Malt Extract Market – Drivers, Restraint & Future Growth
The key trends influencing the Europe malt extract market include,
Increasing preference for gluten-free bakery products: Concerns about rising obesity levels is prompting consumers in Europe to opt for gluten-free bakery products. Gluten-free malt extract is used as a colouring and sweetening agent in a variety of products. Owing to this, it is expected that demand for malt extracts will witness steady growth during the period 2016-2026. Government regulation on additive-free products: The industry-wide focus on additive-free products has led to increased demand for malt extracts, as these reduce the need of adding synthetic flavours, resulting in extended shelf life of products. Marketing aligned with ‘health and wellness’: Manufacturers are focusing on selling the ‘health and wellness’ attributes of malt extracts, by creating relevant marketing campaigns. Preference for sugar-free label products: Non-diastatic malt extracts naturally convert to sugar, reducing the need for addition of sugar. Owing to these factors, demand for malt extracts is expected to witness an increase during 2016-2026.
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A Highly Fragmented Market
Top three players – Group Soufflet, VIVESCIA Industries, and Cargill Incorporated – account for over 28% volume share of the Europe malt extract market. The Europe malt extract market remains quite fragmented fifteen players accounting for nearly 72% volume share. Both established and emerging players are focusing on increasing their production capacity and acquisition of niche players to boost their market position.
The Europe malt extract market was valued at US$ 7.53 billion in 2016. Future Market Insights projects it to grow at 5.6% CAGR during the forecast period 2016-2026, reaching US$ 12.94 billion in revenues.
Barley Remains the Largest Source
Barley remains the largest source for malt extracts, accounting for nearly 75% revenue share of the market in 2016. In 2016, this segment was valued at US$ 5.63 billion; in terms of volume, demand for barley was worth nearly 9 million tonnes in 2016. Wheat remained the second largest source, followed by rice and rye.
Dry Malt Extracts Continue to Witness Higher Demand
Malt extracts are available in dry and liquid form, with the former accounting for bulk of demand. Demand for dry malt extracts will continue to remain higher than liquid variants throughout the forecast period. While dry malt extract volume is projected to grow at 4.6% CAGR, demand for liquid malt extracts will grow at 3.9% CAGR.
Standard Outsells Speciality
Future Market Insights has also segmented the Europe malt extract market on the basis of product type into standard and specialty. The standard segment accounted for over 77% revenue share of the market in 2016; this is expected to decrease to 76% by the end of forecast period.
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Beverages Largest Application Segment
Beverages continue to remain the largest application segment of malt extracts. This segment held 48% revenue share of the market in 2016. Bakery and confectionary remain the other key application segments.
Western Europe Accounts for Bulk of the Demand
Demand for malt extracts is concentrated in Western Europe, owing to the presence of a large number of manufacturers. Future Market Insights projects Western Europe to remain the dominant region for malt extracts during the forecast period.
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