Malt is a product that remains when cereal grains are partially germinated through malting process. Malting process includes stages of drying grains, soaking them in water for germinating partially and then stop them from germinating further by drying grains by hot air. Malts develop certain enzymes which modifies grains starch in various types of sugar and helps in breaking down proteins in grains to make yeast. Malt is prepared using barley, rice, wheat, corn, oats and rye, however most common one is barley malt. Principle use of barley malt is in brewing beer and distilling whisky. Malt is also used for preparation other beverages, breads, bagels, rich tea biscuits, and other baked goods.
In the recent past, malts made from rice, wheat and corn are being used by various food & beverages industry. It is used in preparation of malt vinegar, malted shakes, and flavored drinks such as Milo and Horlicks, confections such as Maltesers and whoppers.
Malt extract, an overly sweet substance, is also used in large production of dietary supplements, and strengthening medicine for individuals with vitamins and minerals deficiency. It is a rich source of B vitamins such as thiamine, riboflavin, niacin, folate and vitamin B-6. For the same reason, cod-liver oil was preferred earlier, however it is now combined with malt to serve the purpose. Hence, due to its high nutritional value and its wide usage in alcohols, food & beverages, and in pharmaceutical industry, its importance is growing significantly and is anticipated to fuel growth of the global malt market. In addition, urbanization and high disposable income are other major factors fueling the growth of this market.
Growing popularity of wine and availability of other substitute beverages are anticipated to hamper growth of this market, as this would reduce the consumption of beer. Moreover, local players are able to generate a broader customer base as they offer low cost products. Thus, reducing demand for original products and challenging the growth of the global malt market.
North America market holds major share in the global malt market owing to high production and consumption of beer and whisky and high disposable income. Europe is also one of key malt markets. Asia Pacific market is expected to witness rapid growth and high CAGR during the forecast period.
Beer is one of the most popular malt beverages over the world. Therefore, among application segments, beer industry holds major revenue share and is expected to continue its dominance during forecast period. Barley malt is used for brewing beer, thus barley malt segment accounts for comparatively high share among the sources segments.
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Some of the major companies manufacturing malts in the global market are Bairds Malt Ltd, Cargill Inc., Crisp Malting Group Ltd, Malteurop Group, Muntons Malt plc, Simpsons Malt Ltd. Cargill Inc. Bairds Malt Ltd. Crisp Malting Group Ltd., Heineken, Muntons Malt plc and others.