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The global specialty malt market is projected to be driven by the rising demand for craft beer and an increasing number of independent breweries. The craft beer is one of the significant contributors associated with the increased demand for specialty malt. The increasing popularity of craft beer and domestically brewed beer can act as a driving factors for the growth of the specialty malt market. Specialty malts can be used in significant quantities in the food and beverage industry owing to its versatile functionality. The inclusion of specialty malt in food and beverages will provide flavor, color, and texture to the final product. Specialty malt is extensively used in baked goods, bars, cereals, cookies, and more.
The specialty malt is used as a primary ingredient in the beer-brewing industry. The increasing mergers and acquisitions activities by key companies operating in the beer industry to increase their footprints in the market are anticipated to boost the demand for specialty malt from the beer industry. For instance, in November 2016, Bavaria N.V. Dutch beer maker acquired Latis Imports, the U.S. based Belgian specialty beer importer. This acquisition can help Bavaria N.V. to expand the company’s presence in the U.S. marketplace.
Key Market Driver -
Increasing Demand from Breweries
Key Market Restraint -
Difficulties in Supply of Raw Materials
The specialty malt is one of the primary ingredients used in the non-alcoholic and alcoholic beer production. The inclusion of specialty malt in these beverages results in enhanced sweetness, color, enriched aroma, and extended shelf life of the product. The increasing adoption of specialty malt by the food industry as a highly desirable ingredient owing to its versatility to bring flavor, nutritional properties, texture, and color to the food product is anticipated to drive the global specialty malt market. The escalating consumer demand for alcoholic and non-alcoholic beverages is anticipated to further drive the growth of the global specialty malt market in the forthcoming years.
The cost of raw material used for specialty malt production such as barley, wheat, ray, and others fluctuates according to its availability, source, and production. The fluctuating prices of raw material can affect the supply chain, which is expected to hamper the growth of the global specialty malt market in forthcoming years.
The prominent players operating in the global specialty malt market are IREKS GmbH, Soufflet Group, Viking Malt, Agromalte Agraria, Simpsons Malt LTD., GrainCorp Ltd., Anheuser-Busch InBev, Bar Malt India Pvt. Ltd., Malteurop Malting Company, and others.
The roasted malt segment is expected to witness considerable growth in the global specialty malt market. Roasted malt is used in the food and beverage industry to make non-alcoholic beer, malt vinegar, confectionery food, flavored drinks, and some baked goods. The high-protein form of roasted malt is often used as an ingredient in blended flours typically used in the manufacturing of yeast bread and other baked goods. Roasted malt is extensively used in the alcoholic beverages industry owing to its unique palette of flavor, color, and texture. For instance, in May 2019, The Balvenie Distillery, a single malt Scotch whiskey distillery in Dufftown, launched its new Stories range – a unique collection of three single malt whiskeys which include A Day of Dark Barley, The Week of Peat, and The Sweet Toast of American Oak variants which include heavily roasted dark barley.
The barley malt segment is anticipated to witness robust growth in the global specialty malt market in forthcoming years followed by wheat malt. The easy availability and increasing cultivation of barley across the globe are anticipated to drive the barley malt market. The wheat malt is expected to witness sturdy growth in the global specialty malt market owing to its increasing applications in the food and beverage industry. For instance, in December 2016, Castle Malting announced the launch of premium quality malt type- Chateau Wheat Chocolate-highly roasted malt.
The increasing consumption of alcoholic beverages in the developed and developing region as a result of growing living standards and changing lifestyles are anticipated to drive the brewing segment in the global specialty malt market. Furthermore, the rising incidence of coronary heart disease and hypertension in both young and senior population due to the high consumption of alcoholic beverages has urged the manufacturers to launch alcohol-free malted beverage variants to strengthen their market position.
Europe is projected to witness sturdy growth in the global specialty malt market owing to the high adoption of specialty malt from beer manufacturers. The increasing number of craft breweries in Europe is expected to act as a fuelling factor for the growth of this market in Europe. Furthermore, the specialty malt market in North America is expected to witness crucial growth in the forthcoming years. The application of the North American Free Trade Agreement (NAFTA) and the Canadian/United States Trade Agreement (CUSTA) stimulated the integration of the barley malt market between the United States and Canada.
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Asia Pacific is expected to witness considerable growth in this market in forthcoming years. The ample amount of raw product cultivation in countries such as Australia, China, India, and other is anticipated to drive the specialty malt market in this region. The increasing disposable income and rising urbanization can impact the food consumption pattern in this region. The increasing awareness about healthy food consumption can increase the demand for non-alcoholic malt beverages in this region. For instance, in May 2019, Anheuser-Busch InBev (AB InBev) announced the launch of two non-alcoholic beers- Budweiser and Hoegaarden in India to serve the growing demand for low alcohol beverages.
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