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Malt Extracts & Ingredients Market Trends & Growth 2024-2033
Malt Extracts & Ingredients Market Trends
According to The Business Research Company's, The malt extracts and ingredients market size has grown strongly in recent years. It will grow from $19.38 billion in 2023 to $20.5 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to traditional brewing use, industrial and food applications, diverse product offerings, shift in consumer preferences, evolving culinary and beverage trends, quality and consistency improvements..
The malt extracts and ingredients market size is expected to see steady growth in the next few years. It will grow to $24.91 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to market expansion and growth, consumer health awareness, product innovation and diversification, shift in dietary preferences, globalization and trade dynamics.. Major trends in the forecast period include health and wellness trends, diverse applications, clean label products, innovation in flavors and varieties, sustainability and sourcing practices..
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Market Drivers and Trends:
The growing popularity of craft beer is expected to propel the growth of the malt extracts and ingredients market going forward. Craft beer refers to a beer that is made by small, independent breweries using traditional brewing methods and high-quality ingredients. Malt extract is a key ingredient in beer and is widely used by many craft brewers to speed up brewing. For instance, in 2022, according to the Brewers Association, a US-based trade group and national organization that represents the interests of small and independent craft brewers in America, retail sales of craft beer climbed by 5% from 2021 to $28.4 billion. Craft beer accounted for around 24.6% of the total beer market. The number of craft brewers in the United States has increased by 3.7% from 9,210 in 2021 to 9,552. As a result, the growing popularity of craft beer is driving the growth malt extracts and ingredients market.
Product innovations are a key trend gaining popularity in the malt extracts and ingredients market. Major companies operating in the market are introducing innovative products to sustain their position in the market. For instance, in May 2021, International Molasses, a leading US-based supplier of molasses and natural sweeteners, unveiled CaneRite Panela, a natural, free-flowing powder sweetener crafted from the freshly squeezed juice of the entire sugar cane plant; distinct from traditional ""raw sugar"" products, CaneRite Panela remains unrefined and non-centrifuged, preserving the authentic flavor and nutritional benefits of the entire cane plant, characterized by subtle toffee and caramel notes, offering a ""sweet but not overly sweet"" taste, and boasting an impressive nutritional profile with five times the vitamins and minerals of raw sugar.
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Major Key Players of the Market:
Muntons plc; Viking Malt AB; Diastatische Producten B.V.; Laihian Mallas Oy; Rahr Corporation; Malteurop Group; Maltexco S.A.; Malt Products Corp.; Holland Malt B.V.; Boortmalt N.V.; Imperial Malts Ltd.; Agraria Malte Ltd.; Puremalt Products Ltd.; EDME Ltd.; United Malt Group Limited; GrainCorp Limited; Axéréal Group; Soufflet Group; Crisp Malting Group Limited; IREKS GmbH; Simpsons Malt Ltd.; Cargill Incorporated; Briess Malt & Ingredients Co.; Weyermann Malting Company; Thomas Fawcett & Sons Ltd.; Mouterij Dingemans; Castle Malting SA; Bestmalz; Global Malt GmbH & Co. KG
Malt Extracts And Ingredients Market 2024 Key Insights:
• The malt extracts and ingredients market size will grow to $24.91 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• The Surging Demand For Malt Extracts And Ingredients In The Craft Beer Boom
• The Impact Of Product Innovations On Malt Extracts And Ingredients
• Europe was the largest region in the malt extracts and ingredients market in 2023
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