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.
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
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.