Categories: Food & Beverages

Malt Extracts And Ingredients Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Malt Extracts And Ingredients Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Malt Extracts And Ingredients Global Market Report 2024, The malt extracts and ingredients market size has grown strongly in recent years. It will grow from $19.38 billion in 2023 to $20.5 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to traditional brewing use, industrial and food applications, diverse product offerings, shift in consumer preferences, evolving culinary and beverage trends, quality and consistency improvements..

The malt extracts and ingredients market size is expected to see steady growth in the next few years. It will grow to $24.91 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to market expansion and growth, consumer health awareness, product innovation and diversification, shift in dietary preferences, globalization and trade dynamics.. Major trends in the forecast period include health and wellness trends, diverse applications, clean label products, innovation in flavors and varieties, sustainability and sourcing practices..

The growing popularity of craft beer is expected to propel the growth of the malt extracts and ingredients market going forward. Craft beer refers to a beer that is made by small, independent breweries using traditional brewing methods and high-quality ingredients. Malt extract is a key ingredient in beer and is widely used by many craft brewers to speed up brewing. For instance, in 2022, according to the Brewers Association, a US-based trade group and national organization that represents the interests of small and independent craft brewers in America, retail sales of craft beer climbed by 5% from 2021 to $28.4 billion. Craft beer accounted for around 24.6% of the total beer market. The number of craft brewers in the United States has increased by 3.7% from 9,210 in 2021 to 9,552. As a result, the growing popularity of craft beer is driving the growth malt extracts and ingredients market.

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The malt extracts and ingredients market covered in this report is segmented –

1) By Product: Extracts, Ingredients

2) By Source: Barley, Wheat, Rye and Rice, Oats, Sorghum, Millets, Corn

3) By Form: Dry, Liquid

4) By Product Type: Diastatic, Non-Diastatic, Brewery-Grade

5) By Application: Beverages, Food, Pharmaceuticals, Other Applications

Product innovations are a key trend gaining popularity in the malt extracts and ingredients market. Major companies operating in the market are introducing innovative products to sustain their position in the market. For instance, in May 2021, International Molasses, a leading US-based supplier of molasses and natural sweeteners, unveiled CaneRite Panela, a natural, free-flowing powder sweetener crafted from the freshly squeezed juice of the entire sugar cane plant; distinct from traditional “raw sugar” products, CaneRite Panela remains unrefined and non-centrifuged, preserving the authentic flavor and nutritional benefits of the entire cane plant, characterized by subtle toffee and caramel notes, offering a “sweet but not overly sweet” taste, and boasting an impressive nutritional profile with five times the vitamins and minerals of raw sugar.

The malt extracts and ingredients market report table of contents includes: