North America Malt Ingredients Market is forecasted to grow at a CAGR of 8.6% during the forecast period (2020 - 2025).
Key Highlights
- The Malt Ingredients Market in the region has been predominantly driven by the huge demand from the brewery industry, especially the growing consumer trend for craft beer. In the United States, craft beer is a growing segment, which makes up most of the breweries in the country.
- Barely is considered as the major source for malt ingredients. It is mainly used in the beverage industry, owing to its unique enzymatic property.
Key Market Trends
Growing Popularity of Craft Beer to Contribute Towards the Escalated Market Growth
The demand for the craft brewing and distilling industries have experienced a significant growth during the past few years. Consumers across the world are seeking distinctive and flavorful beers, which is pushing the market for malt ingredients in the beer market space. Moreover, the increasing emergence of microbreweries and the growing production of craft beer has led to growing demand for specialty malts. Moreover, The National Brewers Association revealed that as of January 2018, the consumption of malt by the US craft brewers was approximately 40% of the total malt consumed by all the brewers in the United States. The statistics also stated that in the near future, craft brewers are expected to consume more than half of the malt used by the US brewing industry within the next five years, driving the market growth of malt ingredients.
Increased Usage of Malt as a Multifunctional Alternative to Synthetic Ingredients
Malt is a key ingredient in baking formulations, as it possesses dough conditioning properties, and thus is now increasingly being substituted in place of less natural or more costly ingredients, such as synthetic dough conditioners. Moreover, malt and malt extracts are viable alternatives for natural color adjustment in baked and culinary formulations, as they exhibit their color power when diluted in a solvent. Additionally, according to Malt Products Corporation, barley extract is a natural functional ingredient offering health benefits, including high level of antioxidants, a strong amino acid profile, vitamins, minerals (phosphorous, calcium, and magnesium), and soluble fiber. Being high in hordenine, malt is also shown to promote cognitive function and weight management.
Competitive Landscape
The North America market for malt ingredients is highly fragmented and is characterized by the presence of large and small vendors. The market is highly competitive, with all players competing to gain a greater market share. Vendor performance in the malt ingredients market may be impacted by the changing consumer spending pattern and preferences due to an increase in the disposable incomes and changing lifestyles. The vendors compete on numerous factors such as price, quality, product differentiation, distribution, and promotion. Some of the major players in the north america malt ingredient market are Axereal, Malteurop Malting Company, Rahr Corporation, Group Soufflet, Simpsons Malt Limited among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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