LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global malt ingredients market is projected to grow at a CAGR of more than 7% over the forecast period.
This research report titled ‘Global Malt Ingredients Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Malt ingredients are used to impart flavor and color, and modify and stabilize the texture of various food and beverage products. The growing demand for premium alcoholic beverages from the millennial population is leading to the increased use of malt ingredients by the manufacturers, thereby driving the market growth.
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Based on the applications, the report categorizes the global malt ingredients market into the following segments:
- Alcoholic beverages sector
- Non-alcoholic beverages sector
- Food sector
- Pharmaceutical and animal feed sector
The top three revenue-generating application segments in the global malt ingredients market are discussed below:
Alcoholic beverages sector
“The alcoholic beverages segment occupied a vast majority of the global malt ingredients market, holding over 85% of the overall shares. The rising use of malt ingredients in alcoholic beverages such as beer and whiskey is the factor driving the dominance of the market segment,” says Manjunath Reddy, a lead analyst at Technavio for alcoholic beverages research.
The increased alcohol consumption worldwide, especially in emerging nations, will likely be the single-most important factor boosting the market growth. Western markets, mainly in Europe, have traditionally been the largest consumers of alcoholic beverages, with APAC and Latin America displaying the strongest growth potential. Manufacturers need to pay close attention to these factors to capitalize on the growing demand from these regions.
Non-alcoholic beverages sector
The non-alcoholic beverages sector of the malt ingredients market is expected to grow faster than the other segments, with a projected CAGR of more than 7%. Malt ingredients are used widely in light malt-based non-alcoholic soft drinks, non-alcoholic beers, and malt-based hot drinks. The malt-based compound does not require any special expertise or technology for brewing and are quite popular in markets where the demand for alcohol-free beverages that have the taste and flavor of beer is high.
Food sector
“The food sector occupies a small but important portion of the malt ingredients market, where it is used as a natural source of flavor, sweetness, and color, while acting as a humectant. Malt ingredients are used in various baked products, breakfast cereals, cookies, saltine crackers, and related products,” says Manjunath.
The growing demand for malt ingredients from the food sector due to the rise in consumer preference for packaged and convenience foods is expected to have a positive impact on the global malt ingredients market during the forecast period. Also, increasing health-consciousness has resulted in consumers avoiding food products that have chemicals and artificial elements, thereby positively influencing the demand for malt ingredients.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Boortmalt
- Cargill
- GrainCorp
- Malteurop Group
- Soufflet Group
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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