PORTLAND, OR, UNITED STATES, August 26, 2021 /EINPresswire.com/ — Allied Market Research recently published a report, titled,Â "Specialty Malt MarketÂ by Source (Wheat, Rye, and Barley), Form (Dry & Liquid), Application (Dairy & Frozen Products, Bakery & Confectionary, Alcoholic Beverages, Non-Alcoholic Beverages, and Others), and Product (Caramelized Malt, Roasted Malt, and Others): Global Opportunity Analysis and Industry Forecast, 2019â€“2026". According to the report, the global specialty malt market accounted forÂ $3.3Â billion in 2018 and is expected to reachÂ $4.8Â billion by 2026, registering a CAGR ofÂ 4.7%Â during the forecast period.
Incentives for market growth
Rise in demand for flavored beer or craft beer and large-scale application of specialty malt in the food industry have boosted the growth of the global specialty malt market. However, unfavorable climate hampers the market growth. On the contrary, rise in trend of clear-label ingredients and surge in demand for malt-based functional beverages are expected to create lucrative opportunities in the near future.
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Major market players
Barrett Burston Malting Company Wa Pty Ltd.
The Barley segment dominated the market
The barley segment held the largest share in 2018, contributing more than four-fifths of the global specialty malt market. High usage of barley in malt processing due to its unique taste and growing adoption barley-based non-alcoholic malt drinks has propelled the growth. However, the rye segment is projected to register the fastest CAGR of 5.9% during the forecast period, owing to rise in demand for barley or wheat specialty malt.
The Liquid segment to manifest fastest CAGR through 2026
The liquid segment is expected to portray the fastest CAGR of 5.3% during the forecast period, owing to increase in consumption of beer worldwide and increase in disposable income of people across the globe. However, the dry segment dominated the global specialty malt marketÂ in 2018, accounting for more than four-fifths of the market, as dry malt has better shelf owing zero water content.
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EuropeÂ held the largest share, followed byÂ North America
The global specialty malt market acrossÂ EuropeÂ held the largest share followed byÂ North America, contributing more than two-fifths of the market, owing to rise in income level of people and high consumption of flavored beverages and baked goods in the region. However, the market acrossÂ Asia-PacificÂ is projected to register the fastest CAGR of 6.3% increase in adoption of malt-based baked food as well as surge in consumption of flavored health drinks such as Horlicks and Milo coupled with rise in consumption of malt-based alcoholic beverages.
Key Findings of the Specialty Malt Market :
Based on region, Europe was the highest contributor to the global market in 2018 and is estimated to reach $1.9 billion by 2026.
Based on source, the barley segment was the highest contributor to the market in 2018 and is estimated to reach $3.9 million by 2026.
Based on form, the dry segment was the highest contributor to the market in 2018 and is estimated to grow at a moderate CAGR during the forecast period.
Based on application, the alcoholic beverages segment was the highest contributor to the market and is estimated to grow at a CAGR of 4.5% during the forecast period.
Based on product, the caramelized malt segment is expected to grow at a CAGR of 4.8% throughout the forecast period
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Source: EIN Presswire