The Asia Pacific Specialty Malt Market would witness market growth of 5.8% CAGR during the forecast period (2022-2028).
The rising trend of use of malt in beverages, especially in alcoholic ones has even gotten a name for itself. Malternatives are alcoholic drinks that combine other types of alcohol with a small amount of malt alcohol. These alternatives to traditional beer are intriguing and thrilling. Retailers are able to offer what appears to be a greater selection of goods because these products are governed in a manner similar to how alcohol is. The malternatives’ sale is fuelled by young, urban consumers' acceptance of the products.
Large-scale applications for specialty malt can be found in several important areas of the food and beverage industry. A crucial component in the creation of malt-based spirits or beer is specialty malt. It has a strong demand in the market for alcoholic beverages and is frequently employed as a flavouring and colouring ingredient. The rise of the malt-based alcoholic and non-alcoholic product industries is the main driver of the specialty malt market. Furthermore, there is a significant market for malt-based beverages in developing nations.
In the Asia Pacific region, numerous significant food and beverage industries utilize specialty malt on a large scale. The main factor driving the expansion of specialty malt is the rise in consumption of alcoholic and non-alcoholic products made using malt. In this sector, China is a significant producer of specialty malt. The market for malt beer is anticipated to develop as a result of rising urbanization and the availability of inexpensive labour, notably in China.
The China market dominated the Asia Pacific Specialty Malt Market by Country in 2021; thereby, achieving a market value of $333.4 million by 2028. The Japan market would witness a CAGR of 5.2% during (2022 - 2028). Additionally, The India market would experience a CAGR of 6.5% during (2022 - 2028).
Based on Form, the market is segmented into Dry and Liquid. Based on Source, the market is segmented into Barley, Wheat, and Rye. Based on Application, the market is segmented into Alcoholic Beverages, Dairy & Frozen Products, Bakery & Confectionary, Non-Alcoholic Beverages, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Specialty Malt Market is Projected to reach USD 4.3 Billion by 2028, at a CAGR of 5.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include GrainCorp Limited, The Soufflet Group, Muntons plc, Malteurop, Axereal, Briess Malt & Ingredients Co., Crisp Malt, Viking Malt Oy (Polttimo Oy), Rahr Corporation and Simpsons Malt Limited.
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