The
prime factors that boost the specialty malt market include the
growing demand of beverage and bakery products in various industries
such as confectionery, chocolate, alcohol and other industries.
Moreover, due to the factors such as changing lifestyles, changing
taste and preference of the consumers among others are further
fuelling the growth of the specialty malt market. The growing number
of population aged between 16-28 years in Asia Pacific and Latin
America ,coupled with changing food habits, is primarily driving the
specialty malt market in these regions. The growing competition
amongst various beverage segments is forcing the manufacturers to
focus on product innovation and better marketing activities.
Specialty malts market gaining interest owing to the increasing
popularity of craft beer worldwide. Therefore, the demands for
specialty malts growing significantly and is expected a steady growth
during the forecast period. Moreover, specialty malt is growing due
to the factors such as increase in the number of breweries;
multi-functionality of the specialty malt is also booming the market
of malt market.
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The
key players of specialty malt such as Cargill, Incorporated, Soufflet
Group, Simpsons Malt Limited, Barmalt Malting India Pvt. Ltd and
Graincorp Ltd. among others are focusing product innovation to suit
local taste and preferences and also to provide their customers with
healthier options. Other major players can also be expected to resort
to such healthier alternatives. Growing consumer demand for craft
beer is expected to positively impact the specialty malts market
during the forecast period 2016 - 2024. The specialty malts industry
is growing at a significant rate owing to the increasing demand for
beverage products, distilling items and bakery products. In addition,
changing lifestyle and increasing customer preference for crafted
beer and non alcoholic beverages items fueled by the growing retail
sector is further boosting the market for specialty malts globally.
However the government laws and regulations on the beverages industry
and the fluctuations in the supply of raw material hamper the demand
of the specialty malt industry and this factor acting as a restrain
of the global specialty malt market.
On
the basis of different types of specialty malt market is segmented
into crystal, roasted, dark and others. Roasted malt is further
segmented by Munich Malt, Vienna malt and Belgian Malt. On the basis
of application the global
specialty malt market is segmented into brewing, distilling,
non-alcoholic malt beverage, baking and other. On the basis of source
the market can be segmented by rye, barley, wheat and others. Many
companies are showing interest in this market to meet the consumer
demand
On
the basis of regions, the global specialty market is segmented into
North America, Europe, Asia Pacific, Middle East and Africa and Latin
America. Asia Pacific is anticipated to be the fastest growing market
owing to the contribution from the developing countries such as China
and India. Consciousness towards beverage and bakery item boosting
the market of global specialty malts market during the forecast
period. Western Europe is showing a significant market share over the
years. Brazil has shown an impressive growth in specialty malts
market followed by Latin America in recent years. Rapid urbanization
from developed and developing countries is also resulting to the
growth of global specialty malts market. Demand for brewing,
non-alcoholic beverage, bakery and crafted beer and others from both
developed and developing countries are generating opportunities of
specialty malt market during the forecast period.
The
key players have been using strategies, such as new product
development, expansions to increase their global presence and their
productivity. Global key participants in the global specialty malts
industry include Cargill, Inc., Malteurop Groupe, GrainCorp Ltd.,
Soufflet Group, Axereal Group, Bairds Malt Ltd., Crisp Melting Group
Ltd., Muntons Malt Ltd. And Simpsons Malt Ltd., Heineken
International among others.
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