Global Malt Extracts Market - 2021-2028
|出版日期||內容資訊||英文 180 Pages
|全球麥芽萃取物市場:2021∼2028年 Global Malt Extracts Market - 2021-2028|
|出版日期: 2021年08月06日||內容資訊: 英文 180 Pages||
Malts are germinated cereal grains which, after soaking in water, are dried and processed. This method is referred to as malting, where the grains produce the enzymes that are further needed to turn them into starch and other sugar forms. Also, these enzymes develop peptides that break down the proteins into forms that can be used in yeast formation, which is the reason for its high usage in beverages and confectioneries. All these factors are encouraging the growth of malt extraction and hence a huge market growth in the future is expected. The global malt extracts market size was worth US$ XX billion in 2020 and is estimated to reach US$ XX billion by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).
Booming beer industry is fuelling the malt extracts market
Malt is mostly produced from barley and it is used for the production of malted vinegar and alcoholic beverages such as beer and whiskey. Alcoholic beverages being one of the highly consumed products globally, makes malt extraction highly growing market. The global consumption of alcohol on an average is 6.4 liters by an individual above the age of 15, with 70% growth in the consumption since 1980. The global beer market is around 250 billion U.S. dollars, 2.5 times as large as the global wine market and roughly double the global spirit's market. Hence, the growth of malt extract can be anticipated to grow along with the growth in demand of alcoholic beverages as malt is an essential component in the beer industry. It provides carbohydrates and sugar, which are necessary to give beer its distinctive flavor and alcohol content. Different types of malt are used to impart different flavors, textures, and colors to the beer. They are responsible for imparting the aroma and mouthfeel to alcoholic beverages. Many other alcoholic beverages, such as whiskey and other spirits, have malt as their base ingredient.
However, declining barley production is one of the key restraints affecting the production of malt extract, particularly in North America region. Barley production has been continuously declining in the U.S. and Canada. The spread of novel coronavirus also led to significant increase in price and decline in availability of wheat and barley for malt industry. These uncertainties resulted in lower growth of malt extracts market. Due to an increasing demand for malted wheat and malted barley in various applications, the need for similar substitutes is gaining traction globally. The shortage of wheat and barley malt can be averted by using other grains such as rice; however, the substitute grains don't possess the same nutritional as well as fermentation and other qualities such as that of barley and wheat, and therefore cannot be incorporated as a straight substitute. This is one of the main restraining factors impeding revenue growth of the malt extracts market.
Dry malt extraction segment is anticipated to expand at a CAGR of YY%
Based on form, the market is segmented into dry malt extraction and liquid malt extraction. Currently dry malt is the proliferating segment in the market, owing to its huge range of applications. Dry malt is available in the form of flakes, powder, flour and malt flour being enriched with natural enzymes making it the primary ingredient in bakery products. Also, another reason of its high usage in bakery products and alcoholic beverages is that it improves fermentation, air retention and yeast production. Malt flakes, which are also a form of dry malt, are a natural resource for fiber, and for products like bread and rolls, malted flakes add texture. As a result of these factors, during the forecast period, the dry segment is expected to account for a larger market share.
Higher demand for beer contributes to the growth of the malt extracts, by source. Malt is mainly produced from barley. However, wheat, rye, sorghum, and oats are also some of the sources of malt. Barley malt is mainly used to produce beer, whiskey, malt vinegar, and malted milk. Barley is one of the most popular and traditional sources for malt ingredients due to its high-protein content and ease of malting. This is due to the extensive use of barley in the beer industry and the rising awareness of the health benefits of barley-based beverages. These factors are expected to prove positive for the barley segment during the forecast period.
Asia Pacific is expected to dominate the global Malt Extracts market during the forecast period
Asia-Pacific region accounts for the largest share of malt extracts market. High demand of alcoholic beverages and confectioneries in these regions can be the major reason for the huge market of malt extracts. According to a research by Bank of America Merrill Lynch. India is the largest consumer of alcoholic beverages, with an estimated consumption 6.5 billion litres in 2020 while China and Japan are in the leading alcohol consumers list too, with their consumption crossing billion litres every year. Along with alcohol, the high production of confectioneries is also one the reasons for the growth of malt extracts market. According to the National Confectioneries Association of North America, Asia is the largest producer and supplier of confectioneries with a growth of 7.5% in volume every year, while North America ranks third in the list with a growth falling to -1.7% in volume every year. Europe lies second in the list, maintaining its consistency like every year.
On the other hand, Europe is expected to grow with a CAGR of YY% during the forecast period. Europe's growth is attributed to the increasing awareness of people about healthy dietary habits. Other key factors driving the growth in European region are the increase in consumption of beer and the rise in craft breweries. These factors have led to a surge in demand for malt extracts in the region. In addition, the different uses of malts in the food and non-alcoholic beverage industries are a key factor that is projected to drive the growth of the malt extracts market. Established and local players have the opportunity to capitalize on the growth potential in the malt extracts market. Malt is a primary ingredient used in breweries. However, since the past few years, an increase in the awareness pertaining to the health benefits of malts and their use in various food and beverage applications has increased. These factors have opened various opportunities for this region in the malt extracts market.
Many domestic and global players provide malt extracts of various types across the world. Major manufacturers have their presence in the North American and European countries. The key companies in the malt extracts and ingredients market are Groupe Soufflet, Muntons PLC, Viking Malt, Diastatische Producten, Laihian Mallas, Rahr corporations, Graincorp Limited, Malteurop Group, Malt products, and Holland Malt. Major players in the market are focusing on strategies such as product launches, partnerships, acquisitions and mergers. For instance, in February 2020, BSG entered into a partnership with Leopold Bros. (US) to distribute a new line of small-batch, handmade malts. Through this, it can enter into the emerging craft brewing and handmade beer markets. In November 2019, Axereal acquired the malt business of Cargill on behalf of its subsidiary, Boortmalt. In September 2019, Malteurop constructed a new malthouse facility in Meoqui, Chihuahua, North of Mexico, which will be functional by 2021. In March 2019, Groupe Soufflet established a malt house in Addis Ababa, Ethiopia. It is aimed at developing a local industry, which can increase the production capacity to 110,000 tons.
People all over the world are increasingly preferring food with natural ingredients owing to the inherent health benefits. This is a major trend creating high potential opportunities for companies offering such products. This also creates opportunity for new domestic players to enter the malt extract market to leverage growing demand for gluten-free, sugar-free, high nutritional value, and clean label products from the brewery, bakery and food and beverage industries.
COVID-19 Impact: Negative impact on the malt extracts market
The outbreak of Covid-19 pandemic has affected the malt extracts market negatively. The outbreak leading to lockdown and disruptions in productions, led to malt grains being left untreated for months post-harvest. This resulted in huge losses for the farmers and the malt extracts industry. For instance, India, being one of the largest producers of malt grains like wheat, barley and corn, lost nearly 10% of overall food grains post-harvest and this included malt grains as well. Since India is one of the biggest suppliers of malt, the losses faced by farmers during lockdown have impacted the countries which partnered with India for supply of malt. On the demand side, the demand from brewing industry is significantly declined with lower brewing activities coupled with declined beer consumption. The lockdowns imposed across the global countries led to the closure of bars and pubs, which account for large share of beer consumption. Bars and pubs account for nearly half of the total beer consumption in Europe and the close of these setups led to double-digit decline in consumption volume