand for the substance. Moreover, escalating innovations in product formulations by manufacturers is fueling market growth.

Key Players Covered

The report includes the profiles of the following key players:

• Insta Foods (Canada)
• Food And Biotech Engineers India Private Limited (India)
• Muntons Plc ((U.K.)
• Family Cereal Sdn. Bhd. (Malaysia)
• SSP Private Limited (India)
• Imperial Malts Ltd. (India)
• Briess Malt & Ingredients (U.S.)
• GSK plc (U.K.)
• Unilever (U.K.)
• Nestlé (Switzerland)

Key Industry Developments

• In February 2025, Nestle introduced a low-sugar version of its famous plant-based malted milk powder line. They targeted health-conscious customers and addressed rising concern regarding sugar consumption.
• In July 2024, Ragleth Ltd was acquired by Richardson International Limited. The aim of this acquisition is to expand its growth and diversify operations in the food production section.
• In July 2022, Horlicks unveiled its novel product the Horlicks Healthy, which include four wellness-boosting shakes. They are formulated with a blend of minerals, vitamins, and functional ingredients and it is produced to maintain digestive health.