The global malted milk market size is expected to reach USD 8.12 billion by 2025 registering a CAGR of 5.5%, according to a new report by Grand View Research, Inc. Malted milk is prepared by formulating whole milk powder, malted grain flour, and other ingredients, which are used as fortification and flavoring agents in food and beverages. It is used as a coating ingredient and provides sweetness and a creamy mouthfeel to the food and snack products.
The market growth can be attributed to the rising awareness about the benefits of malted foods and drinks and high demand for the product as nutrition supplement. In addition, rising health consciousness and rapid urbanization and industrialization across the globe are expected to have a positive impact on the market growth. Wheat source segment led the global market in 2018 and will expand further over the forecast period due to easy and abundantly availability of wheat.
Some of the key companies in the market are Nestle S.A., Horlicks, GlaxoSmithKline, Briess Malt & Ingredients, Imperial Malts Ltd.,SSP Pvt. Ltd., Family Cereal Sdn. Bhd., Muntons plc, Food & Biotech Engineers India Pvt. Ltd., and Insta Foods
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It is also estimated to be the fastest-growing segment from 2019 to 2025. Moreover, wheat is cheaper and a better option to formulate with the other ingredients in malted milk. Barley is another key ingredient, which is considered as a highly nutritious substance. It contains proteins, amino acids, soluble fibers, and essential minerals, such as potassium, zinc, calcium, and magnesium.
Further key findings from the study suggest:
- The milk liquid type segment is estimated to lead the global malted milk market expanding at the fastest CAGR of 5.53% from 2019 to 2025
- Asia Pacific is estimated to be the dominant, as well as, fastest-growing regional market over the forecast period due to high product demand
- Furthermore, growing population in countries, such as India, Japan, and China, along with increasing health awareness will drive the regional market
- These companies focus on new product development and capacity expansion to gain a greater market share
Rising awareness about following a healthy lifestyle is the major factor responsible for increasing product demand. In addition, manufacturers are focusing on usage of natural ingredients, which is driving the product sales. Increasing awareness about the various benefits of malted foods and drinks and high product consumption as a nutrition supplement will augment the market growth further.
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Changing food preferences, such as high demand for bite-sized snacks, due to hectic lifestyle along with rapid urbanization and industrialization will also have a positive impact on the market growth. Moreover, innovations in bite-sized snacks, such as malted milk powder cookies and other baked products, are projected to boost the demand. In addition, rising demand for flavored milk is likely to contribute to the industry growth.
Based on source, the market is classified into wheat, barley, and others. Wheat segment led the global market in 2018 and accounted for a share of more than 64%. The segment is projected to remain dominant throughout the forecast years, as wheat is an easily and abundantly available source. Moreover, wheat is cheaper than other sources and provides a better base making it a premium ingredient. All these factors are estimated to drive the segment growth over the forecast period.
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Based on type, the market has been bifurcated into liquid and powder. The liquid segment is anticipated to hold the largest share in the market by 2025. Rising demand for sports drinks is likely to fuel the segment growth over the forecast years. The powder segment is estimated to register the fastest CAGR from 2019 to 2025.
Extensive usage of malted milk powders in biscuits, cookies, and other foods, due to growing demand for healthy snacks, will drive the segment. On the other hand, rising concerns about the added preservatives in milk powders may have a negative impact on the growth of this segment.
Grand View Research has segmented the global malted milk market on the basis of source, type:
Malted Milk Source Outlook (Revenue, USD Billion, 2015 - 2025)
- Wheat
- Barley
- Others
Malted Milk Type Outlook (Revenue, USD Billion, 2015 - 2025)
- Liquid
- Powder
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Manufacturers in the market have undertaken several marketing strategies, such as product innovation, M&A, and regional expansions, to gain a higher market share. For instance, Horlicks re-launched Mother’s Horlicks for nursing and pregnant women and was widely marketed through TV commercials and in-store promotions. It had gained 10% off-trade sales for Horlicks in India.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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